The first post was the purchase of the quarter eagle from the Annual FUN Convention in Orlando, Florida a couple weeks ago. From the recent updates in the registry, it appears Mr. Hansen was successful in purchasing two proof half eagles from the sale. One from the Bob Simpson Collection. I will discuss more about the Simpson Collection in a future post. The second coin that I will discuss today is a proof gold purchased from The Cody Brady Collection. Earlier you saw the 1870 Quarter Eagle, PR65DCAM. This becomes second coin from the Brady Collection, 1867 Half Eagle, PR66CAM.
The two proof half eagles purchased at the FUN Sale are:
1867 PR66CAM, POP 1/0, Cert #15638651, Ex: Cody Brady Collection, realizing $126,000
1893 PR66+DCAM, POP 1/2, Cert #44160849, Ex: Bob Simpson Collection, realizing $55,200.
With the purchase of the 1867 PR66CAM Half Eagle, the D.L. Hansen’s 49-piece Half Eagle Proof Liberty Head set is positioned now in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is The Louis Eliasberg set was 95.92%, missing two coins: 1866 and 1879. The Harry W. Bass set is next and is 93.88% complete, missing the 1861, 1875 and 1890. The fourth set belonged to the Garrett Family Collection and 87.76% complete. The Hansen set makes the leaderboard in fifth place and is now 79.59% complete.
PCGS describes the set as: While not as rare as the pre-1859 issues, the $5 Liberty Proofs of 1859-1907 still make a tremendous collection that has rarely been completed. The classic issue of 1875 is the #1 rarity of the set, or, as some argue, maybe it isn't, and we need to look more closely at the 1860 or 1861 as the ultimate coins. Either way, this will make you as famous as a numismatist can be when you finish it, so let’s get started!
1867 Half Eagle, PR66+DCAM, POP 1/0, Ex: Cody Brady Collection
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66+DCAM PCGS, the Auctioneer described the coin as: A mere 50 proof half eagles were minted in 1867, and it is probably the case that some of those coins were later melted after contemporary sales opportunities dried up. Perhaps as many as half of the mintage was later melted, leaving an estimated survivorship of 14 to 16 proofs.
Heritage Auctions offered a roster described as: known specimens is compiled from our auction records, along with additional Census notes:
1. The Carter / Hansen Specimen, PR66 Cameo PCGS: Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 681; Paramount (Auction '85, 7/1985), lot 1438; Stack's (5/2008), lot 4233; Dallas Signature (Heritage, 10/2008), lot 2169, realized $86,250.; Houston Signature (Heritage, 12/2009), lot 1704, realized $74,750; Cody Brody / FUN US Coins Signature (Heritage 1/2022), realized $126,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Kaufman Specimen, PR65 Ultra Cameo NGC: Kaufman Collection (RARCOA, 8/1978), lot 836; Heritage (2/2002), lot 6836; Goldberg Coins (2/2006), lot 1175; Goldberg Coins (5/2008), lot 4436.
3. Garrett / Bass Specimen,PR65 PCGS: Hebbeard Sale (H.P. Smith, 4/1883); Garrett Collection (Stack's, 3/1976), lot 418; Harry W. Bass, Jr. Collection (Bowers and Merena, 11/2000), lot 495; Heritage (8/2006), lot 5514.
4. Eliasberg Specimen, PR65 PCGS: H.P. Smith (Chapman Brothers, 5/1906); Clapp Collection (1942); Eliasberg Collection (Bowers and Ruddy, 10/1982), lot 515; Bowers and Merena (5/1995), lot 1327.
5. Farouk / Pittman Specimen: PR64 Ultra Cameo NGC. CAC: King Farouk (Sotheby's, 2/1954), lot 255; Abe Kosoff; John Jay Pittman (David Akers, 10/1997), lot 1033; Bowers and Merena (8/2000), lot 2270; Stack's (3/2009), lot 5929.
6. Smithsonian Institution Specimen, PR64 Cameo.
7. PR63 Specimen: Superior (1/1986), lot 3100; Heritage (8/1997), lot 5405.
8. PR62+ Cameo PCGS Specimen: Central States Signature (Heritage, 4/2021), lot 5127.
9. American Numismatic Society Specimen: Proof.
Heritage’s description given for the Hansen coin: The fields are deeply mirrored around brilliant, satiny yellow-gold devices with hints of pale orange toning on both sides. A minute field spot between stars 2 and 3 serves to establish the provenance of this piece. PCGS POP has eleven coins listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The finest and only DCAM has a PR64 grade.
The coin realized $126,00 with the current PCGS Value at $120,000. The two new proof half eagles make a great addition to the collection of half eagles. The new proofs do not stop here. Wait to see the Eagles in the next posting.
Provenance: See #1 above.
1867 Half Eagle, PR66CAM POP 1/0, Finest in Census Reports Certification #15638651, PCGS #88462 Ex: Cody Brady Collection
@DLR87 said:
I must have mistyped since I wrote it on my phone. I should have known this group would catch any errors 😂 Hopefully my photos show up this time. Here’s photos from one of his childhood type sets.
Awesome! The dates are almost irrelevant. Just shows the passion your dad has had his whole life for coins. Thanks for sharing with us!
Awesome? Absolutely! "Dates almost irrelevant"? Did you notice that 84-S Morgan???
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
In the first couple posts from this series, you saw a nice Proof Quarter Eagle and two Half Eagles. In this third post, you will see three proof gold eagles that Mr. Hansen purchased from the Annual FUN Convention in Orlando, Florida a couple weeks ago. All three eagles were from the “Important Selections from The Bob R. Simpson Collection, Part VII”. This 2022 FUN sale consisted of 127 coins from the Simpson Collection ranging from half cents to patterns. The most realized for a coin was $3,360,000 for Pouge’s 1795 $10, 9 Leaves, BD-3, R.6, MS63+ PCGS, CAC. The coin was sold in a 2015 auction for a little over one million dollars, therefore result in a nice appreciation. According to a Heritage press release, the Bob R. Simpson sales have exceeded $104 Million Dollars. There are at least two more parts advertised for 2022. How high will it go?
I wish I knew how many of the Simpson coins are now in Hansen’ Collection. It does appear that Mr. Hansen purchased at least five Simpson gold proofs from this 2022 FUN sale and a hand full of others. For discussion today, I believe Mr. Hansen was successful in purchasing three proof eagles, all from the Bob Simpson Collection.
The three proof eagles purchased at the FUN Sale are:
1865 PR66+DCAM, POP 1/0, Cert #44160856, Ex: Bob Simpson Collection, realizing $600,000
1888 PR64DCAM, POP 1/4, Cert #44160859, Ex: Bob Simpson Collection, realizing $45,600
1892 PR65CAM, POP 2/0, Cert #44155315, Ex: Bob Simpson Collection, realizing $63,000
With the purchase of the three Simpson Eagles, the completion level of D.L. Hansen’s 49-piece Liberty Head set is 55.10% and positioned in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is Harry W. Bass set was 97.96%, missing only the 1875 in proof. The Garrett Collection set is next and is 93.88% complete, missing the 1859, 1861 and 1889. The fourth set belonged to Louis Eliasberg and 77.55% complete.
PCGS describes the set as: The No Motto $10 gold pieces of 1859-65 and the With Motto pieces of 1866-1907 come together in this incredibly challenging and rewarding set of rarities. The highest mintage of any coin in the set is 120 pieces, so you know that you're in for some work (and some fun!) in the pursuit of completion. The recognized classic is the 1875, but there are other dates that are proving to be just as rare in the Proof format. Let’s start a set!
1865 Eagle, PR66+DCAM, POP 1/0, Ex: Bob Simpson Collection
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66+DCAM PCGS coin was headlined as: 1865 Ten Dollar Liberty, PR66+ Deep Cameo, Rare Gold Proof, Final No Motto Issue. Finest-Certified Example. The Auctioneer described the coin as: The 1865 proof Liberty eagle is one of the rarest gold proofs of the 1860s. PCGS and NGC have combined to certify 21 examples in all grades (11/21), but even that small total has been inflated by resubmissions and crossovers. PCGS CoinFacts estimates the surviving population at 12-16 specimens and John Dannreuther postulates an even smaller total of 8-10 examples extant. We have been able to trace only eight different pieces in our roster below, with one of those coins included in the National Numismatic Collection at the Smithsonian Institution, and another in the collection of the American Numismatic Society.
A few of Expert John Dannreuther comments were added to the listing: The 1865 proof eagles were well produced, with most examples exhibiting the sharp strikes and strong cameo contrast prized by collectors of 19th century proofs. In his United States Proof Coins, volume IV: gold, John Dannreuther notes: "Quality is identical to the previous 1860's issues with frosty elements and deeply prooflike surfaces. The usual assortment of die polish, pockmarks, planchet flaws, and other minor detriments are noted, but the overall look is excellent." Dannreuther also addresses the popularity of the 1865 proof as a type issue: "The 1865 Proof eagle is the last of the rare No Motto type. With 1866 and later coinage having IN GOD WE TRUST above the eagle, the 1865 Proof would seem to be an ideal choice for the type collector, but it is even rarer than the 1862, 1863, or 1864 and nearly as rare as the 1861!"
Heritage provided a roster of 1865 Proof Eagles. The eight coins listed was attributed to: This roster has been expanded from earlier work by John Dannreuther and Saul Teichman. Grades are per the last auction appearance, unless a subsequent certification event is known. Grade for the Smithsonian example is per Garrett and Guth. Many examples have been resubmitted or crossed over in recent years, inflating the population data from the leading grading services.
1. Simpson / Hansen Specimen, PR66+ Deep Cameo PCGS: James A. Stack Collection (Stack's, 3/1995), lot 585; Chicago ANA Auction (Stack's Bowers, 8/2013), lot 4512, realized $528,750; Bob Simpson; Bob Simpson Collection / FUN US Coins Signature (Heritage 1/2022), realized $600,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Trompeter / Tyrant Specimen, PR65 Cameo NGC: ANA Convention Auction (Steve Ivy, 8/1980), lot 328; Ed Trompeter; Trompeter Estate; private treaty transaction to Heritage Auctions and Sil DiGenova in 8/1998; private collector; FUN Signature (Heritage, 1/2020), lot 4484, realized $204,000; Eagles of the Tyrant Collection.
3. Garrett Family Specimen, PR65: T. Harrison Garrett; Robert Garrett; John Work Garrett; Johns Hopkins University; Garrett Collection, Part III (Bowers and Ruddy, 10/1980), lot 1669.
4. Eliasberg / Bass Specimen, PR64+ Cameo PCGS: John M. Clapp purchased this coin privately from Charles Wilcox in 1896; John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; Eliasberg Estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 722; Harry W. Bass, Jr.; Bass Estate; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1497; The Rarities Group and TNII (Martin Paul and Casey Noxon).
5. National Numismatic Collection Specimen, PR64 Deep Cameo: Purchased for the Mint Cabinet on April 7, 1865, as part of a complete proof set; National Numismatic Collection, Smithsonian Institution.
6. Norweb Specimen, PR64: Purchased privately from the Hollinbeck Coin Company in June of 1953 by R. Henry Norweb; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2190; David Akers (Paramount).
7. Kern Specimen, PR62 NGC: Jerome Kern Collection (B. Max Mehl, 5/1950), lot 510; Public Auction Sale (Stack's, 3/1994), lot 1589; Baltimore Auction (Stack's Bowers, 6/2014), lot 2570.
8. American Numismatic Society Specimen, Proof: Purchased directly from the Mint in 1865 by John Colvin Randall; Randall Estate (1901); Julius Pierpont Morgan in 1902; New York Museum of Natural History (1902-1908); American Numismatic Society on April 10, 1908; exhibited at the 1914 ANS Exhibition.
Heritage’s description given for the Hansen coin: This coin was once a highlight of the famous James A. Stack Collection, which was formed over several decades of the mid-20th century. The coin is a spectacular Plus-graded Premium Gem, with razor-sharp definition on all design elements. The stars all show complete radials and fine detail is evident on every one of Liberty's curls. The impeccably preserved yellow-gold surfaces are virtually free of post-strike distractions and show the orange-peel texture found on many of the finest 19th century proofs. A tiny planchet flaw is evident in the right obverse field, behind Liberty's neck, and another, even smaller pit shows on Liberty's neck, above the left side of the 6 in the date. A few minuscule lint marks are scattered about the obverse. The deeply mirrored fields contrast profoundly with the richly frosted devices to create a startling gold-on-black cameo flash when the coin is tilted in the light. As the finest-certified example of this rare proof gold issue, this coin will be a welcome addition to the finest collection or Registry Set. It may be many years before a comparable example becomes available, once this coin passes the auction block. PCGS POP has nine coins listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The coin is DCAM certified by PCGS and the only GEM grade. The Trompeter / Tyrant Specimen is graded PR65 Cameo by NGC. Would it straight cross, I am not sure. All other PCGS specimens are PR64+ or below.
The coin realized $600,00 with the current PCGS Value at $675,000. The three new proof eagles make great additions to Hansen’s Collection of Gold Proofs. The best is yet to come, wait to see the Double Eagle in the next posting.
Provenance: See #1 above.
1865 Eagle, PR66+DCAM POP 1/0, Finest in Census Reports Certification #44160856, PCGS #98801 Ex: Bob Simpson Collection
I hope you have enjoyed the three previous posts covering the new additions to D.L. Hansen Proof Gold Collection. Today, we save the best for last, the Double Eagle. This is not just any proof double eagle; it is the rare 1861. The coin came from the “Important Selections from The Bob R. Simpson Collection, Part VII”. Mr. Hansen was able to snag seven of these jewels, with five from the Simson Collection. This coin was the seven-figure purchase that I mentioned in the first post. Also, you may recall, I referenced a Heritage news release that stated: By the time the hammer fell for the final time in each auction, the numbers told the story: seven lots produced seven-figure results, records fell, tying the record for the most seven-figure lots ever in a Heritage auction. The Simson Collection produced five of the seven million dollar lots. Mr. Hansen was successful in winning one: the 1861 1861 $20 PR66 Deep Cameo PCGS.
With the purchase of the Simpson 1861 Double Eagle, the completion level of D.L. Hansen’s 49-piece Liberty Head Set is 57.14% and positioned in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is Garrett Family Collection set, 84% complete, missing the 1859, 1861, 1889, and 1893. Tied for third and fourth was Louis Eliasberg and Harry Bass with both at 83.67% complete.
PCGS describes the set as: Talk about rare! Any coin in this series is going to cost over $50,000 in Proof 65 condition, and that's not counting the ultra-rarities, if you can find them at any price. Both the 1883 and 1884 are "Proof-only" issues, meaning that no pieces were struck for circulation. The 1859 is a major rarity, with only one piece certified (and that's a lightly circulated Proof 55 coin). The incredible challenge in both time and money is more than offset by the reward. This set covers the pre-Civil War years of 1859-60 through much of the first decade of the 20th century. History, rarity, beauty, value...it's all here!
Before we look at this magnificent coin, let’s recap the progress the Mr. Hansen has achieve with his proof gold collection. I have detailed the eleven sets that comprise the complete collection for proof gold from 1859 to 1915. The set consist of 294 coins. As I have stated before, PCGS does not have a set this would represent these coins, so this chart provided a fairly accurate representation, if there ever will be one.
With the recent purchase of seven gold proofs from the 2022 FUN Sale, the set is now 76% complete. The collection has 224 coins and has only 70 remaining. These coins do not come to the market very often, so patience is a must.
1861 Double Eagle, PR66DCAM, POP 1/0, Ex: Amon G. Carter, Ed Trompeter, Bob Simpson
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66DCAM PCGS coin was headlined as: 1861 Double Eagle, PR66 Deep Cameo, One of the Rarest Dates in the Series, Only Five Examples Traced. Other comments provided: John Dannreuther, Doug Winter, and Heritage's own David Stone have all acknowledged the 1861 Liberty Head proof double eagle as one of the rarest issues in the series. A confluence of events undoubtedly contributed to the date's extreme rarity, though they many not fully explain why so few examples are available today…. The Mint struck 66 proof double eagles in 1861, all delivered on April 5. Sales were sluggish, however, and a substantial percentage of the mintage was melted during or after January 1862. That is not to say all were melted, though. John Dannreuther reports in United States Proof Coins, Volume IV: Gold (2018) that probably some of the proofs were swapped for circulation strikes and then sold over time for "face value or slightly over face value by Mint officials" to well-connected dealers and other insiders. Today, five examples of the 1861 Liberty head double eagle are known in proof format. One or two others may exist, though the likelihood of one coming out of the woodwork seems small. Of those traced, two are permanently housed in institutional collections: One is in the National Numismatic Collection at the Smithsonian Institution, and the other resides in the American Numismatic Society holdings. Remarkably, this is only the second 1861 proof double we have offered since 1993, the other being a PR63 Cameo coin graded by NGC that was sold as lot 4506 in our August 2015 ANA Signature Platinum Night session.
As stated, very rare an 1861 Double Eagle Proof comes to market. This coin is also the finest and with a rich history as stated in the listing: The Bob Simpson example presented here is widely recognized as the sole finest extant. It can be traced back to the collection of another Fort Worth oilman, Amon G. Carter, Sr., where the Stack's cataloger called it "A choice example" of "One of the rarest of all double eagle Proofs... ." Ed Trompeter purchased the coin out of the Carter sale. Heritage Auctions purchased the entirety of that collection in 1998, selling off the individual coins privately of the course of a couple of years. This example found its way into the Franklinton Collection. It made its last public appearance as PR67 Ultra Cameo NGC in the August 2006 American Numismatic Rarities sale of that collection, where it was described as: An intensely beautiful gem Proof, a superb coin by any standards. Heavily frosted motifs, blemish free we might add, sit serenely against deep mirror fields, as though chiseled from living gold. An exquisite coin, and easily among the most beautiful gold coins ever seen by the present writer in nearly 20 years of numismatic cataloguing."
The roster for known specimens is a short list. Heritage provides roster of 1861 Proof Double Eagles:
1. Carter / Hansen Specimen PR66 Deep Cameo PCGS: Amon G. Carter Family Collection (Stack's, 1/1984), lot 861; Ed Trompeter; Heritage Auctions privately, circa 1998; Old West and Franklinton Collections (American Numismatic Rarities, 8/2006), lot 1618 (as PR67 Ultra Cameo NGC), realized $483,000; Bob Simpson; Bob Simpson Collection / FUN US Coins Signature (Heritage 1/2022), realized $1,800,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Atwater / Bass Specimen PR64 Deep Cameo PCGS: William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1253; Samuel Wolfson Collection (Stack's, 10/1962), lot 875; Sale of the 70's (Kagin, 11/1973), lot 1786; Auction '84 (Paramount, 7/1984), lot 965; Goliad Corporation; purchased privately in August 1984 by Harry W. Bass, Jr.; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1741; Stuart Levine.
3. National Numismatic Collection Specimen, PR63 Deep Cameo: Mint Cabinet, obtained from the coiner on September 24, 1861; National Numismatic Collection at the Smithsonian Institution. (Grade per Garrett and Guth) xcx
4. NGC PR63 Cameo Specimen: ANA Signature (Heritage, 8/2015), lot 4506. (Previous pedigree unknown).
5. American Numismatic Society Specimen, Proof: R.C.H. Brock, part of a complete gold proof set; J.P. Morgan; in 1908, exhibited at the 1914 ANS Exhibition.
In summary, Heritage’s final comments given for the Hansen coin was very short and brief: The coin, now graded in PR66 Deep Cameo by PCGS, retains its immaculate, glittering surfaces. Off the market for more than 15 years, this is an unparalleled opportunity for advanced collectors and trophy coin hunters to add the single finest example of one of the rarest Liberty Head double eagles in the series to their collection. PCGS POP has only three listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The coin is DCAM certified by PCGS and the only GEM grade. The other two PCGS coins grade PR64 and PR64CAM. NGC has two in its POP Report, one a PR63 and one PR65. There are certainly some duplications.
The coin realized $1,800,00 with the current PCGS Value at $840,000. I will close by saying that I am a little surprised with this purchase by Mr. Hansen. This is his first seven figure coin in almost two years. The coin is not just filling a spot in the collection, rather than as stated by Heritage, this is a trophy coin. We have not seen hunting trophy coins as something of interest to the Hansen team of late. Is this a one-time pulling of the trigger, or will we be seeing a shift in the future? It may be interesting to watch and see.
Provenance: See #1 above.
1861 Double Eagle, PR66DCAM POP 1/0, Finest in Census Reports Certification #44156484, PCGS #99073 Ex: Amon G. Carter, Ed Trompeter, Bob Simpson
A LEGENDARY RARITY, as John Dannreuther calls it in the Bass-Dannreuther reference on Early U.S. gold coins. - Legend Rare Coin Auctions, 1/2022
The tracking of the Hansen Major Varieties set continues. Most of the 16 remaining coins that is required for the set is difficult. This coin is no exception and is described as an “Legendary Rarity”. The coin is one of the last two coins needed to complete the Hansen Quarter Eagles. The last remaining is the 1798 Quarter Eagle "Wide Date" with Survival est. 50 which is common compared the 1804 BD-1 Quarter Eagle Roster, 13 Star Reverse. I am not sure why the 1798 Wide Date stills escapes Mr. Hansen. According to the POP reports, there are at least eight that can be found in mint state. With this addition, this is where Mr. Hansen stands in the registry.
I will go into details on this set in a future post. Today, let look deeper at this “Legendary Rarity”. David Akers wrote many years ago: A mintage figure of 1,003 is suggested in Walter Breen's monograph on quarter eagles. This "high" mintage seems very unlikely to me, however, since the 1804 13 Star quarter eagle is much more rare than either the 1976 With Stars or 1797, both of which have mintages only slightly more than 400. In my experience this is the rarest quarter eagle. I have seen or handled more of every other date than I have of the 1804 13 Star Reverse, and almost every significant collection of quarter eagles is lacking this variety. An estimate of 10 to 12 pieces known might be a shade on the high side. The 13 stars on the obverse are arranged 8 to the left and 5 to the right, as they are on the 1802/1 quarter eagle. A few famous collections did not have this issue, including Eliasberg and the Smithsonian. The Famous Bass and Pogue did. The coin represents one of the rarest U.S. gold coins of any denomination. This is a piece that could have remained missing in the Hansen Collection, but he was fortune enough to pick up a nice condition census specimen.
Ron Guth continues by adding: Akers suspicion that an estimate of 10 to 12 examples known of the 1804 $2.50 13 Stars Reverse appears to have withstood the test of time. The PCGS CoinFacts Condition Census lists six examples from EF to AU58, plus a couple of circulated examples could be added to that list. The finest example (a PCGS AU58) first appeared on the numismatic market in a 1956 New Netherlands sale, and last appeared in 2009, when it sold for a hefty $322,000. Ownership of any 1804 $2.50 13 Star Reverse is quite a numismatic accomplishment. Yes, an accomplishment indeed. The PCGS AU58 Specimen (Finest) is impounded in the fabulous earlyAurum Registry. The second finest is also impounded in a registry set, The St. Jude Set owned by Jay Pannino. The third piece is from the Pogue Collection and whereabouts unknown. The Registry set owned by Mr. Hansen now has the fourth finest coin on the overall census report.
Legend’s Auctioneer added an additional perspective to the rarity. Walter Breen suggested that the mintage was 1,003, but due to the fact that the survival rate is lower than the 1796 With Stars and the 1797 quarter eagles, which both had significantly lower mintages. John Dannreuther believes the mintage of the 1804 13 Star Reverse may be as low as 250 pieces. The 13 Star, cataloged as BD-1, is listed as Rarity-6+, and it is suggested that about a dozen examples are known in all grades. This is a figure that David Akers suggested in his multi-volume study of U.S. Gold Coins in 1988 and a figure that seems to hold up in all the literature and confirmed by the Population data from the grading services. This is one of the most important Red Book types in the early quarter eagle series, and often considered the most sought of all early quarter eagles by specialists. Missing from the vast majority of collections, examples usually only appear on the market when significant collections are offered. Indeed, the National Numismatic Collection at the Smithsonian Institution lacks an example, and the greatest collection of all time, the Louis E. Eliasberg Collection, legendary for its depth, scope, and completeness also did not have an example when the gold portion of his collection was auctioned by Bowers and Ruddy in 1982.
1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS, Ex: John Jay Pittman Specimen
This coin is one of two that Mr. Hansen acquired from the Legend Auction of the Naples Collection. Previously, the coin last sold in the Heritage’s June 2016 Long Beach Expo US Coins Signature Auction. In the current Legend Auction, the coins pedigree was described as: This coin has an extensive provenance that dates to the May 1960 Stack's sale of the Charles Neumoyer Collection, where it appeared as lot 2352, and it realized $620 on a $400 estimate; John J. Pittman Collection; David Aker's sale of the John J. Pittman Collection, Part II, May 1998, lot 1715; Bowers & Merena's ANA Sale of the Millenium, August 2000, lot 2045; Heritage's 2004 FUN Auction, lot 3005; Stack's Treasures of the S.S. New York Sale, July, 2009, lot 1300; Dr. James A. Ferrendelli Collection, Stack's Bowers 2014 ANA Auction, lot 11010; Heritage's June 2016 sale, lot 4771.
Legend describes the condition census as: Just three are graded finer. The current PCGS Price Guide value for this rarity in this grade is $225,000, but it should be noted that the Earle-Keston-Price-Pogue AU53 coin, which sold in May 2015 realized just shy of half a million dollars! This was the most recent example to sell in auction, but came to market shortly after both the above mentioned Pogue and the Amon Carter-McCoy Family AU55 sold. It has been over five years since one came up for sale, and the market for major rarities is much stronger today. The opportunity to obtain an example of this MAJOR RARITY rarely appears. Its inclusion as one of the 100 GREATEST U.S. COINS, in the Jeff Garrett and Ron Guth reference of that title, puts it on the radar of non-early gold specialists as well. We anticipate very strong bidding when this WORLD CLASS RARITY crosses the block. Do not let this opportunity pass you by. We know bidding will be intense when this coin crosses the block. All of us here at Legend wish you good luck in your bidding and a heart felt congratulations to the winning bidder as you join the rarified company of collectors fortunate enough to own an example of this important rarity. The three better as stated before: The finest coin(AU58 PCGS) is found in Tony’s earlyAurum Registry. The second finest (AU55) is in Jay Parrino’s St. Jude Set. The third is the (AU53) from the Pogue Collection.
In Heritage June 2016, Long Beach Expo US Coins Signature Auction, the base for this roster was provided. The roster is based on auction appearances in catalogs with sufficient photo quality to allow for plate matching, so it is always possible that a couple of other coins may exist that have long hidden from the limelight of publicity.
1. earlyAurum Registry Specimen, AU58 PCGS, Cert #14975445: Judge T. Gaskill (New Netherlands 48th Sale, 11/1956), lot 184; Stack's (3/1990), lot 629; Auction '90 (Superior, 8/1990), lot 1250; Superior (5/1991), lot 1308; Long Beach Connoisseur Collection (Bowers and Merena, 8/1999), lot 343, as AU55 PCGS, realized $149,500; R.M. Phillips Limited Partnership Collection / Los Angeles Signature (Heritage, 7/2009), lot 1209, as AU58 PCGS, realized $322,000; earlyAurum Registry Set.
2. Carter / Parrino Specimen, AU55 PCGS, CAC, Cert #32231573: Amon G. Carter, Jr. Family (Stack's, 1/1984), lot 533; The McCoy Family Collection of U.S. Early Gold Quarter Eagles / FUN Signature (Heritage, 1/2016), lot 5530, realized $505,250 (Auction Record); Jay Parrino (St. Jude Registry Set)
3. Price / Pogue Specimen, AU53 PCGS, Cert #06936158: George Earle (Henry Chapman, 6/1912), lot 2502; later, Charlotte Mint Museum (Stack's, 3/1979), lot 1672; Auction '85 (RARCOA, 7/1985), lot 349; Auction '89 (David Akers, 7/1989), lot 1359; Michael Keston (Superior, 1/1996), lot 6; Ed Price Collection of Early Dime and Quarter Eagle Varieties / ANA Signature (Heritage, 7/2008), lot 1459, realized $322,000; D. Brent Pogue Collection (Stack's Bowers and Sotheby's, 5/2015), lot 1121, brought $499,375.
4. Pittman / Hansen Specimen, AU50 PCGS, Cert #40039881: Charles Neumoyer Collection (Stack's, 5/1960), lot 2352, realized $620; John Jay Pittman Collection, Part Two (David Akers, 5/1998), lot 1715, realized $82,500; ANA Sale of the Millennium (Bowers and Merena, 8/2000), lot 2045, did not sell; FUN Signature (Heritage, 1/2004), lot 3005, realized $92,000; Treasures from the S.S. New York (Stack's, 7/2009), lot 1300, realized $149,500; Chicago ANA (Stack's, 8/2014), lot 11010; Long Beach Expo US Coins Signature Auction (Heritage, 6/2016 sale, lot 4771, realized $146,875; The Naples Collection, Part II / The Regency Auction 50, (Legend, 1/2022), lot 206, realized $176,250; The D.L. Hansen Collection.
5. De Sylva Specimen, AU50 NGC, Cert #3808475-003: Possibly "Cicero" (New Netherlands 55th Sale, 12/1960), lot 259; Buddy De Sylva (Superior, 2/1978), lot 644, realized $15,000; Auction '79 (Superior, 7/1979), lot 1659, realized $13,500; FUN Signature (Heritage, 1/2015), lot 4230, brought $82,250; The Liberty USA Collection / FUN US Coins Signature Auction (Heritage, 1/2015), Lot 4230, realized $82,250.
6. Bass Specimen, AU50, HBCC #3010: Julian Leidman (5/1970); Harry W. Bass, Jr. Foundation.
7. Fairfield Specimen, XF: Fairfield Collection (Bowers and Ruddy, 10/1977), lot 1440, realized $9,250; "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 300.
8. Gilhousen Specimen, VF:Clark E. Gilhousen (Superior, 2/1973), lot 102, realized $3,800.
According to Legend’s description: This is a very eye appealing AU50. There is much retained original mint brilliance on the surfaces, belying the rich olive and orange-tinged toning that blankets both sides. The devices are exceptionally crisp and have bold definition on both Liberty's hair curls and throughout the eagle on the reverse. The wear is limited to the lightest bit of high point friction, but you can still see all the details. There are some mint made planchet adjustment marks that are visible at the lower obverse rim, and perhaps the mint worker who was filing the blank used extra force, as there are a few that are deeper on Liberty's drapery. A short nearly vertical scratch in the left obverse field will forever identify this high end AU50 as the Neumoyer-Pittman coin. I cannot be certain that Mr. Hansen purchased the coin in the Legend Auction or if acquired in a private transaction with David Lawrence Rare Coins. However way it was acquired, this coin makes a great old gold addition the D.L. Hansen Collection.
Provenance: See #4 above.
1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS PCGS Overall POP 1/3 Certification # #40039881, PCGS #45509 PCGS Price Guide $200,000 / Realized $176,250 Ex: John Jay Pittman Specimen
The Major Varieties Set is an expansion of the PCGS Basic Set. To complete, this set would require the 2821 basic coins plus an additional 439 Major Varieties Coins. With this addition, there are 16 remaining coins in this quest. The first two coins are not collectable, so the completion of this set would be 99.94%. PCGS describes this set as: Every classic U.S. coin in Circulation Strike from 1792 through 1964, every date, every Mintmark, every major variety, this set is the ultimate challenge. A collection of this size could take decades to assemble in high grade.
Top 10
1797 Half Eagle "Large Eagle, 15 Stars" (1 Known – Permanently in Smithsonian) Uncollectable
1797 Half Eagle "Large Eagle, 16 Stars" (1 Known – Permanently in Smithsonian) Uncollectable
1861 Double Eagle "Paquet" (2 Known)
1804 Eagle "Plain 4 Proof" (3 Known)
1849-C Gold Dollar "Open Wreath" (4 Known w/ one defective)
1958 Small Cent "Doubled Die Obverse” (3 Known)
1795 Large Cent "Jefferson, Lettered Edge" (5 Known w/ VF Finest Known)
1810 Half Eagle "Large Date, Small 5" (5 Known w/ AU Finest Known)
1842 Half Dollar "Small Date, Rev of 1839" (Survival est. 10 w/ 1 Mint State)
1797 Half Cent "Gripped Edge" (Survival est. 13 w/ VG Finest Known)
Last 6
1797 Half Eagle "Small Eagle, 15 Stars" (Survival est. 20 w/ 1 Mint State)
1820 Half Eagle "Curl Base 2, Sm Letters" (Survival est. 14 w/ 8 Mint State)
1798/7 Eagle "7X6 Stars" (Survival est. 25 w/ 3 Mint State)
1798 Quarter Eagle "Wide Date" (Survival est. 50 w/ 8 Mint State)
1798 Dollar "Large Eagle, Knob 9, 4 Lines" (Survival est. 125 w/ 2 Mint State)
1887/6 Three Cent CN (Survival est. 800 w/ 750 Mint State)
oh my. obviously this thread is probably the best ever on this forum in terms of quantity and quality but this is one of those pieces that just gets my motor running!
even despite being one busy little lady with scratches, mint made adjustment marks and flan flaws.
adjusted gold HAS to be rare or i'm not looking at enough gold coinage in this time period not that there is much to look at anyway.
This is another MAJOR early quarter eagle rarity!. - Legend Rare Coin Auctions, 12/2021
Last post, you saw the “Legendary Rarity”, 1804 BD-1 Quarter Eagle Roster, 13 Star Reverse last sold in The Naples Collection, Part II / The Regency Auction 50, (Legend, 1/2022), lot 206, realized $176,250. This new coin is not as significant as the “Legendary” early quarter eagle. With this purchase, two Naples’ quarter eagles are placed in the Hansen Collection. Let’s look at the twelve piece Draped Bust $2-1/2 Gold with Major Varieties, Circulation Strikes (1796-1807) Set. (See the previous posting for ranking)
The 1797 AU53 replaces a circulated VF35, Cert #82473635. The set is 91.67% complete missing only the 1798 Wide Date. As stated before, the 1798 Quarter Eagle "Wide Date" with Survival est. 50 which is common compared to some of the other Draped Bust $2-1/2 Gold coins. I am not sure why the 1798 Wide Date stills escapes Mr. Hansen. According to the POP reports, there are at least eight that can be found in mint state. Also, I will point out, the Hansen set now has only one coin grading less than AU50 remaining: 1796 Stars. This would be an expensive coin to upgrade.
Back to the 1797 AU53 Specimen. David Akers describes the coin as: Almost identical in mintage and overall rarity to the 1796 With Stars, but as auction data indicates, the 1797 is much more difficult to obtain in full mint state. There are 13 stars on the obverse arranged 7 to the left of the head and 6 to the right. The reverse has 16 stars above the eagle, but the configuration is slightly different than on either of the 1796 coins. All known specimens exhibit a prominent die break that runs from the Y of LIBERTY down to the 12th and 13th stars. I have not seen the piece personally, but the specimen in the J.F. Bell Sale of 1963 appears to be the finest known.
P. Scott Rubin added these comments: The 1797 Quarter Eagle is a very rare coin in any condition with a recorded mintage of only 427 coins it is one of the rarest of all Quarter Eagles. It is probably one of the most under rated coins in the denomination and for that matter, all gold coins. It is possible that one of the reasons that so little attention is paid of this rarity is the fact that no 1797 Quarter Eagles are known in Gem condition with only one coin grading above MS-62. The highest graded coin is graded MS-64 by NGC. This is in a group of only three coins believed to be in Mint State condition. Auction records going back to 1864 for this date Quarter Eagle show that most of the well known collections sold since that time have contained only circulated specimens. The record price, as of July, 2014, for a 1797 Quarter Eagle is $276,000 for the NGC MS-64 coin sold by Superior Galleries 11/17/2005 sale as lot 484. The coin was the only coin pictured on the front cover and was estimated at about $500,000, yet only realized the above mentioned $276,000. No pedigree was mentioned for this coin in the catalog. According to current censes report, there are only three known specimens in mint state and a handful of AUs, with six AU53 specimens in the PCGS POP Report. Even the Pogue Collection did not contain a mint state. The coin was an AU58.
This coin is first of two coins that Mr. Hansen acquired from the Legend Auction of the Naples Collection. The coin is from The Regency 49 Auction held 12/16/2021. It does not appear that Mr. Hansen made purchased directly in the sale, rather through a private transaction with David Lawrence Rare Coins. There is no other pedigree information given except: This coin has picked by our sister company (Legend Numismatics) for Naples (who does not recommend non-CAC coins too often). They had no problems with the coin.
Legend describes the condition census as: This is another MAJOR early quarter eagle rarity! While not as famous as the 1796 issues, the 1797 has a tiny survival rate from a tiny original mintage. Only 427 are thought to have been struck with about 20-25 examples extant in all grades—that makes it MUCH RARER than both of the 1796 issues. The rarity may be explained by the failure of the obverse die early on in striking. All known examples show a bold die crack from the rim above Y in LIBERTY, through the field, down to the rim below Star 13. Over his entire career collecting and researching early gold die varieties and die states, Harry Bass never encountered an example without this die crack, and David Akers noted that all known examples have the die break. This impressive AU53 is within the PCGS CoinFacts Condition Census, and there are just a handful graded higher at PCGS. It is important to note that precious few survive in Mint State, and going back to the auctions of the 1860s, most collections that contained an example of this rarity contained a circulated example. David Akers noted the average grade being a VF38..
According to Legend’s description: Light friction is seen on both sides of this delightful and classy early quarter eagle. A respectable amount of mint bloom survives in the protected recesses of the design, outlining boldly defined devices. Aside from a few microscopic ticks, obtained during its brief time in early American commercial channels, but even a strong glass fails to reveal any serious flaws, there are no lines from cleaning, no scratches, no major marks or ticks of any kind. The die crack is bold, typical of this die state, where the crack is sharp, but has not turned into a cud. There is a hint of coppery gold that clings to the peripheral elements, contrasting against the brighter yellow gold that otherwise defines this lovely coin. The eye appeal is exceptional for the issue. This little 12 coin set will be interesting to watch as time goes on.
Provenance: The Naples Collection in private transaction with Legend Numismatics; The Naples Collection Part I / The Regency Auction 69, (Legend, 12/2021), lot 267, realized $117,500; The D.L. Hansen Collection in private transaction with David Lawrence Rare Coins.
In 2022, this is second Major Variety that Mr. Hansen has added to his collection. The 1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS was added in January. With today’s addition, the tracking of the Hansen Major Varieties set continues. Currently, most of the 13 remaining coins that are required for the set is difficult to acquire. Of the 13, there are several Early $5 Gold Half Eagles.
1797 $5 Small Eagle, 15 Stars Variety was the most recent addition. The coin brings Hansen’s 77-piece Early $5 Gold with Major Varieties & 1797 Large Eagles, Circulation Strikes (1795-1838) Set to 92.21% complete. There are six early half eagle coins missing. The two uncollectable 1797 Large Eagles which are unique specimens in Smithsonian National Numismatic Collection. The unique in private hands Pogue 1822 that sold for $8,400,000.00 in March 2021 may be unattainable. The remaining three coins will appear at some point in the upcoming Harry Bass Foundation Sale. They will be the 1798 Small Eagle (Survival 7, only 2 maybe 3 examples could be privately purchased), 1810 Large Date, Small 5 (5 Known w/ AU Finest Known), and 1820 Curl Base 2, Sm Letters (Survival est. 14 w/ 8 Mint State).
I have discussed this 77-piece set in detail several times in the Hansen Watch Thread. I actual saw the set in person a couple years ago. It is very amazing to see the coins laid out in order. PCGS Registry described the set as: As if the Basic Set from 1795 through 1838 isn't challenging enough, this set adds even more MAJOR rarities to the collection. After you locate the "basic" 1822, 1815, 1829 Small Date and 1829 Large Date along with many other treasures, this varieties set adds the 1819 (without the 5D/50) and the 1825/4 to name but two. This will be one of the greatest numismatic accomplishments of the 21st century when you complete it, so let’s get started!
1797 $5 Small Eagle, 15 Stars, Wide Date, BD-1 AU55, Byron Reed Specimen, POP 3/2
Expert David Akers provided these comments a few years ago: Chronologically, it is probable that this is the first of the 1797 Half Eagles, preceeding the 1797 16 Stars, Small Eagle, Heraldic Eagle, the 1797/5 and even the 1795 Heraldic Eagle. Like all 1797's, this is of extreme rarity in any condition with probably fewer than 20 pieces in existence. Somewhat rarer than the 16 Stars, Small Eagle variety in all grades, it is considerably more difficult to obtain better than EF. Most available specimens are only VF or EF and only 2-3 true uncs exist. Only two low grade specimens have been offered at auction in the past decade. CoinFacts offered this condition census report:
As shown, the D. Brent Pogue Mint State -61 is currently considered the finest known. Farouk/Bass AU58 PCGS grade specimen is second, then followed by the Byron Reed Specimen that is now in the Dell Loy Hansen Collection. Harry Bass owned two examples. The BD-1 coin currently in the Harry Bass Foundation (HBCC#:3045) has a provenance from the Bowers and Ruddy Galleries sale of the Louis Eliasberg Collection, October 1982, Lot 328, previously from the John H. Clapp Collection. The coin is described as “lovely half eagle”. This example was keep in the foundation collection, so it is possibly a better specimen than the AU58 Farouk/Bass coin that sold in the Bowers & Merena 10/1999 Sale. It will be interesting see how the Bass Foundation coins grade if PCGS is the company chosen to certify. Could it be the finest known?
The Reed / Hansen AU55 Specimen has not appeared in auction in the last 25 years. It realized $55,000 in a 1996 Spink America & Christie's Sale. The coin was descried as “Raw Very Choice Almost Uncirculated”. It appeared in Sunday’s nights GreatCollection Auction. Another great offering from Ian Russel, a contributor on the forum. The Hansen Team from David Lawrence Rare Coins were able to land the coin after intense bidding. There were 109 bids to be exact. The coin was hammered at $205,000 ($230,625 with buyer’s fees). Post GreatCollections sale, PCGS priced the coin at $250,000. Prior to sale, the coin was valued at $200,000.
Provenance: Byron Reed Collection - Durham Western Heritage Museum - Spink America 10/1996:100 (as Raw Very Choice Almost Uncirculated), $55,000.00 - Great Collections 4/2022:1138946 (as PCGS AU55 43803076); D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
The Major Varieties Set is an expansion of the PCGS Basic Set. To complete, this set would require the 2821 basic coins plus an additional 439 Major Varieties Coins. With this addition, there are 13 remaining collectable coins in this quest. Two coins in The Major Varieties Set are not collectable, 1797 Half Eagle "Large Eagle, 15 Stars" and 1797 Half Eagle "Large Eagle, 16 Stars", so the completion of this set would be 99.94%. PCGS describes this set as: Every classic U.S. coin in Circulation Strike from 1792 through 1964, every date, every Mintmark, every major variety, this set is the ultimate challenge. A collection of this size could take decades to assemble in high grade.
Top 10
1861 Double Eagle "Paquet" (2 Known)
1804 Eagle "Plain 4 Proof" (3 Known)
1849-C Gold Dollar "Open Wreath" (4 Known w/ one defective)
1958 Small Cent "Doubled Die Obverse” (3 Known)
1795 Large Cent "Jefferson, Lettered Edge" (5 Known w/ VF Finest Known)
1810 Half Eagle "Large Date, Small 5" (5 Known w/ AU Finest Known)
1842 Half Dollar "Small Date, Rev of 1839" (Survival est. 10 w/ 1 Mint State)
1797 Half Cent "Gripped Edge" (Survival est. 13 w/ VG Finest Known)
1820 Half Eagle "Curl Base 2, Sm Letters" (Survival est. 14 w/ 8 Mint State)
1798/7 Eagle "7X6 Stars" (Survival est. 25 w/ 3 Mint State)
Last 3
1798 Quarter Eagle "Wide Date" (Survival est. 50 w/ 8 Mint State)
1798 Dollar "Large Eagle, Knob 9, 4 Lines" (Survival est. 125 w/ 2 Mint State)
1887/6 Three Cent CN (Survival est. 800 w/ 750 Mint State)
Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of half eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. - CoinWeek (February 25, 2022)
The Fairmont Collection has been in the news for some time now. In an August 12, 2020 posting almost two years ago, @jonruns wrote: Stacks Bowers has been auctioning off eagles and double eagles from the Fairmont collection for a year or longer. Fairmont is an overseas bank hoard which had a huge amount of very original gold coins. Personally, for the near term I have decided to stay away from buying $10s and $20s since this release since I have no idea how many more are still out there. Some previously scarce dates have become much more common. In case you missed it, in their August 6th auction Stacks Bowers started to sell some half eagles from this Fairmont hoard. Unusual because most overseas hoards did not include half eagles. The auction had a somewhat complete date/mint set of 200+ coins starting with the Classic Heads and going thru the Indians. All of the pre-Civil War coins were circulated. Wonder if there are any $3s, $2.50s or $1s coming next? After reviewing the lots, I'd guess that SB tried their best to complete a date/mint set from the hoard with the best grade they found.
We are almost two years later, and the quality of offering has got even better! In a CoinWeek article titled: Stack’s Bowers to Offer Hendricks Half Eagle Set From Fairmont Collection. They call the event Landmark while writing: Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of half eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. Spanning the Classic Head and Liberty Head half eagle series from 1834 through 1908, the Hendricks Set exhibits the superior quality and completeness that has become a hallmark of the Fairmont provenance. It appear some of the better coins were pulled from previous offerings and formed a few PCGS Registry Sets. I am not sure by chance or purpose, many of the coins were certified with a grade that would allow for CAC Approval.
The article states: It is ranked as the #1 Current and All-Time Finest PCGS Registry Set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES (1839-1908) – CAC category, as well as the #2 Current and All Time Finest set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES AND PROOF (1839-1908) category and the #3 Current Finest set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES (1839-1908) category. Of the 148 coins in this offering, 101 have been stickered by CAC for a 68% approval rate. Highlights in the Hendricks Set include a condition census MS-61 (PCGS) CAC 1840-D $5 that ranks as sole finest at CAC; the finest known 1859-S $5 graded MS-63 (PCGS) CAC; an AU-58 (PCGS) CAC 1864-S $5 that ranks as Condition Census #2; a gorgeous EF-45+ (PCGS) CAC 1870-CC $5; a rare AU-53 (PCGS) CAC 1875 $5; and an MS-61 (PCGS) CAC 1876-S $5 that is the sole finest graded by PCGS. The David Lawrence Rare Coins Team was able to secure two of these highlight coins for the Dell Loy Hansen Collection.
The article continued by stating As with prior offerings from the Fairmont Collection, these coins are distinguished by incredible originality and eye appeal, and several price records are sure to be set when they are sold in the Stack’s Bowers Galleries Spring 2022 Showcase Auction. As we review the Hansen purchases the next few days, we will see just how “incredible originality and eye appeal” these coins have. The comments has been confirmed by a leading gold expert that we will explore later. The pricing for these coins have been strong from the start. Also in 2020, @Wahoo554 wrote: The hoard is mysterious in so many ways. There were only a few half eagle dates where duplicates were offered. Who knows how many more there are? I was impressed by how strong the prices were at auction. I expected them to be strong, but many nice coins set substantially higher new price records for their respective grades. I found it tough to tell from the photos whether the record prices were warranted for some of them. Perhaps they were. I had hoped to maybe snag a nice common mid-AU Philly date for fun, but prices were steep even for those.
1859-S Liberty Head Half Eagle, MS63, CAC, Ex: The Fairmont Collection-Hendricks Set
Finest Known 1859-S Half Eagle
Stacks-Bowers writes: This extraordinary coin is one of the most significant offerings from the Hendricks Set. It is a remarkable Choice Mint State 1859-S half eagle that delivers exceptional technical quality and strong eye appeal. Fully original, both sides exhibit warm pinkish-honey color. The luster is richly frosted throughout, and the strike is sharp apart from some characteristic (for the type) softness to the central high points. There are no singularly distracting marks, and certainly none that would affect the highly significant MS-63 grade from PCGS. The previous finest known coin was a MS62 PCGS grade specimen from Milas Collection - Harry W. Bass, Jr. Collection - Bowers & Merena 10/1999:1118, $29,900. PCGS CoinsFacts suggest the survival estimate to be 55 with only two known in mint state. By my count, this discovery may be now number four. The MS-62 Milas specimen held the auction record prior to the Fairmont-Hendricks sale at $34,100 in 1995. The second PCGS MS-62 specimen was sold in a 2013 Heritage Auction for $25,300.
Stacks – Bowers adds: Writing in the 2008 edition of their Encyclopedia of U.S. Gold Coins: 1795-1933, Jeff Garrett and Ron Guth observe that, "Mint State 1859-S half eagles have appeared at auction three times in the last 20 years -- unfortunately, these appearances all represent the same coin." The example to which the authors refer is the Milas-Bass specimen, currently certified MS-62 by PCGS and the former holder of the title of finest known 1859-S half eagle. (PCGS has certified a second MS-62 for this issue in recent years that appeared as lot 5266 in Heritage's April 2012 CSNS Signature Auction. The Bass specimen is finer in your cataloger's opinion.) The appearance of the Fairmont-Hendricks specimen has ended the reign of the Milas-Bass coin, for it is now the single finest certified, as well as the only Choice Mint State 1859-S half eagle, known. Beautiful in all regards, and with CAC approval adding further significance, this piece is destined for another world class cabinet of Liberty Head gold coinage.
When experts Jeff Garrett and Ron Guth uses words as these, you can be sure that there is no other known coins finer than this 1859-S half eagle. You have to wonder, has the Fairmont Collection shown its best hand? Could they have an uncertified GEM Specimen? I would guess not, but a couple years ago, who would have known there was a choice GEM in this Landmark collection.
The Hansen Collection previously contained two 1859-S Half Eagle. The duplicate (original) coin was a nice AU50 PCGS #04520943 specimen acquired around 2017. This coin was replaced in 2020 with a condition census MS61 PCGS #80674341, CAC. The PCGS value of the coin is $30,000. Mr. Hansen had the chance to upgrade, and he certainly seized the opportunity. The only question is for how much for a coin that has never sold and no price history. PCGS Price Guide placed the value at $75,000 and I don’t know the basis for that assumption. The Hansen Team see this CAC coin is worth a little more. In fact when the dust settled, the coin was hammered at $144,000! This is one of several Fairmont Collection specimens that Mr. Hansen purchased. More to come.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5097, Realized $144,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1859-S Liberty Head Half Eagle, MS63 PCGS POP 1/0, CAC Approved Certification ##43880940, PCGS #8283 PCGS Price Guide $75,000 / Realized $144,000 in Auction Ex: Fairmont Collection (Hendricks Set)
If you are a veteran collector of Liberty Head gold you no doubt recognized that the recent Stack’s Bowers Fairmont Hendricks auction was quite likely the best overall sale for this sort of material in the last 20+ years. Sure, there have been great specialized collections such as Battle Born for Carson City gold or Admiral for Liberty Head eagles. The Hendricks sale contained the most impressive date runs Liberty Head half eagles, eagles, and double eagles since the monumental Bass sales of 1999-2000. - My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale, Doug Winter (April 11, 2022)
This opening paragraph published a couple weeks ago by Doug Winter, founder of Douglas Winter Numismatics, a firm specializes in buying and selling choice and rare United States gold coins. By 1992, it was recognized as one of the leading specialized numismatic firms in the area (from DTN Website). In the Article titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale, he made an attempt to list his top 12. He states, It’s hard to choose just 12 coins from this sale as there were literally dozens I loved.
The Stack’s Bowers sale listed just slightly over 500 coins. The listing had 209 were Half Eagles, 148 Eagles, and 147 Double Eagles, with a circulated Three Dollar and heavily worn 1849 Moffat & Co. $5 rounding out the offer. A couple days ago, I started this series with the finest known 1859-S Half Eagle 1859-S Liberty Head Half Eagle, MS63, CAC Approved. The second coin shown today is also as good, but not the finest known. The first two coins are just two of eight coins that Mr. Hansen purchased in the "Fairmont Hendricks" Sale which improved his #1 Set.
As you can see above, The D. L. Hansen Collection currently has the #1 Set in The 220-piece Liberty Head $5 Gold with Major Varieties, Circulation Strikes (1839-1908) ranking. The set is only complete set listed in the rankings as is described by PCGS as: The basic set of this series is a monumental accomplishment and this variety set is that and more. If you’re going to tackle this long and challenging collection, though, why not go all the way? There are coins from seven different Mints as a starter, plus the ultra-ultra-rare 1854-S $5 and much more. Then add Tall Dates and Small Dates and over-mintmarks and other varieties and you’ll have a lifetime of enjoyment from a single series! The set has 219 supporting cast members for the star, Pogue- Boyd- Eliasberg finest known 1854-S. Even more amazing, the overall set grade is in Mint State currently averaging 60.51. The Collection replaced eight coins, improving the GPA with bonus points from 60.534 to 61.01. The 220 piece set has 72 coins considered PCGS Top Pop (32%). In a recent interview, Mr. Hansen stated his “core collection” was 38% Top Pop.
As shown in the screenshot, seven of the eight new purchases is PCGS POP Top Five (Condition Census). The 220 piece set has 175 coins considered PCGS POP Top Five (79.5%). The lowest coin and ripe for an upgrade is the 1847-O VF25 CERT #33914007, POP 35/95. An 1847-O MS-61 (PCGS) POP 8/9 realized $13,200 in the "Fairmont Hendricks" Sale. The David Lawrence Team may have been an under bidder on the coin, but I can know be sure. The Hansen Collection did score a big time replacement in the sale. Finally, the 1866-S $5 “MOTTO” F12 CERT #31436047 was replaced with MS60 CERT #43880958, POP 1/1. Now, let’s look at today’s feature coin.
1876-S Liberty Head Half Eagle, MS61, CAC, Ex: The Fairmont Collection-Hendricks Set
Extraordinary Mint State 1876-S Half Eagle
This coin was one of Doug Winter’s 12 favorite coins in the sale. He writes in his article: Most collectors pooh-pooh the later date S-mint half eagles as being boring and for the most part, they are correct. However, the 1866-S to 1876-S half eagles are all conditionally rare, and the low-mintage 1876-S (just 4,000 were made) may well be the rarest coin of this group. Before this coin was discovered, it was unique in Uncirculated (the NGC MS65 from the Garrett Sale which has not been seen in close to 50 years) and I haven’t had more than a few decent AUs in stock. I graded this 1876-S M62 and my succinct comment in my catalog was “amazing coin.” I bid up to $60,000 for it but couldn’t justify going any higher. It brought $84,000 which is an extremely strong result, but which in the New Dated Gold Market of 2022 can be justified as this is a fundamentally and conditionally rare issue.
Mr. Winter grades the coin a little higher than a MS61, but I am sure Mr. Hansen is pleasantly satisfied with the grade MS61, CAC. Another Expert David Akers wrote several years ago: The 1876-S has the second lowest mintage of any of the very rare S Mint Half Eagles from 1858-1876 and it had the third fewest number of auction appearances in my survey after the 1864-S and 1862-S, ranking in the top 10% of the entire $5 series in that respect. Most known specimens are well worn, grading VF or less, and I consider this to be one of the rarest and most underrated Half Eagles in any condition. There is one gem uncirculated example in the John Hopkins University Collection (PCGS CoinFacts editor's note: sold in the 1979 Garrett sale.) All 1876-S Half Eagles have a "punchmark" in the earlobe and the tiny mintmark is always very weak.
Stack’s Bowers describe the coin in auction as: As one of only three Mint State examples of this issue certified, and the first to appear at auction in the modern numismatic market, here is an incredibly significant offering from the Fairmont-Hendricks Set. It is a gorgeous coin featuring lively, frosty mint luster that blends with vivid golden-rose color. The strike is impressively full throughout, and with few marks of note the in hand appearance is superior at the assigned grade level.
They end the listing by stating: Survivors are few and far between, and most are well worn, if not also impaired. Even the National Numismatic Collection in the Smithsonian Institution can only muster a VG-10 for this issue. Until the last decade or so, the Garrett specimen in NGC MS-65 was the only Uncirculated 1876-S half eagle known. The current PCGS Population Report lists an MS-60 along with this newcomer to the market graded MS-61, and the only example to have been approved by CAC. A formidable condition rarity and a lovely example, this coin would serve as a focal point in the finest gold cabinet. I am sure Mr. Hansen is happy to have this extraordinary Mint State CAC coin in his collection, but it would take a tall order to serve as a focal point in his gold cabinet. It would be hard to say it is the focal point in his Liberty Head $5 Gold cabinet. There are at least a half of dozen or more six figure Liberty Head $5 Golds not including the Pogue Masterpiece, the 1854-S.
Great Addition – YES: FOCAL POINT – NO.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5142, Realized $84000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1876-S Liberty Head Half Eagle, MS61 PCGS POP 1/0, CAC Approved Certification #43880985, PCGS #8341 PCGS Price Guide $85,000 / Realized $84,000 in Auction Ex: Fairmont Collection (Hendricks Set)
We knew from the second we saw the catalog; the Fairmont Collection was going to be a nasty sale. It had all the ingredients: better gold that has the highest demand today, the coins were super fresh, the coins had only been through PCGS once-at a time when they were tight, many of the coins were the finest or a twin to the finest that exist, they were in a collection (sort of), and these were darn nice unmessed with coins period. Add all that up and you end up starting out with an $3 1855 PCGS XF45 inexplicably selling for $6,000.00! Even if the coin was MS62 (which it clearly was not), it might not fetch that number. It was off to the races from there. Fairmont is not one super skilled collector. It’s some kind of huge (and we mean huge) bank hoard from our understanding. But we strongly feel the Pedigree from this group is meaningful. Numerous “beyond moon money” records were set or smashed with Fairmont this past week.. Legend Numismatics Market Reports (April 8, 2022)
In this week’s Market Report, Legends revealed a little of their success: As you see in our NEWPS, we bought a few coins from the Fairmont auction. We sat there all-night ferreting through the sale. We did NOT buy anything that was stratospheric or unreasonable in price. The coins we bought all have fundamental value for the prices we paid. It’s ridiculous to think that coins that have not made appearances for years or are the best grades are going to sell cheap in this market. We feel strongly many (certainly NOT all) of the prices paid in the Fairmont sale represented the current market. PUBLISHED VALUES SERIOUSLY LAG. There are several coins in the Hansen purchases that had the appearance of a serious lag. For a bidder not knowing the true value of today’s market, the unsuccessful bidder could drop out way to early. D.L. Hansen acquired eight coins (shown below). The price realized on the eight half eagles was $418,800 compared to PCGS value of only $287,500. There are two ways a buyer can look at this result. One, the buyer paid a premium of 45% over a reasonable posted price or the price listed has a 31% lag as suggested by a few of the experts. How would you look at Hansen’s results if you were the buyer.
I started this series of posts with the finest known 1859-S Liberty Head Half Eagle, MS63, CAC Approved. The second coin shown a couple days ago was the extraordinary Mint State 1876-S Half Eagle MS61, CAC. My intent was to feature a couple more of the remaining six half eagles. The choice was hard than I expected. First, I thought I would feature the 1856-S MS62, POP 2/1, that realized $33,600 with a PCGS price value of $17,500. The price realized was almost double the value. After personal debate, I decided on the 1866-S, Motto, MS60, POP 1/1. The coin is not the finest known and is not CAC approved, but it is as described by Stack’s Bowers as: Offered is a high Condition Census example of this extraordinary rarity among 1860s half eagle, only the second Mint State 1866-S Motto confirmed in the modern numismatic market. Also, the Fairmont-Hendricks coin make the perfect pair with Hansen’s 1866-S “No Motto”, MS61 CERT #83224208.
1866-S Liberty Head Half Eagle, Motto, MS-60, Ex: The Fairmont Collection-Hendricks Set
Expert David Akers wrote a couple decades ago: The mintage of the 1866-S Motto is much greater than that of the 1866-S No Motto, but the auction data correctly shows that the two are very similar in overall rarity, although the No Motto coin is even more difficult to locate in high grade. Only one or two uncirculated examples of this issue are known and most specimens are VF or worse. The mintmark is very small and invariably weak and on the typical badly worn specimen it is sometimes barely visible.
Now, flash forward two or three decades and Stack’s Bowers recently wrote: The Fairmont-Hendricks specimen offered here is only the second 1866-S Motto to have been certified as Mint State. It is a newcomer to the Condition Census for the issue, where it is ranked as CC#2. This places PCGS Population of only 2 in all Mint State grades. The present Fairmont Collection-Hendricks MS-60 example and another in MS-61. Stack’s Bower shed a little light on the CC#1 specimen: Prior to publication of the 2008 edition of the Garrett-Guth encyclopedia on U.S. gold coinage, this issue was unknown in Mint State. Around that time NGC certified an example as MS-61, sold as lot 3272 in Heritage's May 2008 Long Beach Signature Auction. That coin appears to have since been crossed to PCGS MS-61, although to date it has not been approved by CAC. The MS-61 coin realized $22,425 in 2008.
The Stack’s Bower auctioneer offered this commentary: Just 34,920 coins were struck of this historic Liberty Head half eagle, the first from the West Coast facility with the motto IN GOD WE TRUST on a scroll in the upper reverse field. Thanks to the rigors of commerce, only a tiny number survive today, with PCGS CoinFacts accounting for fewer than 100 in all grades. Actually, the current CoinFacts place the rarity and survival estimates at 80. In 2008, Heritage Auctions wrote: While not quite as rare as the 1866-S No Motto half eagle, the 1866-S With Motto is merely a great condition rarity--one seldom seen in high grade and extremely rare in Mint State. As most certified examples grade only about VF30, it is clear that most pieces circulated heavily on the West Coast soon after their issue. The lone MS61 Specimen is no longer the single mint state issue.
The coin is described as: It is a beautiful coin with quality and eye appeal that are both superior for the assigned grade. Lustrous and frosty, both sides display attractively original, rich olive and rose-gold color. The strike is virtually full, and there are remarkably few marks, certainly none that are worthy of attention. The coin realized a new auction record of $38,400.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5115, Realized $38,400; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1866-S Liberty Head Half Eagle, Motto, MS-60 PCGS POP 1/1 Certification #43880958, PCGS #8312 PCGS Price Guide $25,000 / Realized $38,400 in Auction Ex: Fairmont Collection (Hendricks Set)
Just got the email from Stacks. Holy F! When will this group end and now with the previously unseen scarce dates. Wow!. PCGS US Coins Forum, @Boosibri (February 17, 2022)
I thought this tidbit was interesting ---- the Hendricks set coins 'were set aside years ago'. Page vii of the catalog.
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Doug Winter suggests the Fairmont coins have been tucked away in overseas bank vaults for maybe 100 years. According to the article above, part of the coins 'were set aside years ago' in what is now called the Hendricks Sets. As stated by @Boosibri “When will this group end”. From what we see, there does not seem to be an end in sight. Will the releases continue to get better and better in the future? Does anyone know for sure? For now, let’s take one last look at the Half Eagles before we move on.
I started the Half Eagles with the finest known 1859-S Liberty Head, MS63, CAC Approved. Then, we saw extraordinary Mint State 1876-S Half Eagle MS61, CAC. A couple days ago, I featured the 1866-S Liberty Head Half Eagle, Motto, MS-60. All three coins set Auction Records. This posting will feature one more of the remaining five half eagles. I did not feature the 1856-S MS62 POP 2/1 that set an auction record at $33, 600 nor the 1883-CC MS62, CAC that realized $45,600. If you get time, they are coins worthy of taking a closer look. Now, let’s view the last half eagle to be featured, 1840-D Tall D $5, PCGS/CAC MS61.
1840-D Liberty Head Half Eagle, Tall D, MS-61, Ex: The Fairmont Collection-Hendricks Set
Highest Graded Example Approved by CAC
Doug Winter provided his thoughts in CoinFacts: In 1840, the design of the half eagle was modified. The new head has a neck that is less curved and positioned slightly differently than the head of 1839. In addition, the mintmark was placed on the reverse, where it would stay on all regular issue United States gold coins struck through 1933. Thus the 1840-D is an important issue as it is the first Dahlonega half eagle with the modified Liberty Head design. He continued by adding: The 1840-D half eagle is most often seen in Very Fine to Extremely Fine grades. It is scarce in the lower About Uncirculated grades and rare in the upper range of this grade. It is extremely rare in Uncirculated. PCGS rarity and survival estimate is about six.
Also, this Fairmont-Hendricks coin was one of Doug Winter’s 12 favorite coins in the sale. He writes in his April 11, 2022 article: Unless you are a true insider on this series, you might not know just how rare the 1840-D half eagle is in real Uncirculated with natural color and surfaces. In three+ decades of specializing in Dahlonega gold, I can’t recall more than two or three really nice examples of this issue as 98% of them have been stripped. There are some nice ones around in EF and lower AU grades, but just try to find a pleasing BU 1840-D half eagle! Surprising, the POP report has this coin as POP 4/4. Mr. Winter finds this coin very pleasing in comparison to others of similar grade. He continues by saying: The Fairmont coin (Lot 5016) had great color and I graded it MS62. It brought $32,400 (please note that all prices in this article include the 20% buyer’s premium), which I think was a really fair price for its new owner. I was the underbidder and, frankly, had this coin not been right at the beginning of the sale—before I could get a pulse of the prices—I would have stretched. The new owner is Mr. Hansen after a private transaction with David Lawrence Rare Coins. It fits all three of the requirements for the collection: availability, improves the collection, and a fair price.
Expert David Akers wrote a couple decades ago: The 1840-D is less rare than the 1840-C but it is comparable in overall rarity to the popular 1839-D. Generally, it is more well struck than the 1840-C. The typically available specimen is VF or EF and AU or uncirculated pieces are extremely rare. Both the broad mill and narrow mill varieties exist but most of the known specimens are narrow mill coins.
Stack’s Bowers recently wrote in the sale: Struck only a few years after the opening of the mint at Dahlonega, the 1840-D half eagle is the first of the denomination with the mintmark on the reverse. When the 22,896 specimens entered circulation, they remained there for many years. As a consequence, at most 150 or so examples survive in any condition, with the overwhelming majority in mid-range circulated grades. The 1840-D half eagle is a notable condition rarity above even the lowest AU levels. The issue is especially rare in Mint State, where not a single specimen exceeds the Choice level. Of course any Uncirculated survivor is noteworthy, and this premium quality MS-61 would be difficult to improve upon technically or aesthetically. Serious students of the Dahlonega Mint's coins will want to pay particular attention when this very desirable specimen crosses the block. We know for a fact both the Hansen and Winter Teams were bidders for this coin.
The Stack’s Bower auctioneer described the coin as: Here is an exceptional and rare Mint State example of this challenging early date Dahlonega Mint half eagle. Lustrous frosty surfaces are endowed with lovely warm, even olive-orange color. Impressively sharp in strike with remarkably smooth surfaces for both the issue and the assigned grade.
The coin realized $32,400 and had room to climb a little higher. This POP 1/0 CAC coin makes a very nice addition to the D.L. Hansen Collection of Liberty Head Half Eagles as well to his Collection of Dahlonega Gold. For the past few days, I hope you have found the postings of the Fairmont-Hendricks Half Eagles interesting to watch.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5016, Realized $32,400; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1840-D Liberty Head Half Eagle, Tall D, MS-61 PCGS POP 4/4, CAC POP 1/0 Certification #43880857, PCGS # 8198 PCGS Price Guide $35,000 / Realized $32,400 in Auction Ex: Fairmont Collection (Hendricks Set)
The beauty of the Fairmont hoard (and the “Hendricks” coins) is that 95% of them were as virgin original as you will ever see. One veteran dealer called me over to his table at the recent Baltimore show and stated “I sent my son upstairs (to the auction viewing room) to look at them so he’ll be able to understand exactly what an original gold coin looks like.” - Thanks to Fairmont/"Hendricks" We Have A New Dated Gold Market, Doug Winter (April 25, 2022)_
After spending a few days with the Fairmont Hendricks half eagles, it is time to look at the eagles purchased D.L. Hansen via David Lawrence Rare Coins. As I stated before, the Stack’s Bowers sale listed just slightly over 500 coins. The listing had 209 were Half Eagles, 148 Eagles, and 147 Double Eagles, with a circulated Three Dollar and heavily worn 1849 Moffat & Co. $5 rounding out the offer. We don’t know exactly how many coins were purchased by DLRC, but we know in a recent John Brush interview for NNP Symposium, he indicated in the range of 25. I have not seen that many coins posted to the D.L. Hansen sets. As stated few days ago, it appear Mr. Hansen snagged eight of the 209 half eagles. In addition, it appear he upgraded six business strike eagles from the 148 offered in the sale. In addition, he added a PR60 1889 Proof Eagle to the Collection and a Double Eagle Mint State. In total, The Hansen Collection acquired 16 Fairmont Hendricks coins, short of the 25 reported by John Brush. The difference could be a couple things. The most likely explanation, John Brush purchased a handful Fairmont Hendricks coins for DLRC inventory or other clients.
The six eagles made nice upgrades to the Collection. The 184-piece Liberty Head $10 Gold with Major Varieties, Circulation Strikes (1838-1907) Set is described by PCGS as: The "Varieties Set" of this great series is not that different from the Basic Set. Yes, there are a few goodies to add to the Basic Set, but well over 95% of the work and fun are done before you get to the varieties. This set involves three distinct types; the No Motto Covered Ear, the No Motto and the With Motto. A complete date set in any condition is a major numismatic accomplishment. The Major Varieties set contains five addition eagles to the composition of the basic set.
As you can see above, The D. L. Hansen Liberty Head $10 Gold Collection is ranked #1 in the registry. The second set was part of the once famed Bob Simpson Collection assembled by Laura Sperber, Legend Numismatics which retired in May 2011. For the Hansen Team to assemble a set that ranks above a Sperber set is saying a lot. There are two other notable sets in the registry: the Ellen D set that also retired in 2011, and the Harry Bass that retired in 1999. These and other great sets provide opportunities for Mr. Hansen to build his collection the past six years. There are several masterpieces in Hansen’s set including 15-16 coins that I estimate to be six figures eagles. I would consider the center-piece eagle as the 1839/8 $10 “TYPE OF 1838” PCGS MS66, CERT #05368072. This seven figure coin has been in the Hansen Collection about 5-6 years dating back to an early purchase from Barry Stuppler.
We must clear the water by the acknowledgement that the Hansen Collection of Liberty Head Eagles is not the finest set currently assembled. The Eagles of The Tyrant Collection is described as "far and away" the finest US Eagle Collection. In a Doug Winter blog, he indicated the set was assembled around 2003/2004. The set consist of both PCGS and NGC coins, so making a direct comparison is difficult. It is very safe to say that the Tyrant Set has more examples of best-known examples of US Eagles.
As shown in the screenshot, five of the six new purchases is PCGS POP Top Five (Condition Census), with one, 1873 AU55, just missing the mark. The 184 piece set has 141 coins considered PCGS POP Top Five (76.6%) As of note, this is slightly down from 79.5% for half eagles. There is only one coin in the set graded below AU50, the lowest coin and ripe for an upgrade is the 1864-S XF45 CERT # 36753387, POP 5/9. The Fairmont Hendricks 1864-S Liberty Head Eagle was a Fine-15 (PCGS). Although, it was CAC Approved, the sale did not offer Mr. Hansen the opportunity to upgrade this lowest coin.
1865-S Liberty Head Eagle, AU58, CAC, Ex: The Fairmont Collection-Hendricks Set
Finest PCGS-Certified 1865-S Normal Date Eagle
Expert David Akers comments: The 1865-S normal date is very rare in any condition, more so than either the mintage or even the modest number of auction appearances would imply. The blundered or inverted date variety was not discovered until about 20 years ago and therefore, it is likely that some of the pre-1960 listings are for inverted date coins. I have seen approximately twice as many inverted date specimens as I have normal ones. Most normal date 1865-S Eagles are very worn and grade from VG to VF. In EF, this date is extremely rare and I am unaware of any specimens above that grade, although the Miles coin was called AU. The 1865-S normal date is more rare than the 1858-S, 1859-S, 1862-S, and 1863-S and is of approximately the same rarity as the 1860-S and 1867-S. It is only a little less rare than the 1864-S and 1866-S No Motto. With two Major Varieties, the Hansen Collection has both. The set has the blunder (1865-S 865/Inverted 186) in an AU53 POP 6/4. With the recent Fairmont-Hendricks upgrade, the 1865-S normal date is a CAC Approved AU58, PCGS POP 1/0. Stacks Bower states the coin is “Finest PCGS-Certified 1865-S Normal Date Eagle”. There is certainly a case that can be made that the Tyrant Specimen could be a little better.
Gold Expert Doug Winter had this to say about the coin: Two varieties are known for this year. The better known is the spectacular 1865-S Over Inverted 186. The less visually impressive Normal Date is, ironically, the rarer of the two. I regard this as the second rarest eagle from San Francisco. I estimate that around 30-40 are known and nearly all grade EF40 or below. In fact, this one of the rarest Liberty Head eagles from the standpoint of condition. I have never seen or heard of an Uncirculated example and I know of just three that I would call real AU's (none better than AU50 to AU53). The quality of strike is very distinctive with soft radial lines in the stars and a slightly concave appearance on the obverse. The reverse is better struck although many examples show weakness on the neck feathers. I have never seen an 1865-S Normal Date eagle that did not have heavily abraded surfaces and most have enough wear to lack any significant luster. The Tyrant coin is graded MS-60 by NGC. The coin from the Admiral Collection is described as A magnificent example of this prized issue. I have not read if Mr. Winter’s has formed an opinion of the Uncirculated aspect of the coin.
Stack’s Bowers describes their opinion of the coin’s grade: There are two major varieties for this issue: the Normal Date, offered here, and the 865/Inverted 186, offered below. The former is rarer in today's market with PCGS CoinFacts providing an estimate of just 25 to 35 survivors throughout the grading scale. The offered coin from the Fairmont Collection sits alone at the top of the PCGS Population Report for the Normal Date variety, and with CAC approval confirming its quality and originality, this is quite possibly the finest 1865-S eagle obtainable by gold enthusiasts. It is a high Condition Census specimen that is worthy of the strongest bids.
They introduce the coin by stating: Another outstanding offering from the Fairmont Collection, this 1865-S Liberty Head eagle offers undeniably originality, premium quality surfaces and awesome rarity. Awash in vivid honey-orange color, iridescent reddish-rose highlights cling to the peripheries and add to the appeal. Softness to the high points of the eagle and several of the stars on the obverse is noted, although hardly unusual for an S-Mint eagle from the 1860s. Otherwise we note bold to sharp detail in the absence of all but trivial rub. Frosty and near-fully lustrous, only the strongest bids will be competitive for this incredible example. There may never be a chance for better coin coming to market. PCGS values the AU58 PCGS coin at $110,000. The coin realized a fair price $108,000 with the coin being CAC as a bonus. The coin replaces an 1865-S $10 PCGS AU50 CERT #02694742, POP 4/2.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5278, Realized $108,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1865-S Liberty Head Eagle, AU58 PCGS POP 1/0, CAC Approved Certification #43952238, PCGS #8642 PCGS Price Guide $110,000 / Realized $108,000 in Auction Ex: Fairmont Collection (Hendricks Set)
In addition, he added a PR60 1889 Proof Eagle to the Collection...
In January Hansen added an 1861 PR66 Double Eagle for $1.8 million, and in April he added a common-date PR60 Eagle for $15,600! Interesting strategy...
Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of $10 Eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. Spanning the Classic Head and Liberty Head series from 1834 through 1907, the $10 eagles from the Hendricks Set exhibit the superior quality and completeness that has become a hallmark of the Fairmont provenance. It is ranked as the #1 Current and All-Time Finest PCGS Registry Set in the Liberty Head $10 Gold Basic Set, Circulation Strikes (1838-1907) – CAC category, and the #2 Current Finest Set in the Liberty Head $10 Gold Date Set, Circulation Strikes (1838-1907) category. Stack’s Bowers Galleries (March 8, 2022)
As discussed a couple days ago, it appear Mr. Hansen upgraded six business strike eagles from the 148 offered in the sale. In addition, he added a PR60 1889 Proof Eagle to the Collection. In total, The Hansen Collection acquired seven Fairmont Hendricks Eagles (shown below). The price realized on the seven eagles was $385,800 compared to PCGS value of only $302,000. The Hansen Team paid a premium of 28% over a reasonable PCGS posted price. This is a little less that what we saw in the bid escalation for the half eagles.
The first eagle that I posted was 1865-S Liberty Head Eagle, AU58, CAC, which is the finest PCGS-Certified 1865-S Normal Date Eagle. In today’s posting I am featuring another coin from the San Francisco Mint. The coin is minted two years later, 1867-S AU58. The 1865-S (PCGS POP 1/0. CAC) and 1867-S (PCGS POP 2/0. CAC) makes for perfect pair! Stacks Bower describes the new coin as: Top Condition Census 1867-S Eagle.
1867-S Liberty Head Eagle, Motto, AU58, CAC Ex: The Fairmont Collection-Hendricks Set
Expert David Akers wrote: The U.S. Eagle series is loaded with rare and underrated issues, more than any other series of U.S. coins. But even in this grossly underrated series, the 1867-S stands out. It ranked sixth in the series according to rarity by frequency of appearance (tied with the 1798/7, 7x6 Stars and 1873 - pretty good company) and shared the top spot with the 1864-S and 1875-CC according to rarity by average grade. The 1867-S is only marginally less rare overall than the 1864-S and 1866-S No Motto and compares favorably to the 1860-S and 1865-S normal date.
In recent sale, Stack’s Bowers wrote: This is one of just 9,000 examples struck. Typical survivors encountered today grade VF or occasionally EF, but above that the availability becomes nearly non-existent. Indeed, the 1867-S is one of several dates in the Liberty Head eagle series that is unknown in Mint State. At the uppermost reaches of Choice AU and premium quality for the grade (as CAC approval makes clear), it is difficult for us to imagine a finer example of this rare and conditionally challenged issue.
The Stack’s Bower auctioneer offered this description of the coin: An incredible rarity that belongs in the finest Liberty Head eagle set. Near-fully lustrous with a lively frosty texture, both sides are enhanced by vivid rose-honey color. The in hand appearance is remarkably smooth for the grade, and it is not a stretch for us to state that there is not even a single noteworthy blemish. A few of the obverse stars are soft, but otherwise the strike is sharp to full throughout.
The Tyrant Collection has the other 1867-S $10 Liberty (PCGS POP 2/0) AU-58 CAC Approved. The coin is noted by saying: This is one of the rarest dates in the entire series, and one which is unknown in mint state. David Hall described the ability of acquiring a good example this way: It is estimated that only 50 to 75 examples of the 1867-S survive today in all grades. I have never seen or heard of a mint state specimen. I was only able to obtain an EX45 for my set and I looked for 6 years.
The Hansen/Hendricks coin from the Fairmont Collection realized an auction record of $75,000, breaking the previous record of $45,600 for a NGC AU58 in 2018 Heritage Auction. That coin was from The Admiral Collection. If I was doing a condition census TOP 3, they would be The Tyrant Specimen, The Admiral Specimen, and The Hansen Specimen in no particular order.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5284, Realized $75,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1867-S Liberty Head Eagle, Motto, AU-58 PCGS POP 2/0. CAC Approved Certification #43952244, PCGS #8652 PCGS Price Guide $75,000 / Realized $50,000 in Auction Ex: Fairmont Collection (Hendricks Set)
The last couple postings focused on D.L. Hansen’s 184-piece Liberty Head $10 Gold with Major Varieties, Circulation Strikes (1838-1907) set. I even dropped the Tyrant name in the discussion once or twice. The EAGLES OF THE TYRANT COLLECTION may be the best US Eagle collection ever assembled, according to several numismatic experts. The set was exhibited recently and at that time described as: This exhibit contains over 300 eagles and has every circulation strike from 1795 to 1933 with all the branch mint coins also represented. There are Proofs of nearly every issue including the ultra- rare 1804, 1838, 1839, and 1857 issues, as well as both 1907 No Motto Indian Head Proofs and the unique Matte finish 1909. There are dozens of finest known examples of both circulation strikes and Proofs.
Great Sets as Hansen and Tyrant of 200-300 coins are very difficult for the average collector like me to comprehend. In a recent interview, Mr. Hansen talked about how he viewed his collection in smaller bits, or you could say sets and subsets. In a quick check today, The Hansen Collection has over 1200 completed sets. After taking a few minutes and wrapping your head around that, he also has 600 incomplete sets, which is more than 1800 total sets. Just stating a fact for me, I don’t have 1800 PCGS coins in my collection much less anything close to this count of sets. So, just considering the 184-piece Liberty Head $10 Gold set, it quickly becomes a small subset of the entire collection.
If you are still following my logic, then I thought today I would break down just one of hundreds of subsets that are in this vast collection. In the chart that I shared on May 4th, you can see the Hansen Team upgraded three US Eagles from the Southern Mint in New Orleans. The PCGS Registry - New Orleans Gold $10 Basic Set, Circulation Strikes (1841-1906) requires 36 coins. That number sounds small right? In a quick review of Mr. Hansen’s 36-piece set, the PCGS value appear to be over $1,000,000. The set has no seven figure coins or medium to high valued six figure coins. The large majority of the 36 coins are valued from $12,000 to $150,000.
The PCGS ranking chart below tells the story for collectors that enjoy the PCGS registry. I usually don’t mention much about Hansen’s #2 sets, but in this case you can easily see that he has two complete sets. Historically, this 36-coin is frequently divided into two subsets. First, the No Motto type struck at New Orleans from 1841 through 1860. The No Motto set of coins is minted prior to the Civil War. As many know due to the war and the Union losing of City of New Orleans, the mint did not reopen until 1879. This conveniently allows for a second run of With Motto from 1879 to 1906. Today, I will focus on the No Motto subset consisting of 21 coins with both 1854-O types.
Doug Winter published an article on March 27, 2020 titled: Battle of the New Orleans Eagles. This article is a pronounced reminder there many prodigious sets that are not in the PCGS Registry. Winter’s introduction in the article states: After viewing the epic display of the Tyrant Collection of Eagles (1795-1933) at the recent February 2020 Long Beach show, I thought it would be a fun exercise to compare the two finest sets of New Orleans eagles ever assembled: the Tyrant Collection and the New England Collection. Before we get started, there are some important caveats which we need to discuss. The first is that the New England Collection is specialized (it focuses on New Orleans gold) so it is likely to be “better” than Tyrant. But the Tyrant Collection is far and away the finest set of Liberty Head eagles, and while it doesn’t specifically focus on New Orleans issues, it is specialized as well.
There are several take-a-ways from these briefs words. He states the Tyrant and New England sets are “two finest sets of New Orleans Eagles ever assembled”. Also, the Tyrant Collection has a much larger collection by assembling the finest set of Liberty Head Eagles. On the other hand, the New England set is strictly razor focused on No Motto New Orleans Eagles, which is 21 total. The age of the Tyrant Eagle Collection I found a little unexpected. Mr. Winter states: Of the two, the Tyrant Collection is slightly older as it has been assembled since around 2003/2004; the New England Collection was initiated around five years later. Interestingly, both sets are still being improved although it is becoming increasingly difficult for either set to “get better” as so many finest known or second finest known pieces are included.
If you like reading this kind of stuff, I would recommend to find this Doug Winter article online. It is a good read and has some beautiful images. I will not reveal the winner of the head to head battle, but I was not surprised with results. I made the table (below) that includes the Hansen’s coins with the Tyrant and New England. Mr. Hansen was able to upgrade three coins highlighted, but he need a few more upgrades to contest with these two supreme sets. Remember the writing by Winter: both sets are still being improved although it is becoming increasingly difficult for either set to “get better” as so many finest known or second finest known pieces are included.
1853-O Liberty Head Eagle, MS61, CAC Ex: The Fairmont Collection-Hendricks Set
There are times when I run across a coin that is very intriguing. The 1853-O Liberty Head Eagle is one of those coins. In dated writing of Expert David Akes, he states: The 1853-O is a rare date in all grades and extremely rare in strictly uncirculated condition. Most specimens are well worn with VF and EF being the grades one is most likely to find. The "proof" listing from "Auction '79" is for the same coin that appeared in Lester Merkin's 3/69 sale where it was called a gem uncirculated, prooflike presentation piece. As a date, the 1853-O is one of the more "common" O-Mint No Motto Eagles although it is more rare than the 1843-O, 1847-O, 1851-O and 1854-O. From the standpoint of overall rarity, it is comparable to the 1842-O, 1844-O and 1858-O.
If you review auction records, the new Hansen Coin would have set a new auction record of $51,600, if not for the New Orleans 1853 “Proof”. The proof specimen realized $316,250 in a 2010 Stacks Auction. The coin is pedigreed to the Harry Bass by Bowers & Merena on 10/1999. In that sale the coin was listed as PCGS MS61. As you are aware, the Tyrant Collection has a PCGS MS61 that is attributed to Mr. Bass. Is it the same coin? Does Tyrant have the $316K coin in his collection? At times like this, I turn to the expert! I asked Ron Guth, Chief Investigator at the Numismatic Detective Agency, and our friend. He said no, the $316,250 NGC SP61 coin is out there somewhere, it has not been crossed. It is just coincidental they both are from the Bass Collection. Well not that much of a coincidental, Ron Guth said: Bass had FIVE 1853-O Eagles. Four sold in October 1999 and one sold in 11/2000. He also provided the pedigree of the Tyrant specimen: Louis E. Eliasberg, Sr. Collection - Bowers & Ruddy 10/1982:692 (as PCGS AU58), $2,640.00 - Harry W. Bass, Jr. Collection, Part IV - Bowers & Merena 11/2000:651 (as PCGS AU58), $8,050.00 - Tyrant Collection (Coin 71, displayed at the 2/2020 Long Beach Expo) (as PCGS MS61 50176929).
I said this 1853-O coin was intriguing, but I must bring back focus in my writing or the post will be extremely long. A few days ago, I discussed the article Doug Winter published titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale. The 1853-O Liberty Head Eagle, MS61, CAC is one of the twelve. He wrote: If I had to wager how many readers of this article would have predicted this coin as one of my Top Dozen faves in Fairmont, I’d guess exactly zero. The 1853-O is a sneaky date in a series full of sneaky dates. It is dirt common in grades through AU55, and scarce in properly graded AU58 although not as hard to locate as are many No Motto eagles from New Orleans in this grade. Uncirculated coins are another story altogether. In the earlier article, he used the New England AU58 Specimen as additional justification when he wrote: This is a common date in circulated grades but a major rarity in Uncirculated as evidenced by the fact that the best example in these two sets is “only” an MS61. He was speaking in reference to the Tyrant and New England sets. Mr. Winter closed the article by adding: The Fairmont coin (Lot 5249) was one of only two or three real BU 1853-O eagles I’ve ever seen and I loved the coin. It remains the only example of this issue approved by CAC in MS61 with exactly zero finer. The coin sold for $51,600 which was just a bit more than I wanted to pay, but which is still far less expensive than the $316,250 which a so-called Specimen brought back in 2010.
Let me close by sharing what Stack’s Bowers wrote for the Highest Graded CAC-Approved 1853-O Eagle: With a mintage of 51,000 coins, the 1853-O is the third most plentiful issue in the pre-Civil War era New Orleans Mint eagle series behind the 1847-O and 1851-O. However, the vast majority of survivors are concentrated at the VF and EF grade levels, often with surface problems. This issue is a major rarity in Mint State, with Doug Winter (2020) accounting for only four to five survivors at that level. This newcomer to the Condition Census from the Fairmont Collection is one of the finest 1853-O eagles we have ever offered, and the only certified Mint State coin to meet with CAC approval. It is sure to catch the eye of seasoned numismatists.
The Stack’s Bower auctioneer offered this description of the coin: A remarkable condition rarity worthy of inclusion in the finest numismatic cabinet. Vivid bright golden-olive surfaces are semi-prooflike on the obverse with appreciable reflectivity in the field; the reverse exhibits a more uniform frosty texture. Both sides are boldly to sharply struck throughout with an impressively smooth appearance for the issue as well as the assigned grade.
I will end the posting by sharing another twist. There is a PCGS MS62 coin that I have not mentioned to this point. In a Heritage August 2018 sale, there is no PGGS MS62 Specimen certified at the time. In the Stacks-Bowers 4/2022 of the Fairmont Collection, the PCGS MS62 (Cert #41789152) is reference as finest. As far as I can tell, this coin has not been offered in public sale. Could this be another high-grade Fairmont coin that will be placed in the market at some point? Or just an MS61 upgrade. I am not sure, but the discussion on the 1853-O Liberty Head Eagle may not be over.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5249, Realized $51,600; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1853-O Liberty Head Eagle, MS-61 PCGS POP 4/1. CAC Approved Certification #43952209, PCGS #8612 PCGS Price Guide $51,600 / Realized $35,000 in Auction Ex: Fairmont Collection (Hendricks Set)
@Currin said:
I will end the posting by sharing another twist. There is a PCGS MS62 coin that I have not mentioned to this point. In a Heritage August 2018 sale, there is no PGGS MS62 Specimen certified at the time. In the Stacks-Bowers 4/2022 of the Fairmont Collection, the PCGS MS62 (Cert #41789152) is reference as finest. As far as I can tell, this coin has not been offered in public sale. Could this be another high-grade Fairmont coin that will be placed in the market at some point? Or just an MS61 upgrade. I am not sure, but the discussion on the 1853-O Liberty Head Eagle may not be over.
In April, 2021, Heritage sold an PCGS AU58 and stated that PCGS had graded 26 in AU58/58+, with 4 finer.
In April, 2022, PCGS has graded 24 in AU58/58+ (-2), with 7 finer (+3), implying that two AU58/58+ coins have upgraded to MS in the last year. Thus, the Fairmont-Hendricks coin would represent the third coin added to the MS ranks ... right? Could an AU58+ have upgraded all the way to MS62?
@Currin said:
I will end the posting by sharing another twist. There is a PCGS MS62 coin that I have not mentioned to this point. In a Heritage August 2018 sale, there is no PGGS MS62 Specimen certified at the time. In the Stacks-Bowers 4/2022 of the Fairmont Collection, the PCGS MS62 (Cert #41789152) is reference as finest. As far as I can tell, this coin has not been offered in public sale. Could this be another high-grade Fairmont coin that will be placed in the market at some point? Or just an MS61 upgrade. I am not sure, but the discussion on the 1853-O Liberty Head Eagle may not be over.
In April, 2021, Heritage sold an PCGS AU58 and stated that PCGS had graded 26 in AU58/58+, with 4 finer.
In April, 2022, PCGS has graded 24 in AU58/58+ (-2), with 7 finer (+3), implying that two AU58/58+ coins have upgraded to MS in the last year. Thus, the Fairmont-Hendricks coin would represent the third coin added to the MS ranks ... right? Could an AU58+ have upgraded all the way to MS62?
Yes,
I agree, it does seem logically from your work indicates two upgrades and only one new entry. There is an image of the PCGS MS62 (Cert #41789152) in CoinFacts. Maybe Ron or someone can let us know if it can be traced to one of the AU58s. It is interesting that the coin leaped the Tyrant coin, if indeed the AU58 jumped to MS62. Who knows, the Tyrant coin could be under graded at this point in time.
Stack's Bowers Galleries Sets Hundreds of Records in $13.6 Million Hendricks Set Auction - Stack's Bowers Galleries (April 28, 2022)
The incredible Hendricks Set of United States Gold Coins from the Fairmont Collection sold for over $13.6 million in the Stack's Bowers Galleries Spring 2022 Showcase Auction, more than doubling the overall pre-sale estimate. Presented across 506 lots, the coins in the Hendricks Set realized an average value of nearly $30,000, with 17 lots achieving six-figure prices. More than 350 lots, over 70% of the collection, set new auction records for the grade or overall issue. All of the coins were certified by PCGS and 349 coins, almost 69%, were approved by CAC. Sold by Stack's Bowers Galleries on Thursday, April 7, it was the most highly anticipated cabinet of Liberty Head gold coins to be offered in recent years. These outstanding results contributed to nearly $37 million in total prices realized for the Stack's Bowers Galleries sale—a 60% increase above the pre-sale estimate.
The Hendricks Set featured a nearly complete collection of $5, $10, and $20 Liberty Head gold coins with additional selections from the Classic Head, Indian Head, and Saint-Gaudens series. As with prior offerings from the Fairmont Collection, the Hendricks Set coins are distinguished by incredible originality and eye appeal, and they had been ranked among the top PCGS Registry Sets in their respective categories. This offering was highlighted by an incredible 1870-CC double eagle that sold for $840,00, more than twice the existing record. Additionally, an 1875 half eagle also doubled the prior record at $480,000, while an 1864-S half eagle realized nearly 50% above the prior record at $264,000. The top ten results from the Hendricks Set from the Fairmont Collection include:
1870-CC Liberty Head Double Eagle. EF-45 (PCGS). CAC. Realized $810,000. Over 2x the Prior All-Time Record.
1875 Liberty Head Half Eagle. AU-53 (PCGS). CAC. Realized $480,000. Over 2x the Prior All-Time Record.
1864-S Liberty Head Half Eagle. AU-58 (PCGS). CAC. Realized $264,000. Nearly 50% Over Prior All-Time Record.
1885-CC Liberty Head Double Eagle. MS-63 (PCGS). CAC. Realized $264,000 Nearly 3x the Prior All-Time Record.
1867-S Liberty Head Double Eagle. MS-64 (PCGS). CAC. Realized $168,000 7x the Prior All-Time Record.
1882-CC Liberty Head Double Eagle. MS-63 (PCGS). CAC. Realized $156,000 Tied for All-Time Record.
1859-S Liberty Head Half Eagle. MS-63 (PCGS). CAC. Realized $144,000 Over 4x Prior All-Time Record.
1871-CC Liberty Head Double Eagle. AU-55 (PCGS). CAC. Realized $132,000. Over 2x Prior Grade Record.
1886 Liberty Head Double Eagle. AU-55 (PCGS). Realized $132,000. New All-Time Record.
1866-S Liberty Head Double Eagle. No Motto. AU-58 (PCGS). CAC. Realized $120,000
The D.L. Hansen Collection acquired two of the top ten coins from the $13.6 million sale. In the news release, it stated the “average value of nearly $30,000” per coin. The average value realized for the 16 known coins acquired by the Hansen Team was $60,787. In this last updated, we will see the only Double Eagle that was acquired by the Hansen Collection. As can be seen above, seven of the top ten coins were Double Eagles. If you analyzed the results of the top ten coins, a couple things stand out. Most all the top coins realized results that exceed previous record. The Double Eagle purchased by Hansen realized seven times the previous auction record! This 1867-S Liberty Head Double Eagle MS-64 (PCGS) CAC specimen is a perfect upgrade to already one of the finest PCGS Liberty Head Double Eagle Collection ever assembled.
If you followed this thread from the start, you know I have wrote that the Hansen Collection of Liberty Head Double Eagles was formed from the AWA Collection. In fact, I have posted no less than 17 times referencing the AWA Collection. Back in early 2021, I rerferenced a Hansen quote from Rare Coin Market Report (November-December 2019): “After I finished my Saint-Gaudens collection, I decided to expand into $20 Liberty pieces,” he says. “One of my larger purchases was the AWA Collection of $20 Liberty gold coins which was put together over a lifetime of collecting. Once that transaction was completed, I looked to see what else could I do.” After that, he set his sights on the one collector whose name has loomed large in numismatics for generations. “At that point, I kind of got a bug to pursue the PCGS Registry’s idea of the Eliasberg collection. But, instead of stopping at 1964 and simply competing with him, why not expand on it another 55 years and do something no one else has done?” Hansen wanted to push the envelope. “In my career, I enjoy doing things that no one else has considered doing and what some consider ‘impossible’.
We know the pursuit of the PCGS Registry’s idea of the Eliasberg Collection has been modified a little, but the quality of the Hansen’s Liberty Head Double Eagles have been improved with several years of upgrades. The 149-piece D.L. Hansen $20 Gold. (1850-1907) is only missing one required coin, 1861 “Paquet”. With only two known, this coin may become one of Hansen’s few misses. The set has 86 specimens (57.7%) that is PCGS finest known or tied for finest. Of the 86, there are 33 specimens of the 149 (22.15%) that are PCGS sole finest certified. I am not sure if all the coins has be reviewed for approval, but currently, 41 specimens (27.5%) are CAC. There are eight coins (5.3%) outside of the PCGS Condition Census Top Five population. The highest PCGS POP coin is the 1889-S MS64 CAC, POP 100/25. Believe it or not, the second worst Liberty Head Double Eagle is a PCGS MS66 grade. As a result of the discovery of thousands of choice to gem examples from the S.S. Central America treasure, the 1857-S has become the single most available Type One double eagle., per CoinFacts. At some point, this coin should be upgraded to a MS67 or better. It is without doubt, the Hansen Collection of Liberty Head Doubles Eagles will never be topped unless this collection is placed on the market.
The series of eight post covering the purchases from the Fairmont Collection-Hendricks Set has been fun. All the coins have a story to tell and I could have posted on all of them. I limited the selection to a combination of my favorite, Mr. Winter’s favorite, the finest, the most expensive and the best story. I hope you enjoyed the series. If so, give a like to this posting. The tables, above sum up the 16 coins purchased. The 500+ coins realized $13.6 million. The coins that D.L. Hansen acquired was just short of $1,000,000, realizing $972,600. Mr. Hansen acquired only 3.1% of the coins, but in price, he contributed 7.2% of the valued realized. Let’s now deep dive in the only Double Eagle upgrade purchased.
1867-S Liberty Head Double Eagle, MS64, CAC Ex: The Fairmont Collection-Hendricks Set
Prior to this PCGS MS64 specimen from Fairmont discovery, the best coin was a PCGS MS62+ and NGC MS63. David Akers wrote many years ago: The 1867-S is very scarce in all grades. In this regard, it is very similar to the 1866-S Motto. It is also very similar to the 1854-S, 1860-S, 1861-S, 1862-S, 1864-S and 1868-S but it is more rare than any of them in full mint state. I have personally seen only one average quality unc and just a few AU's. Now, the certifying companies have more than the one coin that Mr. Akers wrote about, but none in choice unc by PCGS before now. The NGC POP report has one MS63 but never appeared in public auction. Stack’s listed an uncertified MS63 in their 2009 Eldorado Sale and described it as “burnished”. In a 2021 Stack's Bowers sale, a PCGS MS62 sold that was described as “PCGS Population: 5; with a single MS-62+ finer”. The PCGS MS62+ has never sold in a public sale. In the Fairmont Collection-Hendricks sale, Stacks Bower described the coin as : Unique Near-Gem 1867-S Double Eagle, Finest Known.
This is another coin that can be found in the article Doug Winter’s published titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale. If you read all the postings, you would concur that the D.L. Hansen Team collected several of Mr. Winter’s favorite coins. We do not know how many Mr. Winter’s purchased for his clients and inventory, but rest sure it was several. I guessing Mr. Hansen Team and Doug Winter went head-to-had on a few coins. Mr. Winter summed it up by saying about Double Eagles: Surprisingly, there are many good values to be had in the Liberty Head double eagle series. As I discussed above, the CC market is now majorly overpriced, but high-end Philadelphia and San Francisco issues in all three types remain undervalued. As an example, I bought the second finest known 1859 $20 (PCGS/CAC MS62) in the recent SB sale for $72,000. Had DL Hansen not already owned the best (also graded PCGS/CAC MS62) and we went head-to-head, the coin would likely have sold for $125,000-150,000.
He completed his commentary of the 1867-S by writing: What a coin. I’ve called these “Unicorns” in the past; coins which exist but which have no reason to. The 1867-S is common in circulated grades and marginally scarce in the lowest MS grades. I’ve never seen a really nice one and certainly not one with sparkling luster and natural brightness. This 1867-S was easily the finest known and I’ve never seen a Type Two S-mint $20 from this era with anywhere near the eye appeal this coin had. I chased the coin up to $110,000 but dropped out and it finally sold for $168,000. It’s a ton of money for an 1867-S $20, but I wouldn’t be shocked if the coin grades MS65 someday. Like I said, what a coin…!
Let me close by sharing what Stack’s Bowers wrote for Highest Graded CAC-Approved 1867-S Double Eagle: Whether repatriated in modern times or in earlier decades, most Mint State 1867-S double eagles have one thing in common -- they are extensively marked and confined to the lowest Uncirculated grades such as MS-60 or MS-61. A highlight of the present sale, this exquisite near-Gem is the finest example known to PCGS and NGC, and is undoubtedly also the finest known 1867-S double eagle. Sure to see spirited bidding, and likely to set a new price record for the issue.
The Stack’s Bower auctioneer offered this description of the coin: A phenomenal condition rarity fit for the finest double eagle cabinet. Dressed in softly frosted mint luster and richly original color, this premium Choice Mint State example is also remarkably smooth for the issue. It is a beautiful coin that will impress even the most discerning numismatists.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5407, Realized $168,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1867-S Liberty Head Double Eagle, MS-64 PCGS POP 1/0. CAC Approved Certification #44882771, PCGS #8952 PCGS Price Guide $175,000 / Realized $168,000 in Auction Ex: Fairmont Collection (Hendricks Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 1
Simply amazing - really can't find any words to express how gorgeous and beautiful this set is. - EastonCollection, PCGS Registry (7/15/2018)
In seeing today’s updated for the D.L. Hansen Collection of Early Half dollars, I instantly knew the source of the coins. I have viewed and studied these coins for many years. They are true masterpieces and I know the love that Dr. Link have for them. I am sure that it was a bitter / sweet experience for him to depart with these simply amazing coins. I think most of you know Dr. Link (Chuck) but let me share some public information in case you do not. He is a 2014 PCGS Hall of Fame recipient for his set, Capped Bust Half Dollars by Overton All Varieties and Die States (1807-1836). At the time, PCGS wrote: This set receives our highest honor this year with its induction into the PCGS Set Registry Hall of Fame. With a daunting 610 coins needed for completion this set this set achieves an incredible 97.05% completeness with an amazing grade average of 58.95! The set includes both die states of the very rare 1817/4 including the finest known example. The commitment needed to assemble a set of this magnitude is very impressive and serves as an example of one of the most difficult challenges in U.S. Coin collections. Chuck is a true CBH nut! His passion and commitment are amazing. As great as his collection is he isn't done yet and has more surprises in store for us!
This amazing and gigantic set has been removed from the registry and cannot be viewed. The coins that were purchase today by DLH is only 16 pieces from the Flowing Hair and Draped Bust portion of the set. Mr. Link is a true numismatic connoisseur when it comes to early silver coinage. He authored about his set: This set contains a broad array of important rarities from the days of early America and has been assembled over a three decade period and counting. My set goals have always gravitated towards completing entire sets, compared to some collectors content with high grade coins whom avoid some true rarities that can only be obtained in lower grade. Within this set the Flowing Hair Half Dollars Varieties of 1794 to 1795 have all been found in mint state and graded by PCGS. Although mint state examples of the subvarieties are scarce. The Draped Bust Half Dollars with Small Eagle reverses from 1796 to 1797 are one of the keys to an American Type Set. All 16 purchased coins came from the Flowing Hair and Draped Bust Half Dollars with Major Varieties Set (1794-1807). To highlight the Link 22-piece set at the time of the sale, the set consist of:
Six POP 1/0 Finest PCGS Certified (27%)
One POP 2/0 Tied for PCGS Finest Certified (5%)
Seven POP X/1 with on one PCGS Certified Finer (32%)
Seven Other PCGS Condition Census Top 5 or Tied (32%)
Only One outside the Top 5 POP 3/5 (5%)
I have not found a press release for this sale, so I am not sure if the purchase was the entire 22-piece set or just the 16 coins that was updated in the Registry. It is very possible that David Lawrence Rare Coins brokered the deal, and the six remaining coins will be liquated by them. Also, I would not at be surprised if Dr. Link decided to keep them in his collection. I would be confident to think that John Brush brokered the deal, but he made no mention in his weekly blog today. I hope we see him comment on the purchase. Using the PCGS price guide, this deal is valued just short of $3.5 Million Dollars. Considering these amazing Dr. Link halves, I would expect that he realized a premium over the current PCGS Price Guide Value. I know John and Chuck visits this site from time to time, maybe they will treat us to an exclusive comment or two.
What better way to start the first posting in this series of updates than with a 1796 Half Dollar. David Hall makes a case that The 1796-1797 Draped Bust, small eagle half dollar is considered to be the rarest United States silver type coin. It is an expensive coin even in the lowest grades. For the 1796, there are two varieties, 15 stars on the obverse and 16 stars on the obverse. The PCGS graded MS66 16 stars is the finest known (by a considerable margin) of either variety of 1796 dated half dollars. This is not the Pogue MS66 Finest known specimen that today is valued at $1.275 Million Dollars.
Dr. Link over this past four decades have wrote extensively on his coins. According to his comments, this coin has been off the market for about seven years. I think there is no person better to describe this coin than Dr. Link. He writes in the registry: Second finest known at PCGS. Per cataloger, "1796 16 Stars Half Dollar, O-102, Boldly Struck MS64. A Choice Type Coin. 16 Stars, O-102, High R.5, MS64 PCGS. Amato-201. Whispers of soft tan patina visit the central areas of this lustrous, silver-gray near-Gem, being somewhat more extensive and deeper in hue on the reverse. Bold detail appears on the design elements, including the strands in Liberty's hair and drapery folds, the star centers, the eagle's wing, tail feathers, and claws, the veins in most of the laurel and palm leaves, and the bowknot. Many Mint State Draped Bust Small Eagle half dollars lack this level of design definition. The dentilation is bold throughout and the devices are perfectly centered on the planchet. Occasional contact marks are much fewer and far less severe than expected for the MS64 grade. Indeed, we might surmise that the adjustment marks (frequently seen on early silver and gold coins) in the central reverse may well preclude full Gem classification. Whatever the case, 1796-1797 halves in this level of preservation are infrequently seen and cause significant excitement when they appear at auction. Mint records do not indicate the number of 15-Star versus 16-Star examples that were minted. Our ongoing research on this series has documented, however, the existence of 77 examples of the former variety and 64 of the latter. From a statistical standpoint, it might therefore be assumed that fewer 1796 16-Star coins were produced than 1796 15-Star specimens. Heritage Commentary: The two-year design type Draped Bust Small Eagle half dollar is a "must-have" coin in order to complete an advanced type set of U.S. coinage. Only 3,918 examples of the type were struck in 1796 and 1797, making it by far the most elusive single U.S. silver type coin. This high-Mint State example of the 1796 O-102 will be a significant hallmark of any advanced type set or denomination collection.
There is more that could be said about this coin, but I think Mr. Link has said it the best. I started this series with a half million dollar coin, but that is not at all indicating the others are inferior. In fact, the 1796 15 STARS, Half Dollar that you will see in the coming days is just as impressive. This is just the start, and if you follow along with the series, you too will be amazed!
Provenance: Dr. C.A. Allenburger Collection (B. Max Mehl's Royal Sale, 3/1948), lot 386; Reed Hawn Collection (Stack's, 8/1973), lot 7; Bowers and Merena (8/1998), lot 181; Superior (8/2002), lot 943; Haig Koshkarian Collection (American Numismatic Rarities, 3/2004), lot 575; Robert Michael Prescott Collection (American Numismatic Rarities, 1/2006), lot 527; Goldberg Auctions (5/2006), lot 2908; Goldberg Auctions (2/2009), lot 927; Goldberg Auctions (1/2011), lot 1413; The Eugene Gardner Collection / Heritage Auction #1228 (May 12, 2015), Lot 98349; Dr. Charles Link’s Early Half Dollars (Sold 6/2022 in Private Transaction via David Lawrence Rare Coins) D.L. Hansen Collection.
1796, 16 STARS Half Dollar, MS64 PCGS POP 1/1, Overton-102 Certification #06135942, PCGS #6058 PCGS Price Guide $625,000 / Private Transaction Ex: Hawn / Gardner (Dr. Charles Link Registry Set)
Curtsey of Ira & Larry Goldberg Coins & Collectibles, Auction #36, 2006
The collectors of these 1794-1807 coins are important, but a long write up should at least deserve a mention of the artist that engraved the Flowing Hair and Draped Bust design, Chief Engraver Robert Scot.
Robert Scot: Engraving Liberty - biography of US Mint's first chief engraver
It was a pleasure to deal with Dell Loy and John Brush directly on finding a new home for my set. It was a very facile negotiation, that took about three rounds of give and take to accomplish. Although one of a my most prized sets, I was unable to đo significant further upgrades. Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL).
Importantly! The deal included a trade for Dell Loy's 1838 proof half dollar which completed my set of Proof Capped Lettered Edge and Reeded Edge Half Dollars. The set includes among many cool coins the Pogue 1822, the unique 1837 and the Eliasberg 1838-O amongst the group. I'm not aware that has been done before, so I was excited and motivated that Dell Loy helped me to complete the set. I think the fact that he traded this very rare proof that really topped off my set, shows how he appreciates his fellow collectors. Of note, Pittman, Eliasberg, Norweb, Pogue did not complete even 50% of this challeging set. I'm actually in the process of working with PCGS to correct the proof set listings because some do not exist as proof including the 1817, 1819, 1828, 1839 and probably the 1824. So although the percent completion on PCGS registry looks incomplete, I believe it may be complete. I might start a thread at some point and go through the coins if people are interested.
So again thanks to Dell Loy and John Brush again. I'm happy to be a small part contributing to his monumental undertaking. Although I am a bit forlorn to fall to number 2 all time.
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 2
Surprisingly low grade coins from a world class Collector. - Jim O'Neal (8/25/2020)
The purchase of the Dr. Charles Link Early Half Dollars has change the complexion of The D.L. Hansen Collection of Half Dollars forever. This comment by dominate registry member about a PCGS Hall of Fame Inductee really strikes at quality of the previously DLH Early Half Dollar sets compared to the other sets in the collection. As you will see over the next few days, Mr. O'Neal continues his current supremacy for the Early Basic Set, but the Link/Hansen set has a broader existence for the larger set with variants. We will explore this in more detail as our study develops.
We will start our discussion of Early Half Dollars with the origin. The first half dollar produced was the Flowing Hair Half Dollar. The coin was produced for two years, therefore the base set consist of a pair of coins. The PCGS registry provides a 10-piece set for the pair of Flowing Hair Half Dollars and the eight Draped Bust Half Dollars. Today, we will focus on the Flowing Hair pair. Mr. Q. David Bowers (edited and updated by Mike Sherman) comments in CoinFacts: Half dollars of 1794-1795 bear the same design as contemporary half dimes and silver dollars. The obverse features a small head of Miss Liberty facing right, with flowing hair behind, LIBERTY above, and the date below. Eight stars are to the left and seven to the right. The reverse illustrates an open wreath enclosing a “small” eagle, with UNITED STATES OF AMERICA surrounding. The borders of this and other half dollars (until 1916) have denticles. The edge features the lettering “FIFTY CENTS OR HALF A DOLLAR." For Type Set Collectors, the 1795 date is used more than the other.
The coin was designed by Robert Scot and reported 23,464 with the first year date of 1794. CoinFacts’ rarity and survival estimates is 1200, with only five in mint state condition. Only two specimens have been certified as Choice GEM and no GEMs. One choice specimen is just short of the GEM mark at MS64+. Ron Guth explained: The mintage reported for this inaugural year was only 23,464 pieces, which was less than a tenth of the following year. Because this was a high-denomination coin, few "man-on-the-street" types ever saw this coin, assuming they even knew it existed. Thus, very few ended being preserved for future generations. Of the five Mint State 1794 Half Dollars, the star is the PCGS MS64 (now MS64+) from the D. Brent Pogue Collection that sold for $763,750 in 2015 ($870,000 in 2021). The next best example appears to be the Reed Hawn coin that last sold as part of the Queller Family Collection in 2002 for $195,500. That coin was called Choice Brilliant Uncirculated in 2002 and has not reappeared at auction since then. There is a reference of another choice GEM from Jan-1999 Bowers & Merena, Rarities Auction, graded as MS63 PCGS. Is this the coin in the PCGS POP report? The POP report have two coins finer than the Link/Hansen MS61, rounding out the five mint states is a pair of MS61s including one that is the Link/Hansen Specimen.
The Link/Hansen pair has only six coins in the PCGS POP report grading higher. Two which dated 1794 are the MS64+ and MS63 stated previous, plus four dated 1795. The second coin in the pair had a mintage of 299,680! CoinFacts’ rarity and survival estimates is 3500, with only 35 in mint state condition, with three GEMs. There are two well-known GEMs, but I am unable to confirm the third. Mr. Bowers continues by stating: Pieces dated 1795 are by far the most often encountered of this type being some ten times more plentiful than the 1794s. Examples of both years are apt to be seen in lower grades, from About Good to Fine. Very Fine and Extremely Fine coins are scarce, while AU coins are rare. Uncirculated pieces are seldom met with. Areas of light striking characterize most pieces as do parallel mint-caused adjustment marks made during the planchet preparation process. As is true of other early issues, these were “workhorse” coins intended for use in the channels of commerce. Few, if any pieces were set aside for collectors at the time of issue.
The Pogue/Simpson Pair for the 1795 issue is Finest Known PCGS MS65+. This coin would serve as the finest specimen in a US Type set. The PCGS All-Time Finest Registry Set (Oliver Jung Collection) contained MS63+, POP 3/10. The finest coin could be in the High Desert or Black Cat Type Sets, being both sets are closed. It is impossible to confirm, but I don’t think so. It does not appear to be a registry coin.
The Pogue/Simpson pair of 1794 Half Dollars are the finest of all-times. The pair is split now. As just mentioned, the 1795 Finest Known PCGS MS65+ Specimen where about is not known. The 1794 Finest Known PCGS MS64+ Specimen currently resides in the Jim O’Neal Half Dollar Set (1794-1807). The set has won registry awards as best in Best Classic Sets, 2018, 2020, and 2021. They will soon be adding 2022. The Link/Hansen pair is MS61 & MS64 for 1794 and 1795, respectively. The 1795 Link/Hansen Specimen is variety O-113A, “A over E in STATES”, MS64. We will discuss the details of the Major Varieties Sets in detail next time.
1795 O-113A, “A over E in STATES”, MS64, Ex: Eliasberg Collection
As shown in above table, the coin is POP 5/4 for a basic coin in the pair, but is certified as PCGS finest POP 1/0 for variety. The replaces PCGS AU55, POP 2/2 Specimen. There are only two PCGS certified mint state specimens for this coin. The other is a PCGS MS62 that sold in May 2022 Legend’s Regency Auction 52. That coin was from the Dale Friend Collection and realized $67,562.50. The Legend description mentioned the Link/Hansen Specimen: Only a single example is known finer, the Eliasberg-Link coin that has been off the market since 2009, graded PCGS MS64. PCGS lists a value of $82,500 for this important Condition Census example and it would not surprise us at all if in today's market, this coin brought more. PCGS values the coin at $235,000.
Ron Guth wrote: The 1795 Overton-113a is one of the more interesting varieties among early Half Dollars. In this case, the die sinker misspelled the word STATES by punching an E in place of the A, resulting in STETES. After realizing the error, the die-sinker simply punched an A over the E, but made no effort to efface the mistake. The overpunching can be seen even on low-grade examples. At least two Mint State examples are known of the 1795 O-113a. The finest is a PCGS MS64, formerly from the Eliasberg Collection and now in the Dr. Charles Link Collection. The second best is an NGC MS64 from the Richard Jewell Collection (last sold in 2012). This is a semi-scarce variety that commands a premium because of the popularity of the misspelling.
Mr. Link provide only a brief description for the coin, by writing: Finest Known. Lovely satin finish with strong cartwheel luster of silvery and shimmering surfaces. Private treaty with Legend Numismatics on August 11, 2015. When the coin was offered in a Feb-2008 Heritage Sale, the coin was described (includes a description from Eliasberg catalog) as: This is the Eliasberg specimen, considered the finest known 1795 O-113 half dollar, of either the early or late die state. Only two or three Mint State examples of the variety are known. Faint champagne toning over brilliant and frosty silver surfaces. Peripheral obverse and reverse rim disturbances are from the edge lettering process and are strictly as made. Considerable central obverse and reverse weakness is evident, with stronger peripheral details. In the Eliasberg catalog, this writer wrote: "Brilliant and highly lustrous with just a whisper of delicate golden toning. An extremely pleasing coin from a visual aspect. This coin could not have appeared much different during the era in which it was struck!" Today, more than a decade after the Eliasberg catalog was written, the coin remains virtually unchanged, and still looks little different from its appearance over 200 years ago.
Provenance: Louis E. Eliasberg, Sr. Collection, (Bowers & Merena 4/1997) Lot 1668, realized $68,750; Southwest Collection, (Heritage 2/2008) Lot 526, realized $126,500; Joseph C. Thomas Collection, (Heritage 4/2009) Lot 2386, realized $86,250; Dr. Charles Link acquired in private treaty with Legend Numismatics on August 11, 2015; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1795 O-113A, “A over E in STATES”, Half Dollar, MS64 PCGS POP 1/0, Finest Known for O-113A Certification #29607647, PCGS #39254 PCGS Price Guide $235,000 / Private Transaction Ex: Eliasberg (Dr. Charles Link Registry Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties(1794-1807), Part 3
The Draped Bust Half Dollars with Small Eagle reverses from 1796 to 1797 are one of the keys to an American Type Set. Although available in AU and MS, the demand always exceeds supply. - Dr. Charles Link
Last posting, we discussed the 1794/1795 pair that represents the Flowing Hair Half Dollar type. This posting we will be exploring the Small Eagle reverses from 1796 to 1797. Likewise, to the 1794/1795, there is a pair for the 1796/1797 that makes a complete basic set. As stated in CoinFacts which reinforces Mr. Link’s statement: A numismatist is apt to find that this particular coin will be the stumbling block or the greatest challenge to finishing an exhibit of United States silver coin design types. Probably about 200 to 300 pieces exist in all grades. Many collectors will never obtain one of these or will settle for a very low grade. According to this type coin pricing chart below, expect to spend $25,000 for a very low-grade specimen.
After producing the Flowing Hair Half Dollar for two years, the Draped Bust was introduced in 1796. Likewise, the coin was produced for two years, therefore the base set consist of a pair of coins. The PCGS registry provides a 10-piece set for the pair of Flowing Hair Half Dollars and the eight Draped Bust Half Dollars with the Small Eagle type representing the first two years. Mr. Q. David Bowers (edited and updated by Mike Sherman) comments in CoinFacts: This design is similar to that of the other silver denominations of the 1796-97 years. The obverse depicts Miss Liberty facing right, with flowing hair and a ribbon behind her head, her plunging neckline covered with drapery. LIBERTY is above, and the date is below. Varieties of 1796 exist with either 15 or 16 obverse stars, while those of 1797 all have 15 stars. The reverse illustrates an open wreath enclosing a small eagle, with UNITED STATES OF AMERICA and the fraction ½ surrounding. As shown in this table, there is no ideal type coin for the Draped Bust - Type 1, Small Eagle.
It is a large accomplishment to obtain one example of Draped Bust Half Dollars with Small Eagle reverses. This basic set requires one from each date. The coin was designed by Robert Scot and John Eckstein and reported only 934 produced in the first year with date of 1794. Per info provided by Numismatic Guaranty Corporation (NGC): While some might disagree with the critics of the Flowing Hair design (many collectors today, in fact, consider it quite appealing), there can be no quarrel with the choice of an artist to fashion its replacement. Reportedly at the urging of President George Washington himself, Director DeSaussure turned to famed artist Gilbert Stuart, who is today better remembered for his portrait of Washington employed on our current one-dollar note. Stuart is said to have used as his model a Philadelphia socialite widely considered to be the most beautiful woman of her day: Mrs. William Bingham (nee Ann Willing). Contemplating the Flowing Hair motif in 1795, Stuart is said to have remarked that Liberty had “run mad,” adding: “We will bind it up and thus render her a steady matron.” Gilbert Stuart’s drawing was transferred to plaster by a Providence, Rhode Island artist named John Eckstein, and Mint Chief Engraver Robert Scot then executed the coinage dies. Stuart, disappointed with Scot’s interpretation, disavowed the work entirely, and it was not generations later that his connection to it was rediscovered. CoinFacts’ rarity and survival estimates less than 100 are known for the 15-star variety and less than 60 to 65 known for the 16 star. We will dive a little deeper in this variety in a future posting. The finest known example for the base set is the 1796, O-102 16 Stars, PCGS MS66 Specimen. The coin is the Ex: Curtis / Pogue and can current be found in the Jim O'Neal Half Dollar set.
The Link/Hansen pair has only three coins in the PCGS POP report grading higher in the basic classification. The 1796 date is the Brand / Pogue / O/Neal Specimen mention above. The other two are 1797 dated. The first is a MS65+, Ex: Norweb / Morelan/ Jung Specimen that also can be currently found in the Jim O'Neal Half Dollar set. The finest is the Ex: Brand / Pogue MS66 and current collection is not public.
The 1797 coin had a mintage of 2,984, which three times more than the first production year for the type. This is still a very low mintage. CoinFacts’ rarity and survival estimates is about 150 known. Mr. Bowers continues by stating: Of all the silver design types, the half dollar of 1796-97 is the rarest and most desired, eclipsing even the elusive 1796 quarter. The reason is not hard to determine, as the original mintage for both years was a miniscule 3,918 pieces, of which likely only about 5% of that number remain. This type is the limiting coin for a complete Copper/Silver U.S. type set. Examples in any grade are few and far between, and even an About Good or Good specimen when it appears at auction, is sufficient to generate a degree of excitement. Most known pieces are in lower grades, About Good to Very Good. Nice Fine to XF pieces is subjects of intense collector interest and spirited bidding, often into the six-figure range. Coins above Extremely Fine are very rare, and major numismatic prizes. Some 1796 half dollars exist with prooflike surfaces. In higher condition levels, while both dates are rare, 1797 is even more so than 1796.
Byron Reed Specimen from The Dr. Charles Link Collection is a very solid Condition Census Coin. As previously mentioned, the finest MS66 Ex: Brand / Pogue and MS65+, Ex: Norweb / Morelan/ Jung Specimen are at the top of the PCGS POP report, and the Reed / Link specimen is third and is currently in the D.L. Hansen Collection. The coin has a PCGS POP 1/2. The MS64 replaces Hansen’s AU53, CAC, Cert #34401236. The DLH Collection has two other 1797 Half Dollars, PCGS certified XF40 and F15. PCGS values the MS64 specimen at $600,000.
David Hall wrote: Of the 2984 1797 half dollars minted, probably less than 200 survive today in all grades. There are two specimens that are truly superb examples, one graded MS66 by PCGS and another with an estimated grade in the MS65/66 range. This specimen is short of the GEM grade slightly and does not make mention by David Hall.
Mr. Link provide a detail background on the coin by writing: O-101a R5+. CAC. Reed. Third Finest Known 1797. Per Heritage Cataloger, "Gorgeous MS64. Well-Struck, Remarkably Clean Surfaces. From the Byron Reed Collection. 1797 50C O-101a, High R.4, MS64 PCGS Secure. CAC. Amato-401. The Byron Reed Pedigree. The near-Gem PCGS Secure, CAC 1797 O-101a example being offered in this sale is from the Byron Reed Collection. The last auction appearance of this piece occurred in the October 8 and 9, 1996 sale conducted in New York by Spink America/Christie's, in which a portion of Reed's American coins and manuscripts were "Sold by the City of Omaha to Benefit the Western Heritage Museum."
Mr. Link provide the following information as derived from the Spink America/Christie's catalog: Both sides of this gorgeous near-Gem example display mirrorlike fields and lightly frosted motifs, each of which possesses shades of soft sky-blue, rose, violet, and gold-orange patination. Only Uncirculated examples display the network of reverse die cracks that occur on this die state; many, if not most of these cracks are worn off on circulated coins, even on XF and AU specimens. On the current Mint State piece, close inspection reveals the presence of the crack through the top of ES in STATES that extends into the field. This is significant because this crack is the very first to appear on the initial reverse die used to coin Draped Bust Small Eagle half dollars, and its appearance occurred when the present reverse was paired with the 1796 15 Stars obverse, not later as suggested by previous numismatic researchers. The second crack to develop on this reverse also shows clearly. It travels from the rim through the right side of O in OF through the palm wreath to the eagle's wing. It also first developed when this reverse was paired with the 1796 15 Stars obverse, not with the 1796 16 Stars obverse per Overton or the 1797 O-101 obverse per Beistle. Some other cracks are not present, suggesting that the reverse of this particular coin has not yet reached its terminal stage. This is further evidenced by the lack of the crack through the bottom of ST in STATES that will eventually intersect the crack from the rim at 9:30, indicating the terminal die state.
The coin most recently was offered in Heritage April 2015 - CSNS US Coins Signature Auction in Chicago. The description in the sale contained an interesting and detail bio of Byron Reed. I was not aware he was the “Tyrant” of Omaha. At his death, Reed's collection was considered "one of the five or six best in America." The coin realized $493,500.00 in the 2015 Heritage sale.
Provenance: Byron Reed Collection / Western Heritage Museum (Spink America & Christie's 10/1996) Lot 25, realized $176,000; CSNS US Coins Signature Auction (Heritage 4/2015), Lot 5071, realized $493,500; Dr. Charles Lin obtained by private treaty with Kagins on January 21, 2016.; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
A great exercise would be to map the coins to the pedigrees and then to be able to see how many coins came from each collection, e.g. Eliasberg-Hansen, Gardner-Hansen, etc.
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 4
The start of the 19th Century also marked a new beginning for the United States half dollar. After a three-year hiatus, this large silver coin returned in 1801 with a new design: the Draped Bust/Heraldic Eagle type - Numismatic Guaranty Corporation
This posting will be focus on the third type of Half Dollars produced in the early years of the US Mint.The United States Mint wasn’t yet ten years old at the time, but this was already the third different design to appear on the fifty-cent piece, the two earlier series having lasted just two years apiece. Clearly, federal officials were casting about for just the right combination of symbolism and artistry to showcase on the young nation’s coinage. When the series resumed after the turn of the century, the naturalistic bird had given way to a larger, more formal eagle with a shield superimposed upon its breast: the now-familiar heraldic eagle design. This new series, too, was destined to be short-lived, lasting just six years. But, during that time, the Mint’s total output greatly exceeded the levels of previous years and, for the first time, the half dollar came to enjoy widespread use.- NGC
Previously, we discussed the 1794 to 1795 coins that represents the Flowing Hair Half Dollar type and then we saw the second design, 1796 to 1797 that produced the Draped Bust Half Dollars with Small Eagle reverses. This posting will be pertaining to the Draped Bust, Heraldic Eagle (1801-1807). The basic set requires examples for years: 1801 – 1807, but no 1804 dates were produced so only six coins are required. Mr. Q. David Bowers (edited and updated by Mike Sherman) explains in his comments in CoinFacts: There are no rare dates within the 1801 to 1807 span, although the 1801 and 1802 are the toughest, and some varieties are elusive. Nearly all specimens encountered display weakness of striking in one area or another, with the quality of strike becoming worse and worse as the years advanced. Nearly all halves dated 1806 and 1807 show weakness. Specimens are typically found in grades from Very Good to Very Fine, although Extremely Fine pieces can be found with some frequency. AU pieces are scarce, and strictly Uncirculated coins are rare. Even an Uncirculated specimen of 1807, for example, is apt to be very weakly defined in such areas as the rims, the obverse and reverse stars, and parts of the eagle.
In the Link purchase, the D.L. Hansen Collection upgraded four of the six specimens. It is obvious the 1806 was not replaced, but I am not sure why the sixth and final coin, the 1807 half dollar was not. The Link set had a “Solitary Gem” 1807 Large Stars Half, Mint State-66 (PCGS) that last appeared in the Sep-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part II. The coin has a current PCGS price guide value of $265,000. I think the PCGS price guide would be a little low for this coin, and not sure why this coin was not in the negotiations. The PCGS registry has an error, and the Hansen coin that show as DLH 1807 MS65 Specimen is incorrect. The coin listed in the set is an 1807 Capped Bust MS65+. The best 1807 Draped Bust coin that Mr. Hansen has is a PCGS MS63, with Overall POP 17/29. I will explore this deeper in a future post. Let’s start today with the first coin in this set, the 1801.
The first year back in production did not produce any major varieties. Even looking at the Die Variety and Die State Set by Overton, there is only two entries for 1801. The coin had a mintage of 30,289 with the CoinFact’s survival estimate. Surprising, currently PCGS has only three specimens certified as mint state with one as MS60. This coin is likely from The Queller Family Collection or The Jimmy Hayes Collection. The next (second finest) coin is the Link/Hansen MS62 Specimen. The finest PCGS 1801 specimen is Pogue MS63 that sold in the May-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part I. The coin realized $129,250. The finest specimen may not currently be in a PCGS holder. The Col. E.H.R. Green / Newman coin graded MS-64 is certified by NGC. Once a mint state, the Stickney-Eliasberg coin is currently graded PCGS AU-58, but was a NGC MS-62 back in the day. As you can see for a coin with over 30,000 produced, the mint state preservation is very low.
With this coin, Mr. Link did not elaborate in his writing. He only stated: O.101 R3. CAC. Ex: Gardner. Obtained by private treaty with Carter Numismatics on January 8, 2015. The coin was auctioned as a MS62 NGC few months before the private purchase by Mr. Link. I wonder if the coin was successfully crossed to a PCGS MS62 prior to Mr. Link purchase. Being he is a PCGS Registry Collector, that would make a lot of sense. The coin was headlined in the sale as: 1801 Draped Bust Half Dollar, O-101, MS62, First Year with Heraldic Eagle, Important Condition Rarity. Appearing is the Heritage’s Sale - The Eugene H. Gardner Collection II US Coins Signature Auction in New York #1214 on Oct 27, 2014, it realized $55,812.50. PCGS currently price the coin at $125,000. Heritage provided Population Data (7/14): NGC shows four 1801 half dollars in all Mint State grades without regard for variety: one MS64, one MS63, and two (including the present coin) MS62. The MS64 example is the O-102 Eric Newman specimen, leaving only one finer O-101 at NGC. PCGS has graded two Mint State 1801 half dollars without regard to die variety, the Jimmy Hayes MS63 coin and another MS60. You need to slow down to read this Heritage description. It can make you head hurt.
Heritage added a little more commentary: Half dollar coinage resumed in 1801 after a four-year hiatus since 1797. The reverse design had changed in the interim, from the old Small Eagle design to the Heraldic Eagle motif, making the 1801 an important first-year coin for type purposes. Only 30,289 half dollars were struck, and few were saved by contemporary collectors. As a result, the 1801 is a condition rarity in Mint State. This impressive MS62 example is high in the Condition Census for the variety. Only the MS63 PCGS Jimmy Hayes coin and another MS63 example at NGC are certified finer among O-101 examples. It may be years before a comparable specimen becomes available, so we expect spirited competition when this lot is called. They described the coins as: This remarkable MS62 1801 Draped Bust half is sharply detailed in most areas, save for a touch of flatness on some of the stars. The lightly marked surfaces retain much of their original mint luster under a blanket of iridescent gold, rose, and blue toning. A few clash marks are evident near the right (facing) wing. Eye appeal is quite strong.
Provenance: Douglas Noblet; Rarities Sale (Bowers and Merena, 1/1999), lot 6. The Eugene H. Gardner Collection II US Coins Signature Auction (Heritage 10/2014) Lot 98461, realized $55,812.50; Dr. Charles Link acquired in private treaty with Carter Numismatics on January 8, 2015; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1801 Draped Bust Half Dollars, MS62 PCGS POP 1/1, O-101, CAC Approved Certification #31398668, PCGS #6064 PCGS Price Guide $125,000 / Private Transaction Ex: Gardner (Dr. Charles Link Registry Set)
Thanks to Ron Guth for helping to get the image of the Link/Hansen 1802 MS62 correct...thanks
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 5
Though it consists of only ten coins, two are examples of America's rarest silver type coin! - PCGS Registry
Our discussion the past few days has been exploring these ten coins. Today, let’s pull it all together into the 10-piece registry set: Flowing Hair and Draped Bust Half Dollars Basic Set, Circulation Strikes (1794-1807). PCGS continues the description of the set with: The incredibly rare Draped Bust Small Eagle half of 1796-97 had a combined mintage of fewer than 4,000 pieces, of which perhaps just under 300 survive in all grades. The vast majority of these are well worn, making the acquisition of a Mint State piece difficult and quite costly to say the least. The 1794 is also quite rare in high grade, with only 3 graded by PCGS in Mint State. Both the 1801 and 1802 are also scarce, so tackling this set will be a challenge for even the advanced numismatist. Dr. Charles Link has spent the better part of four decades tackling his collection. Each of his ten coins were handpicked after extensive study. His set consist of only a few of the POP 1/0 and Top POP specimens that were the focus in the Brett Pogue Collection. Several of the Pogue coin are current seen in the Jim O’Neal Collection. In fact, only two of the coins in the set that Dr. Link assembled are tied for finest, the 1803 Small 3, MS64 CAC, POP 2/0 and the 1807 Large Stars MS66 CAC, POP 2/0. All the others are great and appealing condition census specimens. DLH did not purchase the 1807 coin.
According to the coins that has been updated in sets, D.L. Hansen acquired eight of the ten Flowing Hair and Draped Bust Half Dollars Basic Specimens from Dr. Link. Surprisingly, it does not appear that he acquired the Link 1807 Large Stars MS66 CAC, POP 2/0, the last coin needed. As mentioned in last post, I am not sure why, but I did promise a later discussion that will not be today. Let’s see the entire 10 coins updated in it’s entirely. .
The Brett Pogue set remains the All-Time finest set, a feat that may never be surpassed. Mr. Hansen talked about his goals for his set in the NNP interview. His goal is not to obtain the finest specimen for every coin. I do think he want a nice PCGS Condition Census coin for his core collection. By my analyze of his core collection, he is current around 80% PCGS Top Five. This 10-piece is not top set of all times, but 90% of the set have PCGS Top Five specimens. The last coin, 1807 is the one out of the top five. With the help of Dr. Link, this set now certainly fits the standards of what the D.L. Hansen Collection is trying to achieve. Is this 10-piece set done? I am not sure.
It is unusual for a DLH set not to have at least one PCGS POP 1/0 specimen. Oddly, only a single coin from the Pogue 10-piece is in this Hansen set. The Major Variety set does have top pop coins, but the basic set’s best coin is the 1803 POP 2/0 from the Pogue Collection. Due to this distinguish honor, this coin will be featured today.
1803 Half Dollar, Small 3, MS64, CAC
This is a rare coin with a fabulous pedigree that is a perfect match for the 1803 Half Dollar, Large 3, 12 Arrows, MS63, CAC, Ex: D. Brent Pogue Collection that Mr. Hansen obtained from the Chicago PCGS Registry Set Sale. Brett Pogue Specimen from The Dr. Charles Link Collection is a Top Pop. Stack’s writes in 205 Pogue Sale that the coin: Alone atop the Condition Census. Stack’s continues: This is the only recorded candidate for finest known honors of this major variety. The Queller Family - Gene Gardner coin, the next closest competitor, is graded MS-62 (PCGS). It is the only other example certified as Mint State by PCGS. A previous offering of this coin misinterpreted its provenance, creating a seeming challenger where there was none. The Pogue example maintains its unquestioned primacy among all examples of the Small 3 variety. In 2015, the PCGS Population: 1, none finer. (Small 3, O-104).
In this Basic set, the other MS64 is the 1803 Half Dollar, Large 3 Variety. The coin is from Louis E. Eliasberg, Sr. Collection that sold in 1997 Bowers & Merena sale, realizing $57,200. It later appeared in the 2006 American Numismatic Rarities sale realizing $115,000. The Pogue/Link/Hansen Large 3 is graded MS63, so for the 1803, Small 3, MS64, CAC is representative.
Rare Coin Wholesales has a listing for a 1803, Small 3, MS62+. The coin is described as: WELL STRUCK LUSTROUS SURFACES. FABULOUS SEA GREEN,AMBER TONING. SOLE SECOND HIGHEST GRADED AT PCGS. The ask for this coin is $119,500. This may be a new addition to the POP report, because the coin does not appear to be The Queller Family - Gene Gardner coin mentioned above.
In the 2015 Stacks Bowers sale of The D. Brent Pogue Collection, Part I, the Link/Hansen 1803 MS64 was described as: A specimen of extraordinary elegance and freshness, whose quality stands out even among the coins of the D. Brent Pogue Collection. The toning framing the obverse changes, chameleon-like, from gold to sea-green and blue as the intense cartwheel luster collects light and slides around the perimeter. The center is soft lavender and gray with hints of blue. The bright blue around the reverse also seems to collect and magnify the lustrous cartwheel, framing the pale violet and gold center. Luster defines this piece, giving it a special level of aesthetic appeal. A few natural planchet streaks are seen, a by-product of an impurity in the Mint’s silver ingot that became a striation when rolled; the most significant is near Liberty’s chin, with others parallel. No significant marks or lines are found. The strike is soft at the lowest curl, the eagle’s head, and the star cluster above it, but the definition in Liberty’s portrait and hair, the eagle’s wings, and other areas more than makes up for it. The “large and flat” stars described by Overton are mostly absent here, as every star has some central detail and most have all of it. Some delicate die cracks are seen, including one from Liberty’s hair near its highest wave to near the base of E and another through T of LIBERTY to Liberty’s forehead below. A reverse crack begins at the top of the first S in STATES, undulates along the curves of that letter, then arcs to the rim through the clouds and finally through the last S of STATES.
Dr. Link describes the coin as: Flashy cartwheel luster and lovely original surfaces result in very strong eye appeal. I know of no better coin to conclude the Basic set discussion. We have now seen five Link six-figure (per PCGS value guide) featured in this first series of post. The purchase contained 16 coins with 11 specimens valued at the six-figure level. We have not seen all the best yet. I will feature a few more of these amazing coins as we explore the 22-piece major varieties. This set is more amazing than the basic set. You just had a sneak preview of the amazing 1803 Half Dollar, Small 3, MS64, CAC variety. So, hang on and keep watching, we still have a ways to go.
Provenance: The Reed Hawn Collection of United States Coins, (Stack’s 8/1973), lot 12, realized $2,700; Dr. George F. Oviedo, Jr. Collection (Stack’s 9/1983), lot 731; Auction ’87, (Stack’s 7/1987), lot 745; The Worrell Collection of United States Coinage, (Superior Galleries 9/1993), lot 1262; Orlando Sale, (Stack’s 1/2009), lot 409, realized $195,500; Larry Hanks, by sale, January 7, 2009. D. Brent Pogue Collection, (Stacks Bowers 5/ 2015), Lot 1108, realized $188,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 6
The "Two Leaves" refers to the clump of leaves beneath the eagle's left and right wings. On some coins, there are two leaves in each clump; on others, three leaves are present. The Two Leaves variety is definitely the more common of these major varieties. - Ron Guth
In the last several posting, we have explored the 10 specimens that makes the Flowing Hair and Draped Bust Half Dollars Basic Set, Circulation Strikes (1794-1807). We will now expand that set by 12 coins creating the 22-piece registry set: Flowing Hair and Draped Bust Half Dollars with Major Varieties, Circulation Strikes (1794-1807). As we saw that Pogue and O’Neil are the leaders in All-Time and Current, respectively for basic sets, we will now see that Link and Hansen are leaders in All-Time and Current, when including Major Varieties. As I stated earlier, the purchase of the Dr. Charles Link Early Half Dollars has changed the complexion of The D.L. Hansen Collection of Half Dollars forever. This change is more dominate in the Major varieties sets than the basic.
With the Dr. Charles Link purchase, the acquisition replaced five of the six coins. The coin that was not purchased from the Link Collection was the 1795, 0-126A Small Head, MS63 Cert #40274316. Mr. Hansen acquired this coin from a Nov-2020 Heritage U.S. Coins Signature Auction. The coin was offered from “Important Selections from The Bob R. Simpson Collection, Part II “. It was possibly acquired by William Strickland directly from the Philadelphia Mint in 1795. More recently, it was in the Lord St. Oswald Collection and D. Brent Pogue Collection. The coin is the sole Mint State example. The Link Specimen is a very appealing VF35. The MS63 Small is really the only significant difference in the new Hansen Set and the previously Link Set. Mr. Link posted a comment on the 1795 Small Head coin a few days ago: Although one of my most prized sets, I was unable to đo significant further upgrades. Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So, adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL). There are a few other coins in this table that we have not talked much about. I wrote earlier on the 1795, A over E in STATES, MS64. I am saving my discussion of the 1794 for a later date. Now, for a couple of the recut dates
1795/1795 50C RECUT DATE O-111 3 LEAVES XF45 CERTIFICATION #31408657, PCGS #39245
PCGS writes: A scarce but easily identified variety. This is the only reverse with 3 leaves under the eagles wings. Also there is a large die break through the left wing and the eagle's body. Usually the strike above the die break is almost flat while the detail below is very sharp. Over the years I have owned four examples of this variety, all VF or XF. Very seldom seen with perhaps 15 different examples coming to auction in the past 10 years. The Link/Hansen Specimen is a XF45. There is only PCGS certified coin finer, an AU50 example. Possibly the Finest Known is the NGC AU58 Green / Newman Specimen. Heritage described as: We believe the Newman coin may be the finest known 1795 Three Leaves half dollar. Although an uncertified MS63 example is listed in Overton, we can find no other reference to the coin and are unsure of its existence. Stephen Herrman records a cleaned AU from the Charlton Meyer collection as the finest recently offered for sale. That coin now resides in the Overton Collection. Herrman also lists one XF45 example and a few XF40 coins as having been offered over the last decade. The Eric P. Newman specimen is finer than any of those coins and represents an extraordinary opportunity for the specialist. PCGS values the XF45 coin at $22,500.
1795/1795 50C O-112 2 LEAVES RECUT DATE AU55 CERTIFICATION #31879340, PCGS #39246
PCGS writes: This variety shares the same obverse as the 3 leaf. The date is clearly doubled with the first date low and second date high. There is only one reverse die. I owned the XF45 which is the finest graded by PCGS. This coin was formerly in the Queller collection. While not as sought after as the 3 leaf variety the O-112 is very difficult to locate. I always thought this variety was a sleeper. The Link/Hansen Specimen is an AU55. There is only one PCGS certified coin finer, the monster MS65 that is the brother to Hansen’s 1795 Small Head. This coin also possibly acquired by William Strickland directly from the Philadelphia Mint in 1795. More recently, it was in the Lord St. Oswald Collection. NGC has certified the coin and is valued at half million dollars if sold today. Also, NGC has a handful of coins graded AU55+ and AU58. In a recent Stack’s Sale of one of the NGC coins, the auctioneer wrote: Overton-112 is one of the two Recut Date varieties of the perennially popular 1795 Flowing Hair half dollar, the date sharply repunched low with the underdigits touching or extremely lose to the denticles. Unlike O-113, which is mated with a Three Leaves reverse die, O-112 exhibits only two leaves on the inside of the wreath below both of the eagle's wings. Apart from the incredible Gem from the Lord St. Oswald Collection, the finest examples of this die marriage are a handful of AUs. PCGS values the AU55 coin at $22,500.
The five coins in the chart above that indicated upgrade has a combine PCGS Price Guide Value of approx. $800,000. In today’s market, I believe this would be a low estimate. With the exception of the 1795 Small Head, the 1794 specimen is the workhorse. I will feature the coin at some point. Assembling the five Link Specimens with the 1795 Small Head, MS63 may be the finest subset of Flowing Hair Half Dollar with Major Varieties ever assembled since the days of D. Brent Pogue.
1795, Two Leaves, MS63+
After the 1794, this is the second coin required in the 22-piece registry set: Flowing Hair and Draped Bust Half Dollars with Major Varieties, Circulation Strikes (1794-1807). This coin turned out be a somewhat odd or usual purchase. The coin in the Link set is a 1795 PCGS MS64.It is the O-121, Y over STAR variety. The coin is an EX: Eliasberg / Pogue with a provenance tracing to the Harlan P. Smith Collection and the Clapp Collections. It is tied for finest known, and Mr. Link obtained the coin from Stacks Bowers Auction of the D. Brent Pogue Collection on May 19, 2015, Lot 1097. Instead of the Hansen team purchasing this coin, they purchased a Link duplicate 1795 Two Leaves Half, MS63+.
I highlighted the other PCGS POP 1/0 Specimen - 1795 “A over E in STATES”, Half Dollar, MS64 in the previous post. It’s possible that they did not want two MS64 basic coins. I am fairly confident that this MS63+ coin was a duplicate as part of the Link purchase, but there is not sufficient online data to confirm. If I have the provenance incorrect on this coin, please let me know so I can correct. It appeared in the updates included with the other 15 confirm Link coins. The coin lasted appeared in public was at Heritage April 2015 - CSNS US Coins Signature Auction in Chicago. The coin was headlined as: 1795 Two Leaves Half, MS63+, CAC, O-129, Famous S over D Reverse, Probably the Finest Known.
The Heritage Auctioneer wrote: In our opinion, this important half dollar variety deserves its own listing in the Guide Book, rather than a mere footnote at the bottom of the page. The variety is distinctive, and it is plentiful in lower grades so that any collector can own one with only a little patience. However, Mint State examples are extremely rare. This example is likely the finest example known from the dies. There are several takeaways from this comment. Could this variety someday be considered a Major, which would change the requirement of the set to 23 coins. The 1795 Draped Bust has dozens of minor varieties. In one PCGS description, they make mention of an additional variety by writing: set of 23 coins I wonder what additional coin they were referring to. The mintage for the 1795 is 299,680. I sure there is more clarity to this coin than I am currently able to provide.
The mint grade coins for 1795 Two Leaves Half, MS63+, CAC, O-129, Famous S over D Reverse specimens is limited: According to Stephen J. Herrman's Autumn 2014 revision of Auction & Mail Bid Prices Realized for Bust Half Dollars, only three examples have been previously offered in grades above XF:
MS61 NGC. Heritage (8/2004), lot 6157. AU58 NGC. American Numismatic Rarities (8/2004), lot 417. AU55 NGC. Bowers and Merena (6/2008), lot 818; Heritage (3/2009), lot 1903.
I am sure there is not a single or simple reason for the Hansen team choosing this MS63+ coin instead of the finer MS64. Could it be they liked the appearance of this coin better? Or the rarity of the variety? Heritage describes the coin as: This Select Mint State example is extraordinary for its satiny silver luster residing beneath pewter-gray toning with accents of light gold and cobalt-blue. Trivial surface marks are only evident with a glass, and the central design motifs are boldly rendered. Prominent adjustment marks along the border are most obvious along the left side of the reverse, especially at ITED ST. Those adjustment marks cause noticeable weakness of the stars at the upper left obverse, dramatically weakening stars 4 through 7 and the outer border next to those stars. The adjustment marks and associated weakness are strictly a result of the minting process and have no effect on the grade of this extremely important and likely finest known half dollar.
Whatever their reasons for this coin to be included in the set. It does make for a suitable replacement over the previous. Depending on the view and use of the coin, it is a PCGS POP 1/0 for S over D Reverse specimens, but not a particular great coin for the major variety example, PCGS POP 3/7. Certainly, the coin is a great upgrade for the pre-existing 1795 O-119 MS62, Ex: Green/Newman coin purchased in 2017 from Legend Rare Coin.
Provenance: CSNS US Coins Signature Auction, (Heritage 4/2015), Lot 5065, realized $141,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
1795, Two Leaves, MS63+, CAC PCGS POP 3/7, possible 1/0 for S over D Reverse Certification #25348636, PCGS #6052 PCGS Price Guide $160,000 / Private Transaction Ex: Link PCGS Registry Set
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 7
The Draped Bust Small Eagle design type consists of two dates, 1796 and 1797, each of which has two varieties. The 1796 issue with 15 obverse stars is Overton 101, and that with 16 stars is classified as Overton 102. The 16 stars coin was apparently intended to commemorate Tennessee's June 1, 1796 admission to the Union as the 16th state. The two 1797 issues (Overton 101 and 102) are differentiated by the alignment of the reverse wreath in relation to the peripheral lettering. - Heritage Auction (2/2008)
A few days ago, we discussed the 1794/1795 pair that represents the Flowing Hair Half Dollar type that with Major Varieties expanded to six coins. This posting we will be exploring the Small Eagle reverses Major Variety Set. The Major Variety expansion is only one additional coin. The Basic set required only one 1796. In the major Variety set, the 1796 Small Eagle reverses required both the 15 star and 16-star variety.
In a Heritage Feb-2008 sale, the auctioneer did a great job of describing the known 15 stars major specimens. We can, however, mention some of the other Mint State 1796 15 stars half dollar appearances. One of the most notable was a PCGS Specimen 65 coin in the March 2004 Bowers and Merena sale. This piece is pedigreed to the so-called "Knoxville Collection." One of the outstanding features of this particular coin was that it lacks the obverse die crack present on virtually all other known specimens.
An MS63 Prooflike specimen appeared in the Bowers and Merena April 1997 Louis E. Eliasberg Sale (lot 1673). This example is pedigreed to the John H. Clapp estate (1942) and to Benjamin H. Collins (1896).
A 1796 15 stars half dollar described as "Brilliant Uncirculated" appeared in Stack's October 2002 sale (lot 22). This coin originally reposed in the collections of Reed Hawn and Lorin Parmelee. Another "Brilliant Uncirculated" example made an appearance in Stack's October 2000 sale (lot 876). This coin is pedigreed to the collections of Henry Norweb, T. James Clarke, Waldo Newcomer, and Col. E.H.R. Green.
Stack's also sold an MS64 example in its May 1999 John Whitney Walter Collection (lot 1776), and a Specimen 66 out of the same collection (lot 1777). The latter coin can be traced to Max Mehl's March 1948 sale of the C.A. Allenberger Collection (lot 385), and to Thomas Elder's sale of the Peter Mougey Collection (lot 424).
The Dr. E. Yale Clarke "Brilliant Uncirculated, Prooflike" 1796 15 stars half dollar appeared in Stack's October 1975 sale (lot 182) and made previous appearances in that firm's April 1969 R.L. Miles and November 1954 Anderson Dupont sales (lots 1205 and 2031, respectively). The James A. Stack coin, described as a "Proof," sold in the March 1975 Stack's sale (lot 313), and is pedigreed to the H.R. Lee (1947) and Beistle collections.
The William P. Donlon Collection, sold by Abe Kosoff in November 1956, featured a 1796 15 stars half dollar described as "Uncirculated with Prooflike Luster" (lot 705). Donlon had acquired this coin out of Numismatic Gallery's June 1950 Adolphe Menjou Sale (lot 942). This firm also offered what it called the "Finest Known Brilliant Proof" out of the John M. Morris Collection (lot 868).
This would be a good time to mention that PCGS has certified only one coin from this series as Specimen. This Overton-101, 15 Stars coin creates an extraordinary example. It has provenance to John Whitney Walter Collection Specimen 66 (lot 1777). The coin last sold in Stacks Bowers, The D. Brent Pogue Collection, Part I Auction. The Specimen-63 (PCGS) example realized $587,500. The current location of this coin is not publicly known. Will there be another coin certified specimen by PCGS? Only time will tell.
As mentioned, the Eliasberg/Link/Hansen has often in history been described as Prooflke. Stacks Bower termed the coin as: Described as Prooflike in our sale of the Eliasberg Collection, both sides of this piece do reveal modest reflectivity in the fields as the surfaces rotate under a light. Otherwise, satiny in texture, handsome toning in silver-lilac and olive-russet speaks volumes about this coin's originality. The strike is as close to full as one could realistically expect to see in a Small Eagle Draped Bust half dollar, and there is not so much as a single outwardly distracting abrasion on either side. For provenance confirmation the obverse has faint adjustment marks in Liberty's hair moving from upper left down to lower right, crossing her temple, and the reverse has a small nick below the right (facing) wing, as noted in the recent reference work by Jon P. Amato, Ph.D. titled The Draped Bust Half Dollars of 1796 - 1797 with this specific coin noted on page 47. Two Specimens are noted from these dies, one is the Knoxville specimen, the other is from the Mougey-Granberg-Allenburger-Judd-Walter specimen.
As stated in CoinFacts which reinforces Mr. Link’s statement: A numismatist is apt to find that this particular coin will be the stumbling block or the greatest challenge to finishing an exhibit of United States silver coin design types. Probably about 200 to 300 pieces exist in all grades. The Hansen Collection contains multiple examples. In studying the Hansen sets, I was able to uncover as many as nine 1796 and 1797 small eagle specimens. There are four 1797, so three complete 3-piece sets cannot be formed. This table represents the nine publicly known coins in the Hansen Collection. I called the third set the commerce set.
It will be interesting to see if DLH keeps all his Draped Bust small eagles. Will he add the missing AU? If he decides to sell, the 1797 F15 would make a great collector type coin if offered for sale. The value for the circulated coin is still in the $50K range. Today, I will feature the last of the Draped Bust small eagles.
The first coin posted from this sale was 1796 16 STARS, Half Dollar, MS64, CAC, Ex: Hawn / Gardner. This is the second 1796. Today, we will take a look that the other 1796 variety. The ex: Eliaberg coin last appeared in Stacks Bowers February 2014 Americana Sale. The rarity of the coin was described as: The original mintage of this issue is believed to be around 400-600 pieces, with a similar number struck of the sixteen-star obverse variety for the recorded total of 934 pieces. Therefore, this issue is one of the rarest regular issue silver coins of the entire mints silver production. Survival rates are low from this early period, and all the known examples have been tracked through auction appearances by Dr. Amato and are carefully researched and presented in his published work. It would be difficult to imagine a much finer example than the present coin and considering the expanding pursuit of these types of rarities and the classic American coins, we suspect the attention to continue to be focused on these well-known rarities for years to come. Here is an opportunity to put away one of the great blue-chip coins of American numismatics, and a coin that will instantly be recognized by any knowledgeable collector when presented.
These three Link/Hansen specimens consisting of the pair of 1796 and 1797 are a trio of great coins with a combine PCGS value of $1,650,000. They represent close to half the value of the Link/Hansen purchase. This is another of the Ex: Eliasberg specimens that is now the Hansen Collection which found its way into the collection by the way of the fabulous Link Collection..
Provenance: Ex: Benjamin H. Collins, January 1896; J.M. Clapp; John H. Clapp; Clapp estate, 1942; Louis E. Eliasberg, Sr.; Louis E. Eliasberg, Sr. Collection (Bowers & Merena 4/1997): Lot 1673, realized $110,000; Signature & Platinum Night Auction (Heritage 8/2006): Lot 5222, realized $310,500; Treasures (Stack's 7/2009): Lot 523, realized $270,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1796 Draped Bust Half Dollar. Small Eagle. O-101, 15 Stars. MS-63. OGH PCGS POP 1/1, 1796 15 Stars Half Dollar, OGH Certification #04716717, PCGS #6057 PCGS Price Guide $425,000 / Private Transaction Ex: Eliasberg (Dr. Charles Link Registry Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 8
My set goals have always gravitated towards completing entire sets, compared to some collectors content with high grade coins whom avoid some true rarities that can only be obtained in lower grade.– Dr. Charles Link
In reading Mr. Link writings that he has shared with the community, this statement caught my eye. It appear that he may be implying completing major varieties sets as an example of entirety. It is no question that some varieties cannot be found in mint state. A prime example is the Hansen 1806 O-108 Knob 6, No Stem, VF35, POP 2/1. Dr. Charles Link have the finest known, a Pogue XF40. In thinking about the collection that Mr. Hansen is building, it appear he has this common desire for entirety. Brett Pogue assembled a basic set of Early US Coinage that doubtful will ever be match, but his main focus was finding the technically finest grade for each date. He had some monster varieties showered in his collection, but not every required example in entirety. I think Jim O'Neal has a similar Pogue style. Bob Simpson also has a common likeness with Pogue, because he loved “masterpieces” and not really assembling them in sets as many collectors do. The Draped Bust Half Dollars with Major Varieties set is an example building an “entire set” of the earliest half dollars.
In the last two postings, we discussed the 1794/1795 pair which represents the Flowing Hair Half Dollar type that with Major Varieties expanded to six coins. Also, we explored the Small Eagle reverses Major Variety Set. The Major Variety expansion is only one additional coin. The Basic set required only one 1796. In the major Variety set, the 1796 Small Eagle reverse required both the 15 star and 16-star variety. In this posting, the Draped Bust, Heraldic Eagle (1801-1807) is the third subset and the final piece to the puzzle. The basic set requires examples for years: 1801 – 1807, but no 1804 dates were produced so only six basic coins. The six produced dates create a baker’s dozen (13) of required coins when including major varieties. In this 13 coin grouping, Mr. Hansen retained five of his owned coins and replaced eight with Link specimens. Four of the eight are PCGS sole finest POP 1/0 with one other tied for finest (POP 2/0). All eight were solid PCGS Condition Census Top Five Coins.
Top Four Heraldic Eagle (1801-1807) in Value ($125,000 to $235,000)
PCGS values eight of Hansen’s 13-coin Draped Bust, Heraldic Eagle (1801-1807) subset in the six figures range. Starting with the top four, the coin with the most PCGS value in the subset is 1806 Pointed 6, Stem, MS66+ that was purchased from David Lawrence. The coin has PCGS value of $235,000. The #2 coin of value is the 1803 O-104 Small 3, MS64, which was from the Link purchase. This coin is PCGS value of $225,000. I featured this coin in Part 5, a few days ago. A high valued coin that Mr. Hansen decided to keep was the heavily circulated 1806 Knob 6, No Stem VF35. Mr. Hansen turned down an opportunity to upgrade to finest known VF40 and decided to keep his $150,000 coin. Rounding out the top four is the Ex: Link 1801 MS62 PCGS valued at $125,000. I featured this coin in Part 4 of this series.
Next Four Heraldic Eagle (1801-1807) in Value ($100,000 to $120,000)
This second group of coins is in a thin six-figure range of over $100,000 and less than $125,000. Three of the four coins were acquired in the Link/Hansen purchase. These coins are: 1805/4 MS64 ($120,000), 1806 Pointed 6 No Stems MS65 ($120,000), and the 1806 6/Inverted 6 MS64 ($110,00). I will feature the 1806 6/Inverted 6 today, and plan to discuss the other two later. The forth six-figure coin in the group is the 1803 Large 3 that is from Louis E. Eliasberg, Sr. Collection that sold in 1997 Bowers & Merena sale, realizing $57,200. It later appeared in the 2006 American Numismatic Rarities sale realizing $115,000. The Pogue/Link/Hansen Large 3 is graded MS63 and Mr. Hansen obtained the coin from Howard Sharfman’s Incredible Chicago Collection of Half Dollars that Legend auctioned Sept 2021. The coin realized $85,187.50. PCGS current value is $120, 000. I will write more about this coin at a later time.
Last Four Heraldic Eagle (1801-1807) in Value ($50,000 to $70,000)
The PCGS value range for these four coins is a narrow band from $50,000 to $70,000. Again as with the previous four, there were three coins obtained in the Link purchase, and the fourth coin came from the Sharfman’s Chicago sale. The Chicago coin was the 1806/5 Large Stars MS63 CAC ($50,000). I will discuss a little more about Sharfman Chicago coins later. As for an interesting fact, two of Link/Hansen sole finest PCGS POP 1/0 is in this group. I will briefly describe the Link/Hansen coins:
1802 AU58 CERTIFICATION #08610305, PCGS #6065, PCSG POP 9/3
Comments from Dr. Link: O.101 R3. CAC. Only die marriage for this important year. "The first half dollars coined at Philadelphia appeared late in 1794, with a large production the following year, continuing the original Flowing Hair design. Gilbert Stuart's Draped Bust concept appeared on half dollars in 1796 and 1797, featuring a Small Eagle reverse, and those coins are quite rare. After a brief intermission, the Draped Bust design resumed with a Heraldic Eagle reverse in 1801, and continued through early 1807, skipping coinage dated 1804. The first two issues, 1801 and 1802, are the key dates of that short lived design type. Only a single variety is known for 1802, and Mint records indicate a production of 29,890 coins. Based on the number of survivors, it is quite likely that that figure represents the true mintage of 1802-dated half dollars. This example shows faded clash marks on the reverse, although there is no discussion of die states in the Overton reference. It is perhaps surprising that the dies for this single variety were apparently not used in 1803, based on the number of surviving specimens. Perhaps 700 to 800 examples survive in all grades, and high-grade examples are quite rare. The combined PCGS and NGC population data shows 287 examples in all grades with an average grade of VF30. There are just 10 certification events in AU58, and only three finer submissions (7/13). This lovely near-Mint specimen has flashes of brilliant mint luster around the protected areas, visible through the lovely gold, blue and iridescent toning on each side. The strike is bold and the eye appeal is exceptional. Here is an important opportunity for the advanced early half dollar specialist. PCGS values the AU58 coin at $60,000. This coin replaced an AU55 CAC, POP 1/4 with a PCGS value of $35,000. A Condition Census Specimen!
1805 MS63 CERTIFICATION #25316294, PCGS #39281, PCSG POP 1/0
This is a fantastic sole finest PCGS POP 1/0 that was from The Eric P. Newman Numismatic Education Society Collection that was offered in Heritage’s 2013 Newman sale. The cataloger describe as: O-108, Here is another extravagantly and beautifully toned early half-dollar, paying homage to the album in which it was stored for so many decades. It is a well-detailed Select specimen with vibrant mint luster and only minor signs of contact. Iridescent shades of cobalt-blue, champagne-gold, and golden-brown toning cover the surfaces in a dazzling play of colors. After a one-year hiatus, the Mint produced a total of 211,722 Draped Bust half dollars in 1805, with 14 die varieties for the date. Three of the varieties are overdates. Stephen Herrman lists only one coin in MS63 in his list of auction appearances of the scarce 1805 O-108, leaving the Newman coin in a battle for finest known of the die pair. A coin that Eric P. Newman, paid $35 sold for $28,200 in the Heritage 2013 Auction. Today, PCGS values the MS63 coin at $62,500. This coin replaced a MS63, POP 4/1 with a PCGS value of $42,500. This upgrade is a sole finest replacing a condition census with only one finer!
1806 Knob 6, Small Stars MS63 CERTIFICATION #40027809, PCGS #6075, PCSG POP 1/0
Comments from Dr. Link: O.106. R.4. CAC. Gardner. Quellar. Finest Known. Per cataloger, "Knob 6, Small Stars, R.4. The Queller Specimen, Finest Known. Knob 6, Small Stars, O-106, R.4, MS63 PCGS. CAC. This impressive medium steel specimen features accents of pale golden-rose, lime-green, and sky-blue toning, especially along the peripheries. A trivial dark toning spot in the lower-left obverse field will aid future pedigree research. Otherwise, the surfaces reveal only minuscule surface marks when a glass is used. A remarkable specimen, this piece is destined for an advanced collection of early half dollars -- as it was earlier in the remarkable collection of the late David Queller. Variety: O-106, R.4. The obverse of this very scarce variety shows a Knob 6 and recut 8, and the reverse has six berries in the branch, the lowest inside berry faintly visible. The obverse is lightly cracked through the tops of LIBERTY to the upper stars at left and right. A faint crack joins the date digits. The reverse is perfect. The strike is weak at the drapery and among the stars and clouds opposite the drapery, characteristic of this variety and several others in the series. Population Data (4/15): All varieties included, PCGS enumerates only two Knob 6, Small Stars 1806 halves in Mint State grades, of which the current O-106 example is the finer by three grade points. NGC has attributed no examples of this subtype finer than a single AU58. Heritage Commentary: This attractive specimen is easily the finest-known O-106 example, the only Mint State piece recorded in Stephen Herrman's Auction & Mail Bid Prices Realized for Bust Half Dollars 1794-1839. Another piece appearing in the Stack's October 1996 sale is listed as MS65 and finest known, but Stack's misattributed the coin as O-106 when it is actually O-109. PCGS values the AU58 coin at $60,000. This coin replaced an AU55, POP 6/11 with a PCGS value of only $4,000. This was certainly a great upgrade!
The Last and Least Valuable Heraldic Eagle (1801-1807) Coin
Except for Hansen 1807 Draped Bust, MS63 specimen, the starting point in this set for a specimen would be $50,000. The 1807 coin is a POP 1/0 for variant rarity (O-102), but may not be Top 50 specimen for date. Therefore, it is a little out of place for this Hansen set from a couple perspectives: PCGS Coin Value ($17,500) and Condition Census (PCGS POP 17/29). I have said a few times before; we will discuss this coin a little later. Now, let’s feature the coin of the day, 1806 6/Inverted MS64.
1806 O-111a, 6 Invert 6 MS64 CAC, Ex: Newcomer / Green / Norweb / Link
This coin one of the finest certified specimens for the variety. PCGS has certified only two examples and none finer. The Link/Hansen specimen last appeared in the Stacks Bowers 2015 Americana Auction with description: Beautiful Tied-For-Finest 1806/Inverted 6 Half Dollar, Ex Collins, Newcomer, Green, Clarke, Norweb, Jewell, 1806 Draped Bust Half Dollar. O-111a. Rarity-4. 6/Inverted 6. MS-64 (PCGS). CAC.
Ron Guth commented: The 1806 6 over Inverted 6 Half Dollar is one of the more interesting "overdates" in the series. When creating the die, the engraver punched the 6 of the date upside-down, which was clearly a mistake since his 1809 die was three years early. He corrected the mistake by re-orienting the 6 correctly, then giving it a good punch to cover up the underlying 6. However, such efforts are usually futile, as remnants of the underdate are almost impossible to cover up. It does not appear that any attempt was made to efface the mistake, thus modern collectors have an unusual variey to add to their collection. The 6 over Inverted 6 was paired with two different reverse dies, creating the Overton 111 and Overton 112 varieties. Both are of approximately the same rarity and both are very scarce. High-grade examples are very rare and we know of only four Mint State examples. The best is the PCGS MS64 from the Norweb Collection, which resold in 2015 for a record $82,250. The fore mention coin is the Link/Hansen Specimen.
Dr. Link provided notes on the coin per cataloger from the 2015 Stacks Bowers Auction: "Beautiful Tied-For-Finest 1806/Inverted 6 Half Dollar. Ex Collins, Newcomer, Green, Clarke, Norweb, Jewell. Rich lavender-gray surfaces display attractive rose and blue iridescence throughout while abundant underlying luster sparks to life under a light. The central devices are boldly struck with crisp definition seen in Liberty's curls and in the eagle's feathers while the peripheries on the right of both sides display a bit of softness, not at all unusual for the design type. Smooth fields and exceptional eye appeal round out this delightful coin that is sure to please even the most discriminating of collectors, as well it should -- there is simply none finer available! An ever-popular die variety that was long referred to in numismatics as the "1806/9" variety, an incongruous notion that was popular as recently as Breen's 1988 Encyclopedia, though more recent research deems it to be as stated, an 1806/Inverted 6 in date variety.Only three Mint State examples of this popular variety have been certified by PCGS to date, one at MS-61 and two at MS-64, including the gorgeous example offered here, a fact that speaks volumes about the absolute rarity of the variety in Mint State. Indeed, most Mint State Draped Bust half dollars of any date or variety are downright rare in Uncirculated, and nearly all -- "all" comprises a very small group indeed -- were rescued from the ravages of circulation and time as a matter of chance or luck, with only precious few ever saved through actual intention. To those collectors who "rescued" Mint State Draped Bust half dollars in the infancy of coin collecting in America, we doff our collective collector caps! No doubt more than one specialist will have an eye out when this rare beauty crosses the auction block, and we predict the paddles will be held high until the auctioneer's hammer drops. And the "plus" for this lot? You get to add your name to the illustrious list of collections in which this impressive beauty was kept.
This coin made a nice upgrade from Hansen’s previous MS62. Although, that coin was a POP 1/2! The coin was purchase a couple years ago from Rare Coin Wholesalers with PCGS value around $50,000. This is one of the 16 coins that Mr. Hansen replaced with the Link purchase and in doing so, replaced a Condition Census Specimen!
Provenance: Ex: Benjamin H. Collins Collection; Waldo C. Newcomer Collection; Col. E.H.R. Green Collection; T. James Clarke Collection; T. James Clarke Collection (New Netherlands 4/1965), Lot 1204; Norweb Collection (Bowers & Merena, 11/1988), Lot 3042, realized $19,800; The Richard C. Jewell Collection Sale (American Numismatic Rarities, 3/2005), Lot 1745, realized $52,900; Stephen Winthrop Collection / 2015 Americana Auction U.S Coins (Stack's/Bowers 2/2015), Lot 2038, realized $82,250, Dr. Charles Link; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1806 O-111a, 6 Invert 6, MS64 PCGS POP 2/0, CAC Approved Certification #50213539, PCGS #6078 PCGS Price Guide $110,000 / Private Transaction Ex: Newcomer / Green / Norweb (Dr. Charles Link Registry Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 9
Coins are history – The coin itself becomes a point in history. It’s been in the collection and been important to us – Dell Loy Hansen (A Behind-the-Scenes Look at the Hansen Collection - from the NNP, 28:59 / 32:26)
We have spent the past several days dissecting the Early Half Dollars with Major Varieties (1794-1807). With only 22 coins, the set is small but absolutely intriguing. As we conclude this series, our focus today will be on the coins that Mr. Hansen retained in his set. When all is said and done, he kept only 6 of the 22 coins (27%). This had to have been a bitter / sweet experience. In a recent interview, Mr. Hansen described his pain of removing coins from his collection. Of the 16 coins he replaced, some are great PCGS Condition Census. As example of today’s feature coin, you will see the Hansen’s 1805/4, Ex: Eugene H. Gardner MS62, POP 1/3 with PCGS value around $92,500 being replaced. The Link replacement was the 1805/4 O-101, MS64, Ex: Green / Newman / Link.
As stated, from the Dr. Charles Link Collection, Mr. Hansen purchased 16 coins that improved his set and pushed him over the top in all-time ranking. After investing possibly $3.5-4.0 Million in a 22-piece set, I could certainly agree that should have been the goal. In comparing the two sets prior to the unification, there were 18 Link coins that were finer than Hansen specimens. The Hansen Collection had two finer and two coins were tied with the same grade. The Hansen Team purchased 15 of the 18 upgradable Link coins, leaving three on the table: 1795 2-Leaves MS64, 1795 Small Head VF35, and 1807 Draped Bust MS65+.
The Hansen team did not purchase the 1795 2-Leaves MS64 specimen that is in the former #1 Registry Set. Instead, the Hansen Team purchased a lower graded coin which was what I believe to be a Link duplicate 1795 Two Leaves Half, MS63+. This coin was featured in Part 6 of this series. Now, let’s take a dive into the six Hansen lucky survivors.
1795 O-126a (Small Head), MS63, Cert #40274316, PCGS #39248, POP 1/0, Ex: Lord St. Oswald / Pogue / Simpson
This is definitely a WOW coin from the pedigree, the condition, to the price it realized. In one of Doug Winter’s articles describing gold coins, he said “some coins have what I regard has a strong “Wow Factor.”” Certain issues in the various United States gold types struck between 1795 and 1933 have what might best be called a “Wow Factor.” Something about the issue—be it rarity, design, historic association or low mintage—appeals to a variety of collectors. These coins have strong multiple levels of demand, and a “wow” coin might be included in a collection which focuses on trophy coins. This is the one of the kings for the early half dollar guys along with the 1817/4 which is said to be the most famous and valuable of all the Capped Bust Half Dollars. This is an excerpt from a post that I wrote November 20, 2020. If you want to read more about this coin, the post can be found on page 74. This is the only known mint state example. The Link coin is graded VF35, Ex: House of Davis McKinney.
1803 O-101 (Large 3, 12 Arrows), MS63 CAC, Cert #21085076, PCGS #39270, POP 2/1, Ex: Hain / Pogue / Sharfman
This is a rare coin with a fabulous pedigree. The 1803, Overton-101, Half Dollar realized $85,187.50, the tenth highest in the sale of 120 half dollars from The Howard Sharfman’s Incredible Chicago Collection of Half Dollars. Described by Legends Auction as: A classic antique toned CHOICE Mint State example. Both sides possess a rich, pearly-silver and pewter-gray patina that is wonderfully blended with shades of gold, orange, and pastel blue. Many of the hues are subtle, but when you rotate the satiny lustrous surfaces the mélange of color really pops in a light. The strike is bold with crisp details on both sides (only a few minor spots of very minor softness). A strong glass reveals a few very scattered ticks and minor traces of contact that account for the assigned grade. This is an unbelievably attractive specimen of this important early date/type. This is an excerpt from a post that I wrote September 14, 2021. If you want to read more about this coin, the post can be found on page 85. The Link Specimen was also a MS63 CAC. The link coin would not have improved the Hansen Set. The finest example certified by PCGS is a single MS-64.
1806 Pointed 6, Stem, MS66+ CAC, Certification #13022679, PCGS #6071, PCGS POP 2/1, Ex: David Lawrence
This coin is the finest technical graded specimen in the Hansen set and serves has the 1806 Basic coin representative. It appears the coin was acquired from David Lawrence Rare Coins in late 2021, but not much more information is known. The 1806 has six major varieties for the year. Let’s not confused the date any more than we have to, but there once was a seventh variety, PCSG #6074 - 1806 Knob 6, Large Stars. I am not going to attempt to explain that one. Anyone up to the task, be my guest. For the 1806 date, this coin is the most common variety. Expert Comments from Ron Guth: The 1806 Pointed 6, Stems Half Dollar is one of the more common major types of the year. Nineteen different Overton varieties, plus their die states, comprise the entire mintage of this major variety. As such, collectors have many opportunities to acquire an example in a wide range of grades, including Mint State (PCGS has certified more Mint State examples of this type than any other -- by far). The PCGS CoinFacts Condition Census starts at MS64+ and goes up from there. The record price for this date was achieved by the Garrett coin when it reappeared at auction in 2015 and sold (as a PCGS MS66) for $182,125. However, there is an even better example "out there" -- a PCGS MS67 that has yet to come to market. That coin is the single finest Draped Bust Half Dollar in existence. I was not able to confirm the existence of the PCGS MS67. The specimen in the O-Neal set is an 1806 Pointed 6, Stem, MS66. The Pogue coin was 1806 Pointed 6, No Stem, MS65. It was an easy decision to pass on the Pogue/Link MS65 in the Link collection and keep this pre-unification MS66+ CAC.
1806 O-108 Knob 6, No Stem, VF35 Certification #06548389, PCGS #6072, Ex: Greer / Downey / Schertz / EH Morgan
Mr. Hansen obtained this coin from Stacks Bowers Nov-2019 Sale of The E. Horatio Morgan Collection of U.S. Half Dollars. The cataloger stated: The seven confirmed examples of the 1806 O-108 variety are as follows, expanded from the listing in Steve M. Tompkins' 2015 reference Early United States Half Dollars, Volume I: 1794-1807:
1 - PCGS EF-40. Ex private collector, bought in El Paso Texas, 1979; sold privately in 2002; our (Bowers and Merena's) Baltimore ANA Auction of July-August 2003, lot 1395; our (Stack's) Orlando Sale of January 2009, lot 416; D. Brent Pogue; our (in conjunction with Sotheby's) sale of the D. Brent Pogue Collection, Part I, May 2015, lot 1112; Dr. Charles Link Collection. The plate coin for the variety in the Tompkins early half dollar reference.
2 - PCGS VF-35. Ex Brian Greer, January 1995; Sheridan Downey, 1995; Dr. Gerald Schertz; Sheridan Downey's Mail Bid Sale #22, October 1998, lot 267; Sheridan Downey's Fixed Price List of July 1999; E. Horatio Morgan Collection.
3 - PCGS VF Details--Cleaned. Ex Charles R. Ross; 4 - PCGS Fine-15. Ex Philip Straus; 5 - PCGS Fine-12. Ex Pennsylvania collection; 6 - VG-10. Ex Harry Bernstein; 7 - PCGS VG-8. Ex discovered in Hawaii, 1976.
Mr. Hansen purchase the PCGS VF-35, Ex Brian Greer / E. Horatio Morgan for $84,000. Currently, PCGS values the coin at $150,000. The Link PCGS EF-40 is valued at $175,000. The Hansen Team elected to leave the VF-35 specimen as is, as result, the PCGS VF-35. Ex Brian Greer / E. Horatio Morgan Specimen becomes a true survivor.
1806/5 O-101 Large Stars, MS63 CAC, Certification #60051705, PCGS #39296, POP 2/2, Ex: Garrett / Pogue / Legend
In the 2021 Sale of The Howard Sharfman’s Incredible Chicago Collection of Half Dollars hosted by Legends Auction, the Hansen Team purchased seven coins for the Flowing Hair and Draped Bust Half Dollars Series (1794-1807). The total realized for the seven pre-Capped Bust Half Dollars that went into The Hansen set was $837,814.50. Of those coins, two survived the Dr. Charles Link Purchase. First the 1803 Large 3, MS63, CAC previously shown, and this 1806/5 Large Stars. Legend Auction described the coin as: WOW! This is one of the FINEST KNOWN examples of the O-101 die marriage and boasts an extensive provenance that dates back to 1885! Four die marriages featuring the 6/5 overdate are known, each using two different obverse dies. The O-101 is listed as a Rarity-3, and this one is the FINEST listed in the Tompkins Census and the finest listed in Stephen Herrman's AMBPR. The Link Specimen was also a MS63. The link coin would not have improved the Hansen Set. PCGS have graded two examples finer, a MS63+ and the MS66 that traces to the William Cutler Atwater, Reed Hawn, and Douglas C. Kaselitz Collection.
1807 O-102, MS63 Certification #82116102, PCGS #39339, POP 17/29 (POP 1/0 for O-102) Ex: NFC Coins
After a couple weeks of pondering this coin, I am still not sure how to frame up the 1807 Draped Bust Half Dollar. It is for certain a survivor, but why? I made comment pertaining to this coin on July 6th when I wrote: The Link set had a “Solitary Gem” 1807 Large Stars Half, Mint State-66 (PCGS) that last appeared in the Sep-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part II. The coin has a current PCGS price guide value of $265,000… The best 1807 Draped Bust coin that Mr. Hansen has is a PCGS MS63, with Overall POP 17/29. The PCGS Value difference between the Link MS66 and the Hansen MS63 is $247,000. Maybe that was a factor. I later wrote: Except for Hansen 1807 Draped Bust, MS63 specimen, the starting point in this set for a specimen would be $50,000. The 1807 coin is a POP 1/0 for variant rarity (O-102) but may not be a Top 50 specimen for date. Therefore, it is a little out of place for this Hansen set from a couple perspectives: PCGS Coin Value ($17,500) and Condition Census (PCGS POP 17/29). It is possible that Mr. Hansen liked his MS63 and did want to replace at this time. There could be other reasons this coin survived. Is this slot being reserved for a coin we don’t know? Only the Hansen Team and possible Dr. Link know for sure. No official comment has been made and there may not be one.
I will used opportunity to summarize and compare head-to-head the seven coins that is different in the Retired Link Set and the new Link/Hansen Unified Set. With 15 coins being currently represented in both sets, the remaining seven coins consist of three Link coins finer, two Hansen coins finer and two tied. By design or default, the 1807 ended up being the swing coin.
1805/4 O-101, MS64, Ex: Green / Newman / Link
Ron Guth Wrote: Actually, there were two different 1805/4 overdated dies, both of which have 4's clearly visible beneath the 5, even to the naked eye. Apparently, dies were prepared in 1804 for an anticipated coinage of half dollars which never materialized. Thus, in 1805, the engravers took the two leftover 1804 dies and punched a 5 over the 4. All of the 1805/4 Half Dollars are scarce and at least one of the die varieties (O-103) is rare (and its die states are even rarer still). Based on the PCGS Population Report, the 1805/4 overdated half dollar is approximately two to three times as rare as the normal 1805 half dollar. Mint State examples of both types are exceedingly rare, and the finest examples certified by PCGS thus far (as of May 2011) are a pair of MS65 examples. The pair of GEMs are the Eliasberg/Pogue PCGS MS65. The other MS65 has no information available. So, there is only four mint states with PCGS certification, the two previous mentioned GEMS, Hansen’s previous MS62 PCGS specimen from the Eugene H. Gardner Collection, and finally a Choice MS64 Link/Hansen Specimen. This means The Hansen Collection has two of the top four mint states, assuming there are four.
This coin does appear to have more story to tell. If information is correct provide by CoinFacts, Auction Sites, etc., the Link/Hansen MS64 Specimen sold in the Heritage Auctions Nov-2013, Selections from the Eric P. Newman Collection Part II Signature Auction for $152,750. The coin was described as: 1805/4 50C MS65 NGC, CAC, Tied for Finest Known. In a population discussion, Heritage wrote: At least two obverse dies were created with the 1804 date, as two different 1805/4 obverse dies are identified today. The O-101 and O-102 varieties are each more plentiful than O-103, but only about 1,000 pieces survive of all three varieties in all different grades. The Eric P. Newman specimen and the Eliasberg specimen, both certified MS65 NGC, are the finest known 1805/4 half dollars. There are also two pieces certified MS65 PCGS according to that firm's population data. We doubt that there are four MS65 1805/4 half dollars in existence as the certified data might suggest. We believe that the Newman and Eliasberg coins are the only two Gem examples known today, and that they are the two finest 1805 half dollars that exist of any variety. When we offered it in August 1998, the Eliasberg specimen was called the finest known 1805/4 half dollar. The coin realized over $100,000 at a time when few coins reached the six-figure mark. In current CoinFacts Data, the Eliasberg/Pogue Coin has withstood the test of time, the Green / Newman / Link / Hansen coin has not as a MS65. It is currently a PCGS MS64. Will it ever recover its GEM status? Time will tell. After reading the previous catalog description, the Link/Hansen coin may not have but one coin finer after all.
Mr. Link wrote about this coin: O-101 R.3. Gold CAC. Lovely originality and eye appeal. Heritage did provide a little more detail description: Careful examination reveals faint obverse clash marks with no die cracks or polishing lines. The reverse also shows faint clash marks with no other die defects. This amazing Gem has brilliant silver mint luster that shines through the deep golden-brown and iridescent toning on each side. The strike is exquisite and the surfaces are splendid with only a few inconsequential handling marks. Here is an amazing Draped Bust, Heraldic Eagle half dollar: a true centerpiece for an extraordinary cabinet.
In the cabinet that Dr. Charles Link assembled over a long period of time, it is a difficult to say this coin is a true centerpiece for an extraordinary cabinet. There are so many other great coins that I am not sure any of the 22 coins could be meaningful described as centerpiece. With that said, the 1805/4 made a nice upgrade Hansen’s previous Eugene H. Gardner MS62 Specimen. Although, that coin was a POP 1/3 with PCGS value around $92,500. This is one of the 16 coins that Mr. Hansen replaced with the Link purchase and in doing so, replaced a Condition Census Specimen!
Provenance: Ex: Colonel E.H.R. Green Collection; Partnership of Eric P. Newman / B.G. Johnson d.b.a. St. Louis Stamp & Coin Co.; Eric P. Newman @ $40.00; Eric P. Newman Numismatic Education Society (Heritage 11/2013 as MS65 NGC CAC) Lot 33423, $152,750; ANA U.S. Coins Signature Auction / Oliver Jung Collection; (Heritage 8/2014 as MS65 NGC CAC) Lot 5583, realized $152,945.05 (Auction Record); Long Beach Expo US Coins Signature Auction / An Important New York Collection; (Heritage 6/2018 as MS65 NGC CAC), Lot 3949, $111,000; Central States (CSNS) US Coins Signature Auction / Jim O'Neal Collection (Heritage 4/2019 as MS65 NGC CAC), Lot 3719, $105,000; Dr. Charles Link’s Early Half Dollars sold as MS64 PCGS CAC, 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
1805/4, O-101, MS64 PCGS POP 1/2, CAC Approved Certification 38669593, PCGS #39290 PCGS Price Guide $120,000 / Private Transaction Ex: Green / Newman (Dr. Charles Link Registry Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 10
With this post, we will bring all the pieces together. This has been a large endeavor, but I have learned a lot and it’s been fun. The Basic set, the Major Variety set, the subsets, and Hansen survivor coins consolidated into one viewing. We will conclude the post today with the last feature coin from the Heraldic Eagle (1801-1807) subset. When selecting coins to share in features, I tend to lend on these three questions:
1) Is the coin a PCGS Condition Census Top Five?
2) Is the PCGS Value at least $100,000?
3) Does the coin make any significance to the sets?
The eleven Link coins that were featured in this series are just that and was much more.
When reviewing completed sets, there are several ways of evaluating/comparing top sets. Let’s see a few ways to compare the Link set and the new Hansen set:
PCGS Registry All-Time Finest Ranking (See chart below)
The purchase for the 16 coins from the Link Set placed the Hansen Set in first place with GPA 60.16. Dr. Charles Link registered his set on 6/18/2014, starting with 20 of 22 coins required. He completed the set a few months later in September 2014. The set immediately obtained the #1 ranking which he never relinquishes, except for a short period of time when he unpublished his set. The Link set retired with GPA 59.34, therefore, The D.L. Hansen set is the best in PCGS Registry All-Time Finest sets.
PCGS Condition Census Top Five
Another way to evaluate a set is by the condition of all coins. To build a set with all coins graded PCGS Condition Census Top Five is World-Class. Prior to the Link purchase, the Hansen set had several coins outside the Top Five which may contribute to this statement from a top collector: Surprisingly low grade coins from a world class Collector. I think you can say that the Hansen 22-piece set is now world-class, although, it is not 100% PCGS Condition Census Top Five. The Hansen sets has two coins that are not Top Five: 1795 2 Leaves, MS63+ POP 3/7 and 1807 Draped Bust, MS63 POP 17/29. The Link set was 100% PCGS Condition Census Top Five expect for one near miss: 1795 Small Head, VF35 POP 3/5. The Dr. Charles Link retired set was the best PCGS Condition Census Top Five set.
PCGS Sole Finest POP 1/0
This way is sometimes used to evaluate the quality of a set. In looking at the two sets, the Link set had six PCGS Sole Finest coins: 1795 A over E in STATES MS64; 1803 Small 3 MS64; 1805 MS63; 1806 Pointed 6, No Stem MS65; 1806 Knob 6, No Stem XF40; 1806 Knob 6, Small Stars MS63. Amazingly, 27% of the set was PCGS Sole Finest specimens. Mr. Hansen purchase 5 of 6 of the Link top coins, passing on the 1806 Knob 6, No Stem XF40. The Hansen pre-existing set contained one PCGS Sole Finest specimen: 1795 Small Head MS63. As result, the Hansen set also has six PCGS Sole Finest coins. For PCGS Sole Finest POP 1/0, both sets are 27% with six coins each, resulting in a tie.
So, the difference in the retired Dr. Charles Link set and the new Link/Hansen Unification set is razor thin. I think Dr. Link said it the best a few days ago: Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL)
1794 Flowing Hair, MS61, Certification #29596206, PCGS #6051, POP 2/2, Ex: Simpson / Link 1795 Two Leaves (S/D), MS63+, CAC, Cert #25348636, PCGS #6052, PCGS POP 3/7, Ex: Link #2 1795/1795 O-111, Recut Date 3 w/ Leaves, XF45 Cert #31408657, PCGS #39245, POP 1/1, Ex: Link 1795/1795 O-112, 2 Leaves Recut Date, AU55, Cert #31879340, PCGS #39246, POP 1/1, Ex: Gardner / Link
1795 O-126a (Small Head), MS63, Cert #40274316, PCGS #39248, POP 1/0, Ex: Lord St. Oswald / Pogue / Simpson 1795 O-113a (A/E in STATES), MS64, Cert #29607647, PCGS #39254, POP 1/0, Ex: Eliasberg / Link 1796 O-101 (15 Stars) MS-63, Cert #04716717, PCGS #6057, POP 1/1, Ex: Eliasberg / Link 1796 O-102 (16 Stars), MS64, Cert #06135942, PCGS #6058, POP 1/1, Ex: Hawn / Gardner / Link
1797 O-101a, MS64 CAC, Certification #29480915, PCGS #6060, PCGS POP 1/2, Ex: Reed / Link 1801 O-101, MS62 CAC, Certification #31398668, PCGS #6064, PCGS POP 1/1, Ex: Gardner / Link 1802 O-101, AU58 CAC, Certification #08610305, PCGS #6065, POP 9/3, Ex: Link 1803 O-101 (Large 3, 12 Arrows), MS63 CAC, Cert #21085076, PCGS #39270, POP 2/1, Ex: Hain / Pogue / Sharfman
1803 O-104 (Small 3), MS64 CAC, Certification #05404659, PCGS #39274, PCGS POP 2/0, Ex: Hawn / Pogue / Link 1805 O-108, MS63 Certification #25316294, PCGS #39281, PCGS POP 1/0, Ex: Green / Newman / Link 1805/4 O-101, MS64 CAC, Certification #38669593, PCGS #39290, PCGS POP 1/2, Ex: Green / Newman / Link 1806 Pointed 6, Stem, MS66+ CAC, Certification #13022679, PCGS #6071, PCGS POP 2/1, Ex: David Lawrence
1806 O-109 Pointed 6, No Stem, MS65 CAC, Cert #13690012, PCGS #39310, POP 1/0, Ex: Silbermunzen / Pogue / Link 1806 O-108 Knob 6, No Stem, VF35 Cert #06548389, PCGS #6072, POP 2/1 Ex: Greer / Downey / Schertz / EH Morgan 1806 O-106 Knob 6, Small Stars, MS63 CAC, Cert #40027809, PCGS #6075, POP 1/0. Ex: Quella / Gardner / Link 1806/5 O-101 Large Stars, MS63 CAC, Cert #60051705, PCGS #39296, POP 2/2, Ex: Garrett / Pogue / Sharfman
1806 O-111a, 6 Invert 6 MS64 CAC, Cert #50213539, PCGS #6078, POP 2/0, Ex: Newcomer / Green / Norweb / Link 1807 O-102, MS63 Certification #82116102, PCGS #39339, POP 17/29 (POP 1/0 for O-102) Ex: NFC Coins
. 1806 Draped Bust, Pointed 6, No Stem, MS65, CAC
Although, this coin is not used in D.L. Hansen Basic Set, it is the only GEM purchased in the 16-coin Link lot. The retired Dr. Charles Link set had three PCGS graded GEMs. They were 1806 Pointed 6, Stem MS65+; 1807 Draped Bust MS65+, and 1806 Pointed 6, No Stem, MS65. The Hansen Team had a good reason not to acquire the 1806 Pointed 6, Stem MS65+ Link Specimen because the Hansen set has a better MS66+. I am not sure why the 1807 Draped Bust MS65+ was left on the table. Finally, a deal was made to include the only purchased GEM, the 1806 Pointed 6, No Stem, MS65. Purchasing this GEM may have been a hard decision because Mr. Hansen owns the #2 PCGS MS64 purchased Sep-2021 in the Legend Rare Coin Auctions from The Howard Sharfman’s Incredible Chicago Collection of Half Dollars, realized $41,125.
Ron Guth Wrote: The 1806 Pointed 6, No Stems Half Dollar is a popular, easily-recognized variety in a year full of varieties. In this case, the 6 is pointed and there is no stem in the eagle's left talon (viewer's right). The shape of the 6 was controlled by the decision of the engraver -- he picked up and used either a Pointed 6 or a Knobbed 6 punch. The missing stem was an oversight on the engraver's part -- the stem was not a part of the larger punch that included the eagle and clouds. The engraver's job was to add the stars in the field above the eagle and the stem. This is one of the most common varieties of the year, which means that collectors will have no difficulty locating an example, even in high grade. There is one die variety for this type - Overton 109 (later die states are styled as Overton 109a). Both PCGS and NGC have each graded just a single MS65 finer. There are only handful coins that are even close to being as fine as the Link/Hansen MS65 Specimen. The first is the Louis E. Eliasberg, Sr. Collection specimen that appeared in the Bowers & Merena Auction on 4/1997. The Eliasberg coin realized $126,500. There are also couple other PCGS specimens, with one graded MS64 and other graded MS63. As previous mention, Mr. Hansen owns the PCGS MS64.
CoinFacts survival estimate for this major variety coin as about 2000 specimens, with about 30 being mint state. With 30 mint states, it is a little surprising that the Link/Hansen specimen may be the sole GEM. Stacks Bower cataloger in the auction of the D. Brent Pogue Collection writes: Only two varieties of 1806 half dollars use a reverse with no stem through the eagle’s claw, this one and the extremely rare O-108, as offered in the previous lot. Though a fair number are known in nice grade, including more than a dozen in lower Mint State grades, this is the only Gem MS-65 to have been certified by PCGS. This variety appears to have been first published in the so-called “Haseltine Type Table,” an 1881 auction by John Haseltine that was published as a monograph, thereafter serving as the first listing of die varieties of quarter dollars, half dollars, and silver dollars. The collection was built by J. Colvin Randall, a Philadelphia numismatist, and it was Randall who wrote the Type Table, despite Haseltine’s claims of authorship. Randall owned a specimen he called Uncirculated (perhaps this specimen?). His idea that the variety was extremely rare has been modified by later discoveries, as collecting half dollars by variety has become a popular pastime in the 20th and 21st centuries.
Also, the Stacks cataloger provided a rather detailed description: Astoundingly beautiful and well preserved, a thrilling gem specimen. The cartwheel luster is almost beyond the bounds of the believable, and the strike is similarly fine. Each star on the right side of the obverse shows full raised central detail, as do nearly all of the stars among the reverse star cluster. Each eagle feather from chest to wingtip shows its full complement of graver strokes, a manifestation of the engraver’s ideal. The clouds are rounded and the denticles are sharp. Even the raised lathe lines at the central obverse are clear. Over this precise strike is superior toning, with bright gold at the rims embracing a frosty gray center that incorporates shades of violet and blue. The reverse is even more decorative and colorful, showing orange and brighter blue. A speck of residue persists inside star 11, and another piece of detritus is seen between the hair ribbon and stars, but no notable marks are found with a glass. A spot of deeper toning is harmless, just above the bust. Two clashes are seen on the obverse above the date, but evidence of only one impression is seen on the reverse, noted only between the wingtip and OF.
Provenance: Ex: Club Cal Neva Sale (Superior 9/1987), Lot 225; Jascha Heifetz Collection (Superior 10/1989), Lot 595, realized $22,000; Silbermünzen Collection (Heritage 5/2008 as MS63 PCGS), Lot 500, realized $63,250; The D. Brent Pogue Collection, Part I, (Stack's/Bowers & Sotheby's 5/2015 as MS65 PCGS) Lot 1113, realized $129,250 (Auction Record), Dr. Charles Link Collection; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1806 Draped Bust, Pointed 6, No Stem, MS65, O-109, MS65 PCGS POP 1/0, CAC Approved Certification #13690012, PCGS #39310 PCGS Price Guide $120,000 / Private Transaction Ex: Silbermunzen / Pogue (Dr. Charles Link Registry Set)
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 11
Probably in ‘19, I made the hard decision that I am really going to go for best in grade.. really going to start to scrutinize the top coins for each date and grade.. asserted effort to buy those coins and upgrade those coins – Dell Loy Hansen (A Behind-the-Scenes Look at the Hansen Collection - from the NNP, 16:25 / 32:26)
This eleven-part series was dedicated to the purchase of the fabulous Dr. Charles Link’s Early Half Dollars will end where we started a few weeks ago. The Half Dollar denomination started with the production of the 1794 Silver Dollar. In the first year, 23,464 Flowing Hair Half Dollars were produced. After near 230 years, the denomination is still being annually produced even though they are not being used in commerce very much. PCGS has a registry set the represents the “entire” collection of half dollars: U.S. Half Dollars Complete Set with Major Varieties, Circulation Strikes (1794-present). 532 coins are required to complete the set from 1794-2020. The D.L. Hansen Collection has 531 coins missing the 1842 Small Date, Rev of 1839 Seated Liberty. Mr. Hansen is attempting to make history by competing the first registry set and at an astonishing level of quality.
PCGS Registry Comment: With the addition of major varieties to the set, two additional rarities come into the mix. The 1806, Knob 6, no Stem is extremely rare, with fewer than half a dozen examples extant. The 1817/4 overdate is the most famous and valuable of all the Capped Bust Half Dollars. As of now, only about 11 pieces are known, but it is important to realize that four of the eleven known 1817/4 Half Dollars have been discovered since 2005, and that the most recent find was in late 2013 or early 2014, when an example was purchased as a Punctuated Date 1817! This set is certainly one of the widest in scope and due to the large size of the coins, one of the most enjoyable to view and display. In the two fore mention rarities, the Hansen coins are a couple of amazing condition census specimens:
1806 O-108 Knob 6, No Stem, VF35 Cert #06548389, PCGS #6072, POP 2/1, Ex: Greer / EH Morgan 1817/4 50C VF20 cert #16351096, PCGS #6112, POP 2/2, Ex: Witham (Discovered Ed Johnson)
Surprisingly, there are several rare Seated Liberty Half Dollars that were not mention in the PCGS Registry comment, including the 1853-O No Arrows, VF35 which the D.L. Hansen Collection has the Garrett Specimen, finest of four known. Also, the 1842 Small Date, Rev of 1839 Seated Liberty is the only coin missing in the collection. This coin is a rarity with only four known with just one mint state specimen. There are several other dates in this series that are not known in uncirculated. In this 532-piece set, there are eight Hansen coins graded between VF20-XF45. Of the eight coins, five are PCGS Condition Top Five. The prime circulated coin for replacement is the 1861-O CSA Obverse, XF40, POP 18/38 specimen.
The overall PCGS Condition Census of the 532-piece registry set:
Sole Finest POP 1/0 Specimens - 80 Coins - 15%
Tied for Finest POP X/0 Specimens – 189 Coins – 35.5%
Only One Coin graded Finer Specimens – 95 Coins – 18%
Additional Condition Census Top 5 Specimens – 90 Coins – 17%
Non- Condition Census Specimen – 77 Coins – 14.5%
Missing Specimen – 1 Coin – 0.2%
You can gather several interesting take-a-ways from these stats. First, The Hansen Collection of Half Dollars has slightly more than 50% of the coins that are either sole finest or tied for finest. Also, the set contains 85% Condition Census Top 5 Specimens. From this prospective, the $3.5 plus Million Dollars that Mr. Hansen spent on 16 coins have very little significance on overall Condition Census of a 532-piece set.
In early March 2021, the Hansen Collection purchased 14 Franklin Half Dollars from Linda Gail Collection. At the time, I posted: I mention a few days ago that I will have a brief discussion on significance. I wrote: The 14 Linda Gail Franklins were purchased to upgrade Hansen Great Collection of Half Dollars. In this mega collection, it can be hard to realize how significant 14 coins can be. After all, the Hall of Fame basic set requires 3741, so can 14 coins make any difference? In GPA, I would say not much. To really understand the true dynamics of what is slowly taking place, the mega set has to be broken down in bit size pieces. In doing so, I took a stab at taking a closer look by denomination (or groups) and then even more granular by series (Registry sets). At this point, what I am going to share is something that I don’t believe to be a Hansen goal. We have been told which I believe to be true, that Mr. Hansen is just having fun with his collection. He is hunting for coins to improve the sets and collection. He enjoys building sets. The results from having fun are phenomenal. I also shared the following:
I broke out 439 coins of the 3741-piece Hall of Fame set and form the Half Dollar Collection. Then let’s take a deeper look at this 439-piece collection. I broke the half dollars into seven basic series that represent the Half Dollars from 1796 to present. I hope this gives you a better feel of just what has materialized with the 14-coin Linda Gail purchase. For half dollars, the Hansen Collection current has the all-time finest sets in four of the seven series. I believe this to be the first time ever for the Hansen Collection to have this many top sets for one denomination. We should recognize that the two early sets need a little more improvement. It is not realistic that Mr. Hansen can build or buy every top set for all series. The Hansen basic set improved to a very respectable GPA 62.93 closing the gap on D. Brent Pogue Collection. Maybe more importantly, the purchase moved the set up in all-time ranking from #7 to #4.
The Link Half Dollar purchase is not just a basic set improvement, rather I believe to be more significant to the Major Varieties sets. For that reason, I expanded this to include the major varieties and added some additional beneficial information.
In this table, we can easily evaluate the importance of the Link purchase in respect to sets. I have represented the Half Dollars Major Varieties, 1794 – Present in seven sets. In this case, all sets are in the PCGS registry. With the Link purchase, the Flowing Hair / Draped Bust (1794-1807) set now fits nicely and is complementary to the other sets. The Franklin Half FBL (1948-1963) has the largest percentage PCGS Top Pop Finest coins (77%). The Barber (1892-1915) has the largest percentage PCGS Condition Census (Top Five) coins (100%). Amazingly, the composition of the Half Dollar Collection has slightly more than half of the coins PCGS Top Pop Finest specimens. Obviously from the chart, the two weakest sets are the Capped Bust (1807-1839) and Walking Liberty (1916-1947). The Hansen team has worked hard to improve the Capped Bust (1807-1839). Last year, they purchased eleven coins for Capped Bust Halves Major Varieties from the Howard Sharfman’s Incredible Chicago Collection of Half Dollars. With only 53% of coins PCGS Condition Census, the set has a lot of opportunities still. The Walking Liberty (1916-1947) is other weak set with 39% PCGS TOP POP Finest and 77% PCGS Condition Census.
We have learned in the past couple months that Mr. Hansen goal is twofold, “to build complete sets and have fun”. For Mr. Hansen, I am sure working with his team including John Brush, and with Dr. Charles Link to negotiate the purchase of the 16 coins was a lot of fun. Mr. Link wrote a few days ago: It was a pleasure to deal with Dell Loy and John Brush directly on finding a new home for my set. As you saw today, his set is right at home with the other Hansen Half Dollar sets. As for the future, there are several other exciting collections that will hit the market in the next few months. We will have to see if Mr. Hansen used all his fun up!
1794 Flowing Hair, MS61, Ex: Simpson / Link
This is the coin that started it all for the US Half Dollars. The Hansen Collection has a solid PCGS Condition Census example for this first coin in the denomination. Providing expert comments, Ron Guth wrote: 1794 was the first year for of the Half Dollar denomination (for some reason, no pattern Half Dollars were made in 1792 even though the Half Dollar was a part of the official, coinage scheme). The mintage reported for this inaugural year was only 23,464 pieces, which was less than a tenth of the following year. Because this was a high-denomination coin, few "man-on-the-street" types ever saw this coin, assuming they even knew it existed. Thus, very few ended being preserved for future generations. Of the five Mint State 1794 Half Dollars, the star is the PCGS MS64 from the D. Brent Pogue Collection that sold for $763,750 in 2015. The next best example appears to be the Reed Hawn coin that last sold as part of the Queller Family Collection in 2002 for $195,500. That coin was called Choice Brilliant Uncirculated in 2002 and has not reappeared at auction since then.
On the PCGS Condition Census report, the Simpson/Link/Hansen MS61 specimens is tied for third behind the Pogue and Hawn specimens. The Pogue MS64+ specimen is currently in the Jim O’Neal Collection. The other PCGS MS61 is the Ex: Eliasberg/Friend Specimen that last sold in a Jan-2019 Heritage Auction realizing $288,000. There may be a couple other non-PCGS mint states.
The Hansen/Link 1794 Specimen’s provenance atarted almost 65 years when first appearing in Stack's 11/1957 Sale of the Empire Collection. The coin realized $132,250 in the Jan-2004 Stack’s Americana Sale of the John R. Gregg, Jr. Collection. The coin showed up a few years later in the 8/2006 American Numismatic Rarities of The Old West & Franklinton Collections, Lot 544, realized $195,500. After this sale 16 years ago, the history is a little mysterious. Reportedly, the coin spent some time in the Bob Simpson Collection before finding the recent home in Dr. Charles Link’s collection.
I was able to locate my catalog of the Aug-2006 American Numismatic Rarities sale of The Old West & Franklinton Collections. Christine Karstedt and Q. David Bowers hosted some great sales back in that time. The highlights of The Old West Collection were Carson City $5 and $10. The Franklin Collection is a New England cabinet, and the highlights are not that clear. It is no mention who the consignor of the 1796 MS61 Half Dollar. Amazingly, no less than four 1794 Half Dollars were offered in this sale as follows: Lot 544 Link Hansen MS61 NGC, Lot 545 VG (PGI), Lot 546 VG8 (PCGS) and Lot 547 AU 58 PCGS bills as the Finest Known 1794 0-105, Ex: Eliasberg. The AU58 Eliasberg realized $253,000!
ANR’s cataloger description: A highly impressive specimen of our first half dollar issue, one of the very finest known of the variety or date. Lovely opalescent antique silver gray surfaces yield to subtle olive highlights and generous cartwheel luster. The eye appeal is magnificent, “boasting an incredibly original appearance” as the 2004 Stack’s catalogue put it. The strike is excellent on both sides, an important consideration for this sometimes unevenly impressed issue, and exemplary detail is seen in Liberty’s hair, the eagle’s head and wings, and the peripheries. It is cool going back in time and reading catalog descriptions from the past. Due to lack of great imagery, the long-lost art of describing a coin is refreshing.
The ANR’s cataloger continues the description highlighting overall quality: Some natural adjustment marks are seen on the obverse, but only under scrutiny, as the force of the strike mostly obliterated them; the diagonal vestiges are mostly notable in the high point of Liberty’s hair at the precise central obverse, with lesser lines seen on the cheek and in the field in front of Liberty’s chin. A few shorter adjustment marks are seen outside the stars on the right side of the obverse. A thin curved scratch runs from in front of Liberty’s nose to inside star 13, some minor scattered contact points, nothing serious. The overall quality is impressive, and the aesthetic appeal is grand. Some people refer to a specimen like this as “wholesome” though we prefer the rare-book term “unsophisticated” used to describe a book that has never been rebound, fixed, or otherwise tampered with. You don’t see this type of descriptions as much today. For me, this is a lot better description than overusing terms like WOW, monster, moon, etc.
The ANR’s cataloger completes the description with a discussion on rarity: A rarity in all grades, Mint State 1794 half dollars are a special and highly desirable breed. A handful of top-grade pieces exist, all from this Overton-101 die pair, including the lovely Eliasberg coin, the high-grade Reed Hawn-Queller specimen, the Jimmy Hayes coin that last sold in 1985, and the magnificent F.C.C. Boyd-Noblet coin (PCGS MS63) that sold in 1999 for $288,500. With only these few to satisfy all the connoisseurs of this popular denomination, the opportunity to purchase one is not to be taken lightly. Many great collections of half dollars have contained only circulated specimens of this date, even Pryor had only a VF from this die marriage. Ownership of any 1794 half dollar is a point of pride, but successfully purchasing a specimen like this could really define a world-class cabinet of this denomination.
Also 16 years later, this 1794 MS61 coin end up in a world-class cabinet of this denomination owned by Dell Loy Hansen along with 21 other magnificent early half dollars. The Hansen Specimen replaced was a 1794 PCGS AU53 CAC, purchased in a Mar-2019 Legend Auction described as “Multiple WOW factors here!” The coin realized $129,250. Is this world-class cabinet of Flowing Hair / Draped Bust half dollars completed? There is a little room of improvement, and we will have to watch and see if Mr. Hansen wants to have more fun with the set. Thanks for following along with this series.
Provenance: Ex: Empire Collection (Stack's 11/1957), Lot 1264; Americana Sale / John R. Gregg, Jr. Collection (Stack's 1/2004) Lot 3303, realized $132,250; Sale of The Old West & Franklinton Collections, (American Numismatic Rarities 8/2006 as MS61 NGC) Lot 544, realized $195,500; Simpson Collection; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1794 Flowing Hair Half Dollar PCGS POP 2/2 Certification #29596206, PCGS #6051 PCGS Price Guide $360,000 / Private Transaction Ex: Gregg / Simpson (Dr. Charles Link Registry Set)
One thing I love about @DLHansen's collecting is that he collects all eras of US coins.
Here are some interesting coins from @DLHansen's Ike set!
What's really interesting about these is that they look like they are from the same coin submission from their cert numbers, but they have 3 different generations of TrueViews!
Outstanding Wurt Collection of Morgan Dollars, Part 1
The Wurt Collection of Morgan Dollars of Major Varieties, Circulation Strikes (1878-1921) has been acquired by Mike's Coin Chest and will be sold piece by piece. This set is within the Morgan Dollars of Major Varieties, Circulation Strikes (1878-1921) category.– PCGS (August 17, 2022)
This story starts with the Stacks Bowers November 2020 Auction of The Larry H. Miller Collection of Morgan Dollars. Prior to this sale, The DL Hansen Collection of Morgan Dollars had an All-Time Finest Ranking of 18 in the PCGS registry. Mr. Hansen purchased eight Morgan Dollars in the sale, paying approx. $3.6 Million. The lowest price that he paid was $66,000 for the 1886-S MS67, PCGS POP 5/0, CAC. The other seven coins all realized six figures, as shown below:
1895-S, MS67DMPL, POP 1/0, CAC, Cert #04884182, Realized $336,000, Ex: Jack Lee
1893-O, MS65DMPL, POP 1/1, CAC, Cert #04884185, Realized $360,000, Ex: Jack Lee
1892-S, MS68, POP 1/0, Cert #07455547, Realized $630,000, Ex: Jack Lee
1897-O, MS67, POP 2/0, Cert #05700150, Realized $348,000, Ex: Jack Lee
1895-O, MS67, POP 1/0, Cert #07455561, Realized $528,000, Ex: Wayne Miller/ Jack Lee
1884-S, MS68, POP 1/0, Cert #07455496, Realized $750,000, Ex: Chuck Walanka / Jack Lee
1893-S, MS65, POP 5/1, CAC, Cert #03134219, Realized $600,000, Ex: Larry H. Miller Collection
If you can think of constructing a building, this purchase became the foundation of building the tallest building in town. To add some substance to this statement, I will bring in focus the key date, top thirteen coins based on PCGS weighting (8-10). There is only one coin weighted 10, the 1893-S. The remaining twelve is split down the middle with six weighted as nine, and six weighted at eight. Here are the twelve key date Morgan’s currently in the Hansen Collection plus the 1893-S.
PCGS Weight 10
1893-S (10.00) MS65 POP 5/1, From Larry H. Miller
PCGS Weighted 9
1884-S (9.00) MS68 POP 1/0, Finest certified by PCGS, From Larry H. Miller
1889-CC (9.00) MS64+DMPL POP 3/3, Finest PCGS certified DMPL, From 2016/2017
1895-O (9.00) MS67 POP 1/0, Finest certified by PCGS, From Larry H. Miller
1896-O (9.00) MS64 POP 32/3, From DLRC 2018
1901 (9.00) MS64 POP 33/3, From DLRC 2018
1901 DDR (9.00) MS62 POP 3/1, From Barry Stuppler, Mint State Gold (Late Jan 2021)
PCGS Weighted 8
1886-O (8.00) MS65 POP 6/2, From Wurt Collection (Aug 2022)
1892-S (8.00) MS68 1/0, Finest certified by PCGS, From Larry H. Miller
1893-CC (8.00) MS65 POP 13/4, From DLRC 2018
1893-O (8.00) MS65+ DMPL POP 3/1, Finest PCGS certified DMPL, From Larry H. Miller
1894 (8.00) MS66+, POP 1/0, Finest certified by PCGS, From Wurt Collection (Aug 2022)
1895-S (8.00) MS67DMPL 1/0, Finest certified by PCGS, From Larry H. Miller
With this current purchase all thirteen of the highest weighted coins are PCGS Census Condition Top Five, with five as PCGS POP 1/0 Sole Finest. Two other specimens are finest PCGS certified DMPL. This sets the stage for this Morgan Collection to reach great heights.
As we sometimes see, Mr. Hansen will follow-up a great purchase with a second punch. That is exactly what happened in late November 2020. The Illinois Morgan Collection was on the market. Barry Stuppler ‘s desire was to keep the set together and sell intact. The set contained 12 PCGS POP 1/0 specimens; with most all the sole finest Illinois coins are from the Coronet Collection. After an unsuccessful attempt to sell intact, Mr. Stuppler broke the set and stated to sell individually. Well, now Mr. Hansen second punch was the purchase of four of the PCGS POP 1/0 specimens.
1881 (4) MS67+, POP 1/0, Finest certified by PCGS
1883-S (7) MS67+PL, POP 1/0, Finest certified by PCGS
1898-O (1) MS68DMPL, POP 1/0, Finest certified by PCGS
1903-S (7) MS67+, POP 1/0, Finest certified by PCGS
These four upgrades provided enough of a bump, that the Hansen Collection hit #4 in the all-time ranking. This is a move up from #6 and the first time ever on the all-time leader board for the Basic Morgan Dollars. It also represents a move into first place in the current rankings. Today, the Hansen set still remains in #4 in the all-time BASIC ranking, although I no track the basic sets.
The second punch was really a combination, because he delivered another quick purchase of four additional Morgan Dollars a couple months later in January 2021. Three of the four coins were purchased from Barry Stuppler, (Illinois Collection). The other coin is from another source that Mr. Hansen frequently turns to, GreatCollections Auction. Here are the four 2020 upgrades and approximately when purchased.
GreatCollections Auction (1/24/2021)
1903-O, MS67+, CAC, POP 10/0, Tied Finest certified by PCGS
Barry Stuppler – Mint State Gold – Late January 2021
1878 7TF (Rev 79), MS67, POP 1/0, Finest certified by PCGS
1901 DDR, PCGS MS62, POP 3/1
1904-S, MS67 CAC, POP 2/0, Finest certified by PCGS
Mr. Hansen delivered couple addition punches in late May 2021. He picked a Morgan Dollar from Larry Shapiro Rare Coin. The 1883-O MS67+ CAC Approved (PCGS POP 20/1) coin is not that rare and expensive. The asked price on the website was $7,495. The coin sold in Heritage Central States US Coins Signature Auction in April 2021. Then, DLH purchased one additional coin from Barry Stuppler at Mint State Gold (MSG). The coin purchase was the 1894, MS65+ CAC (PCGS POP 6/6). The ask for the coin was $46,000. The coin replaced a MS64 with POP of 288/67. No question this was a nice and much needed upgrade, but it was not a PCGS Condition Census Top Five Specimen. After this purchase of the 1894 in late May 2021, Mr. Hansen completely dropped out of the fight for 15 months, until this week at the ANA World's Fair of Money. He replaced the last coin purchased.
1894 Morgan Dollar MS66+, CAC, Ex: Jack Lee 2 / Coronet / Wurt PCGS Registry Set
This is one of the top 13 weighted (Key Dates) in the 117-piece set. DLH replaces the MS65+, CAC, Ex: Illinois Set specimen purchased 15 months ago. This Wurt MS66+ CAC specimen is the superstar. The mintage for the coin is 110,000. Coin Facts estimates 8,990 survived in all grades with 6,490 in mint grade. Coin Facts estimate 125 is the survival for GEM. That sounds like a lot but is certainly not enough to cover the thirst of the Morgan Collectors. The basic PCGS registry has almost 1000 (978) sets in the registry. How many Morgan set collectors outside the registry is unknown and hard to imagine.
Expect Q. David Bowers stated: The 1894 dollar has the lowest circulation strike mintage of any Morgan dollar except the 1893-S (not including the 1895). As such, they have always been popular with collectors. Although quantities of Mint State coins existed in the 1950s and early 1960s, nearly all have been dispersed by now. Among Philadelphia Mint Morgan dollars, the 1894 is the second rarest (after 1901) in Mint State. Examples are offered for sale with regularity, but in the modern market it is seldom that even a small group is found. Most coins are in lower Mint State ranges. The demand for the latter is softened somewhat by the availability of high-grade Proofs. The striking quality of Mint State 1894 Morgan dollars ranges from average to sharp. The lustre on most well-struck pieces is frosty and attractive. On the other hand, average to below average coins are apt to have weak breast feathers on the eagle and have unsatisfactory lustre. Due this low availability, Expert Ron Guth warned: BEWARE OF ALTERED COINS WITH REMOVED MINTMARKS.
This MS66+ specimen is from the Jack Lee 2 Collection. The coin resided in Coronet Collection before being offered by Legend Rare Coin in 2015, the coin realized $152,750 (Auction Record). The coin was described as: We can't imagine a better coin to start Part II of the Coronet Collection of Morgan Dollars. Not only is this coin superior to every other 1894-P, at first glance it even looks like an 1879-S! Incredible surfaces are satin smooth and have faint traces of semi-prooflike mirrors. Marks, ticks, and lines are all held to a bare minimum, visible only through a strong glass. A full, booming luster shows off original, creamy white color. Miss Liberty and the details are frosty and sharply struck. The eye appeal is fantastic! This is the sole MS66+ graded by PCGS and it last brought $74,750.00 in a 2009 auction. If you're a gem Morgan collector, you know how exceedingly rare a true gem 1894 is and to have the opportunity to own the undisputed finest 1894 Morgan Dollar is an opportunity that cannot be missed! We expect this coin to start off Part II of the Coronet Collection with a record price. Good luck!
The coin was one of the centerpieces in the Wurt Collection (PCGS Set Registry). The Wurt Morgan Collection was on display at ANA World's Fair of Money and offered for sale be sold piece by piece by Mike's Coin Chest. This is one piece that was purchased to go into the D.L. Hansen Collection to replace the Illinois Set Specimen.
Provenance: Jack Lee 2 Collection; Coronet Collection, (Legend Rare Coin Auctions 10/2015) Lot 1, Realized $152,750; Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1894 Morgan Dollar MS66+ PCGS POP 1/0, Finest Certified by PCGS and finest CAC Approved Certification #25635922, PCGS #7228 PCGS Value Guide: $200,000 / Purchased Shaun Bobb of Mike's Coin Chest Ex: Jack Lee 2 / Coronet / Wurt PCGS Registry Set
Outstanding Wurt Collection of Morgan Dollars, Part 2
Mike's Coin Chest Acquires the Outstanding Wurt Collection of Morgan Dollars, A PCGS Registry Set on Display at ANA World's Fair of Money– PCGS (August 17, 2022)
This story picks up where we left off a couple days ago. After an upgrade in late May 2021, Mr. Hansen did not purchase any additional Morgan Dollars, until this week at the ANA World's Fair of Money. The press release indicated: The Collection will be on display at the American Numismatic Association's World's Fair of Money at Table 1228 in a special display by Mike's Coin Chest (MCC). Also, MCC was offering the coins for purchase individually. On MCC’s website, The Wurt Collection of Morgan Silver Dollars is said to be the #1 Ranked PCGS / CAC Registry Set. The Hansen Collection published a new CAC set on 1/17/2022 has moved into the #1 spot. I assume this was accomplished with purchase of coins from the Wurt Collection, due to the fact, David Lawrence Rare Coins made a pretty large purchase of Wurt Collection of Morgan Dollars.
MCC described the 117-piece set as: The Wurt Collection of Morgan Silver Dollars is the current number 1 ranked PCGS / CAC Registry set With Major Varieties and the #1 PCGS / CAC Basic Morgan Dollar Set. The Wurt set contains some of the finest Morgan Silver Dollars in existence graded by PCGS and CAC. This collection has taken eighteen years to accomplish, and it shows by the overall quality and precision of the hand-picked coins. When looking through the set, you realize how incredible it really is. No coin was purchased simply for price or for the grade on the holder. Every coin in the collection is Premium Quality and, in my opinion, it is the most impressive set there is. In today’s market, coins don’t look like this. The coins have booming luster, near flawless surfaces, and incredible eye appeal. There are several finest known top pop coins and contains multiple pedigrees that have been in the hands of some of the most historic collectors of our time, as well as some of the top ranked collections of all time. Jack Lee, Gold River, Vanderbilt, and Coronet are some of the noted collections these coins have been a part of. To complete a Morgan Dollar set is an accomplishment in itself but, to have the finest known PCGS and 100% CAC (Basic and with Major Varieties) registry set is a masterpiece.
As read in the description, MCC offered a list of a dozen of coins they referred to as: “highlights in the set”.
1880-O MS66 CAC, POP 2/0, “pop 1 CAC”, Obtained by D.L. Hansen, PCGS: $200,000 1886-O MS65 CAC, POP 6/2, Obtained by D.L. Hansen, PCGS: $285,000 1887-O MS66+PL CAC POP 2/0, Obtained by D.L. Hansen, PCGS: $100,000
1889-CC MS64+ CAC, D.L. Hansen Specimen, MS64+ DMPL, POP 3/3
1892-S MS64+ CAC, D.L. Hansen Specimen, MS68 VCAC, POP 1/0
1893 MS66 CAC “Pop 1 CAC”, D.L. Hansen Specimen, MS66 CAC, POP 7/0
1893-S AU58+ CAC, D.L. Hansen Specimen, MS65 CAC, POP 5/1 1894 MS66+ “Pop 1/0”, Obtained by D.L. Hansen, PCGS: $200,000
1895-O MS64 CAC, D.L. Hansen Specimen, MS67 CAC, POP 1/0
1895-S MS66+PL CAC “Pop 1/0”, D.L. Hansen Specimen, MS67DMPL CAC, POP 1/0 1899-O (Micro O) MS66 CAC “Pop 1/0,” Obtained by D.L. Hansen, PCGS: $92,500
1902-S MS67+ CAC “Pop 1 / 0”, D.L. Hansen Specimen, Eliasberg/Sunnywood/Simpson???
The D.L. Hansen Collection acquired five of the 12 top highlights. The coins have a PCGS Price Guide Value of $877,500. Of the seven coins not purchased by DLH, the Hansen Collection has five specimens that are finer examples. For the 1893 date, both Collections have MS66 CAC example. It appears the 1902-S slipped away, or was it really needed. According to CoinFacts, Condition Census report, the Eliasberg/Sunnywood/Simpson MS67 example is in the Hansen Collection. The coin is currently not in the registry set, I cannot find it listed anywhere in the Collection. The Wurt MS67+ is finer, but Legends in a 2014 sale descried the Eliasberg/Sunnywood/Simpson MS67 coin as: “this is quite likely the finest surviving example of the issue”. I wondered if we will see the coin back in the collection in the future.
According to the revised set, there were 21 coins upgraded. Minus the five highlighted coins, there were 16 others. We will look at some of them next time. Now, let’s see the feature coin for today.
1887-O Morgan Dollar MS66+PL, CAC, Ex: Coronet / Wurt PCGS Registry Set
We’re not sure why this coin is not graded MS67PL. Incredible 6" deep mirrors are mark free and almost full DMPL status. A flashy, booming luster shows off undipped, problem free white surfaces. Miss Liberty and the details are fully struck and stand out with thick, snowy white frost. The cheek is amazingly clean, and the eye appeal is jaw dropping! Legend used this description in The Regency Auction XII June 2015.
Expect Q. David Bowers stated: On the coin market the 1887-O Morgan dollar seems to have always been available in Mint State, possibly from a supply augmented by occasional releases of mint-sealed bags, which are known to have occurred in 1938, 1953, 1957, and probably a few other years as well. In the 1962 emptying of the hoard of 10 million New Orleans coins from a sealed vault in Philadelphia, many 1887-Os turned up, but it was not one of the most plentiful dates. Bags from Treasury holdings were released by the government as late as March 1964 and were among the last issues paid out. Reminiscing in The Comprehensive Silver Dollar Encyclopedia, Dean Tavenner said that he obtained one bag of prooflike 1887-O dollars with bagmarks in April 1964 just at the time his bank in Deer Lodge, Montana was running out of silver dollars at face value. He also noted that EF and AU 1887-O dollars, as well as New Orleans dollars of certain other dates, were released in quantity in mint-sewn bags.
With plentiful availability for this date, one would think high grade examples could be easily found. That is not the case. With survival estimates of about half million specimens in mint state, and total survival is maybe a million 1887-O Dollars, an estimate that 1,175 GEMs may have survived. That is about 0.1%. Mr. Bowers wrote Mint State grades: The typical Mint State coin is heavily bagmarked, has dull lustre, and is poorly struck. As if that were not enough, it is apt to be in lower grade levels. Wayne Miller wrote: "In 1971 the author bought an original Uncirculated bag of 1887-O dollars which did not contain one fully struck coin." In grades MS-60 through MS-63 the 1887-O's common, and probably somewhere around 100,000 exist. At the MS-64 level it becomes scarce, with 3,000 to 6,000 surviving. Fully struck MS-65 coins are rare and number only in the hundreds.
At the top end, there are only two specimens graded MS66+. The first one is the Ex: JCS Collection specimen. The coin appeared in auction twice in the last couple years. In 2019 Heritage Auction for The Shucart Family (JCS) Collection of Morgan Silver Dollars, the coin realized $48,000. Appearing earlier this year, the coin again was offered in the 2022 Long Beach Expo US Coins Signature Auction. Heritage wrote: The 1887-O is the definition of a condition rarity. Including the possibility of duplicate submissions, PCGS has seen only 18 coins in MS66 across non-Prooflike, Prooflike, and Deep Mirror categories combined. Just two of these coins are Plus-graded -- one of the Prooflike pieces, and this frosty coin. None are finer (1/22). This time, the JCS MS66+ CAC coin realized $78,000 and currently resides in the Alan Gary Tyler (PCGS Registry Set). The Hansen/Wurt Specimen is the other MS66+ CAC specimen, and also the Prooflike piece referenced in the 2022 Heritage sale.
In recent history, the only time the Hansen/Wurt MS66+ CAC specimen appeared in auction was the Legend sale reference at the start of the posting. In addition, Legend wrote in the sale: We’ve never seen another 1887-O even remotely similar to this. In 2009 the lone 1887-O MS66 sold for a mere $38,815.00, but that was five years ago, and this coin is even nicer. The Coronet Collector bought this wild gem via private treaty for $75,000.00 and once you see this coin, you'll agree that it’s a record breaker! The coin realized $61,687.50.
Today’s featured coin is the second of the highlights in the Wurt Collection (PCGS Set Registry). I sure it was with mix emotions that Mr. Hansen made the decision to replace his existing 1887-O Specimen. The Collection has the MS66DMPL Cert #82122289 specimen. This coin is the finest certified DMPL and is a POP 1/0, PCGS Sole finest DMPL. The coin is an Ex: Miller/ Lee. I did a quick peek and can confirm the coin has been reassigned the D.L. Hansen #2 Set. The coin is still playing a major role in the Hansen specialty Morgan Dollars Prooflike set. It could be replaced with the MS66+PL. We will have to wait and see if the coin remains in the collection.
Provenance: Coronet Collection (Legend Rare Coin Auctions 6/2015), Lot 41, Realizing $61,687.50; Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1887-O Morgan Dollar MS66+PL, CAC PCGS POP 2/0, Finest PCGS Certified PL/DMPL Certification #25635852, PCGS #7177 PCGS Value Guide: $100,000 / Purchased Shaun Bobb of Mike's Coin Chest Ex: Coronet / Wurt PCGS Registry Set
Outstanding Wurt Collection of Morgan Dollars, Part 3
This piece is a total headlight.– Mike’s Coin Chest, Inc. (August 2022)
This D.L. Hansen story of Morgan Dollars continues. The past couple posting, you saw two of the five highlights specimens that The D.L. Hansen Collection acquired from Outstanding Wurt Collection of Morgan Dollars. Today will be the third. But as I indicated earlier, I am not certain the total that the Hansen team acquired, but it seems in the 23-24 piece range. I found a couple coins upgraded in #2 set, but the bulk was top set upgrades. Along with the five highlights, there were 16 additional upgrades totaling 21 coins. I have included this chart to provide a visible perception.
There were 21 coins upgraded/switched on 8/17/29022. Actually, seeing the coins in this chart is difficult, but as you can see with the shading, two of the coins in bright yellow are PCGS POP 1/0 sole finest (1894 and 1899-O micro). In addition, six are tied for finest certified by PCGS. There are ten others that are PCGS Condition Census Top Five. Wrapping up the final three, they are non-condition census with the highest PCGS POP being the 1894-O MS64+ CAC, Cert #25635879, PCGS POP 75/17, valued at $13,000. The other two coins just missing the top five, 1880 PCGS/CAC MS65+ (VAM-9, 8/7 Stem) PCGS POP 6/5 and 1886-S PCGS/CAC MS66+ with PCGS POP 9/5. Also note, all of the Wurt coins are CAC Approved, even in the Hansen notes that is not shown to be 100%. My table below, show the sixteen upgrades.
I reported earlier, the top five upgrades have a total PCGS Price Guide Value of $877,500. The second grouping of 16 coins are PCGS valued at $351,250. This placed the total PCGS Price Guide Value of the 21-piece top set purchase somewhere around $1.2 Million. The grade gap is rapidly closing between the D.L. Hansen Sets and the PCGS Registry All-Time Finest Sets. Now, let’s see the feature coin for today.
1880-O Morgan Dollar MS66, CAC, Ex: Wurt PCGS Registry Set
On Mike’s Coin Chest, Inc. website, this coin is described as: This 1880-O PCGS MS66 CAC Morgan Dollar is incredible! It is POP 2 graded by PCGS and is the only CAC known. This piece is a total headlight. It has vibrant cartwheel luster that glows in the light and has sharply struck details. This 1880-O is a total standout and is one of the many Wurt set show pieces in the collection. This hand-picked coin is second to none and stands as the finest known for the date.
The current auction record for the date and mint is $54,625 for a PCGS MS65 Deep Mirror Prooflike specimen. The record was set in Heritage’s August 2009 US Coin Auction in Los Angeles, CA. The coin is an Ex: Jack Lee and from Carson Silver Collection. The finest graded Morgan that ever appeared in auction was a pair of MS65+ PCGS. The June 2021 Heritage appearance realized $36,000. The two top end specimens are graded PCGS MS66 have never appeared in auction. The other PCGS MS66 specimen is the Ex: R. Dier specimen. The coin currently resides in Gold River Set. In an interesting side twist, the owner of the Gold River Set gives credit providing the inspiration of the Morgan set to Mike Bobb, from Mike’s Coin Chest. He describes the assembling of the set as a long journey with Mike and his son, Shaun. I find it interesting that both the 1880-O PCGS MS66 specimens were assembled by Mike and Shaun. Their source for both coins is unknown.
Unfortunately, other than being sourced by Mike’s Coin Chest, there is not much other information of the PCGS MS66 coins. Interesting, there is not much written on the 1880-O in general. CoinFacts to do not provide any information. I did find this little nugget on Gainesville Coins website: Most of the 5.3 million Morgan dollars struck at the New Orleans Mint in 1880 went directly into circulation. The 1880-O Morgan dollar is a famous conditional rarity. It is one of the most expensive of all Morgan dollars at MS65. The finest known 1880-O Morgan at NGC is MS65. PCGS has graded eight at MS65+, and only two at MS66. This isn't caused by any weakness in strike, as is the case for many other New Orleans dates. It is due to most of the mintage going into circulation soon after they were made..
We do not know what the Hansen Team actually paid for this coin and may never will. I am not sure how two parties can come together on a price without any sales references. PCGS Price Guide valued this coin at $200,000. How do they determine that number? I am not sure. It is not any doubt that the Hansen Team did not waste any time picking up this coin in a private sale. In a deal that upgraded 21 coins in the Collection!
Provenance: Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1880-O Morgan Dollar MS66 PCGS POP 2/0, CAC Approved Certification #37785599, PCGS #7114 PCGS Value Guide: $200,000 / Purchased Shaun Bobb of Mike's Coin Chest Ex: Wurt PCGS Registry Set
Comments
Gold Proof Addition – Part 2 Half Eagle
The first post was the purchase of the quarter eagle from the Annual FUN Convention in Orlando, Florida a couple weeks ago. From the recent updates in the registry, it appears Mr. Hansen was successful in purchasing two proof half eagles from the sale. One from the Bob Simpson Collection. I will discuss more about the Simpson Collection in a future post. The second coin that I will discuss today is a proof gold purchased from The Cody Brady Collection. Earlier you saw the 1870 Quarter Eagle, PR65DCAM. This becomes second coin from the Brady Collection, 1867 Half Eagle, PR66CAM.
The two proof half eagles purchased at the FUN Sale are:
1867 PR66CAM, POP 1/0, Cert #15638651, Ex: Cody Brady Collection, realizing $126,000
1893 PR66+DCAM, POP 1/2, Cert #44160849, Ex: Bob Simpson Collection, realizing $55,200.
With the purchase of the 1867 PR66CAM Half Eagle, the D.L. Hansen’s 49-piece Half Eagle Proof Liberty Head set is positioned now in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is The Louis Eliasberg set was 95.92%, missing two coins: 1866 and 1879. The Harry W. Bass set is next and is 93.88% complete, missing the 1861, 1875 and 1890. The fourth set belonged to the Garrett Family Collection and 87.76% complete. The Hansen set makes the leaderboard in fifth place and is now 79.59% complete.
PCGS describes the set as: While not as rare as the pre-1859 issues, the $5 Liberty Proofs of 1859-1907 still make a tremendous collection that has rarely been completed. The classic issue of 1875 is the #1 rarity of the set, or, as some argue, maybe it isn't, and we need to look more closely at the 1860 or 1861 as the ultimate coins. Either way, this will make you as famous as a numismatist can be when you finish it, so let’s get started!
1867 Half Eagle, PR66+DCAM, POP 1/0, Ex: Cody Brady Collection
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66+DCAM PCGS, the Auctioneer described the coin as: A mere 50 proof half eagles were minted in 1867, and it is probably the case that some of those coins were later melted after contemporary sales opportunities dried up. Perhaps as many as half of the mintage was later melted, leaving an estimated survivorship of 14 to 16 proofs.
Heritage Auctions offered a roster described as: known specimens is compiled from our auction records, along with additional Census notes:
1. The Carter / Hansen Specimen, PR66 Cameo PCGS: Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 681; Paramount (Auction '85, 7/1985), lot 1438; Stack's (5/2008), lot 4233; Dallas Signature (Heritage, 10/2008), lot 2169, realized $86,250.; Houston Signature (Heritage, 12/2009), lot 1704, realized $74,750; Cody Brody / FUN US Coins Signature (Heritage 1/2022), realized $126,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Kaufman Specimen, PR65 Ultra Cameo NGC: Kaufman Collection (RARCOA, 8/1978), lot 836; Heritage (2/2002), lot 6836; Goldberg Coins (2/2006), lot 1175; Goldberg Coins (5/2008), lot 4436.
3. Garrett / Bass Specimen,PR65 PCGS: Hebbeard Sale (H.P. Smith, 4/1883); Garrett Collection (Stack's, 3/1976), lot 418; Harry W. Bass, Jr. Collection (Bowers and Merena, 11/2000), lot 495; Heritage (8/2006), lot 5514.
4. Eliasberg Specimen, PR65 PCGS: H.P. Smith (Chapman Brothers, 5/1906); Clapp Collection (1942); Eliasberg Collection (Bowers and Ruddy, 10/1982), lot 515; Bowers and Merena (5/1995), lot 1327.
5. Farouk / Pittman Specimen: PR64 Ultra Cameo NGC. CAC: King Farouk (Sotheby's, 2/1954), lot 255; Abe Kosoff; John Jay Pittman (David Akers, 10/1997), lot 1033; Bowers and Merena (8/2000), lot 2270; Stack's (3/2009), lot 5929.
6. Smithsonian Institution Specimen, PR64 Cameo.
7. PR63 Specimen: Superior (1/1986), lot 3100; Heritage (8/1997), lot 5405.
8. PR62+ Cameo PCGS Specimen: Central States Signature (Heritage, 4/2021), lot 5127.
9. American Numismatic Society Specimen: Proof.
Heritage’s description given for the Hansen coin: The fields are deeply mirrored around brilliant, satiny yellow-gold devices with hints of pale orange toning on both sides. A minute field spot between stars 2 and 3 serves to establish the provenance of this piece. PCGS POP has eleven coins listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The finest and only DCAM has a PR64 grade.
The coin realized $126,00 with the current PCGS Value at $120,000. The two new proof half eagles make a great addition to the collection of half eagles. The new proofs do not stop here. Wait to see the Eagles in the next posting.
Provenance: See #1 above.
1867 Half Eagle, PR66CAM
POP 1/0, Finest in Census Reports
Certification #15638651, PCGS #88462
Ex: Cody Brady Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Awesome? Absolutely! "Dates almost irrelevant"? Did you notice that 84-S Morgan???
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Gold Proof Addition – Part 3 Eagles
In the first couple posts from this series, you saw a nice Proof Quarter Eagle and two Half Eagles. In this third post, you will see three proof gold eagles that Mr. Hansen purchased from the Annual FUN Convention in Orlando, Florida a couple weeks ago. All three eagles were from the “Important Selections from The Bob R. Simpson Collection, Part VII”. This 2022 FUN sale consisted of 127 coins from the Simpson Collection ranging from half cents to patterns. The most realized for a coin was $3,360,000 for Pouge’s 1795 $10, 9 Leaves, BD-3, R.6, MS63+ PCGS, CAC. The coin was sold in a 2015 auction for a little over one million dollars, therefore result in a nice appreciation. According to a Heritage press release, the Bob R. Simpson sales have exceeded $104 Million Dollars. There are at least two more parts advertised for 2022. How high will it go?
I wish I knew how many of the Simpson coins are now in Hansen’ Collection. It does appear that Mr. Hansen purchased at least five Simpson gold proofs from this 2022 FUN sale and a hand full of others. For discussion today, I believe Mr. Hansen was successful in purchasing three proof eagles, all from the Bob Simpson Collection.
The three proof eagles purchased at the FUN Sale are:
1865 PR66+DCAM, POP 1/0, Cert #44160856, Ex: Bob Simpson Collection, realizing $600,000
1888 PR64DCAM, POP 1/4, Cert #44160859, Ex: Bob Simpson Collection, realizing $45,600
1892 PR65CAM, POP 2/0, Cert #44155315, Ex: Bob Simpson Collection, realizing $63,000
With the purchase of the three Simpson Eagles, the completion level of D.L. Hansen’s 49-piece Liberty Head set is 55.10% and positioned in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is Harry W. Bass set was 97.96%, missing only the 1875 in proof. The Garrett Collection set is next and is 93.88% complete, missing the 1859, 1861 and 1889. The fourth set belonged to Louis Eliasberg and 77.55% complete.
PCGS describes the set as: The No Motto $10 gold pieces of 1859-65 and the With Motto pieces of 1866-1907 come together in this incredibly challenging and rewarding set of rarities. The highest mintage of any coin in the set is 120 pieces, so you know that you're in for some work (and some fun!) in the pursuit of completion. The recognized classic is the 1875, but there are other dates that are proving to be just as rare in the Proof format. Let’s start a set!
1865 Eagle, PR66+DCAM, POP 1/0, Ex: Bob Simpson Collection
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66+DCAM PCGS coin was headlined as: 1865 Ten Dollar Liberty, PR66+ Deep Cameo, Rare Gold Proof, Final No Motto Issue. Finest-Certified Example. The Auctioneer described the coin as: The 1865 proof Liberty eagle is one of the rarest gold proofs of the 1860s. PCGS and NGC have combined to certify 21 examples in all grades (11/21), but even that small total has been inflated by resubmissions and crossovers. PCGS CoinFacts estimates the surviving population at 12-16 specimens and John Dannreuther postulates an even smaller total of 8-10 examples extant. We have been able to trace only eight different pieces in our roster below, with one of those coins included in the National Numismatic Collection at the Smithsonian Institution, and another in the collection of the American Numismatic Society.
A few of Expert John Dannreuther comments were added to the listing: The 1865 proof eagles were well produced, with most examples exhibiting the sharp strikes and strong cameo contrast prized by collectors of 19th century proofs. In his United States Proof Coins, volume IV: gold, John Dannreuther notes: "Quality is identical to the previous 1860's issues with frosty elements and deeply prooflike surfaces. The usual assortment of die polish, pockmarks, planchet flaws, and other minor detriments are noted, but the overall look is excellent." Dannreuther also addresses the popularity of the 1865 proof as a type issue: "The 1865 Proof eagle is the last of the rare No Motto type. With 1866 and later coinage having IN GOD WE TRUST above the eagle, the 1865 Proof would seem to be an ideal choice for the type collector, but it is even rarer than the 1862, 1863, or 1864 and nearly as rare as the 1861!"
Heritage provided a roster of 1865 Proof Eagles. The eight coins listed was attributed to: This roster has been expanded from earlier work by John Dannreuther and Saul Teichman. Grades are per the last auction appearance, unless a subsequent certification event is known. Grade for the Smithsonian example is per Garrett and Guth. Many examples have been resubmitted or crossed over in recent years, inflating the population data from the leading grading services.
1. Simpson / Hansen Specimen, PR66+ Deep Cameo PCGS: James A. Stack Collection (Stack's, 3/1995), lot 585; Chicago ANA Auction (Stack's Bowers, 8/2013), lot 4512, realized $528,750; Bob Simpson; Bob Simpson Collection / FUN US Coins Signature (Heritage 1/2022), realized $600,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Trompeter / Tyrant Specimen, PR65 Cameo NGC: ANA Convention Auction (Steve Ivy, 8/1980), lot 328; Ed Trompeter; Trompeter Estate; private treaty transaction to Heritage Auctions and Sil DiGenova in 8/1998; private collector; FUN Signature (Heritage, 1/2020), lot 4484, realized $204,000; Eagles of the Tyrant Collection.
3. Garrett Family Specimen, PR65: T. Harrison Garrett; Robert Garrett; John Work Garrett; Johns Hopkins University; Garrett Collection, Part III (Bowers and Ruddy, 10/1980), lot 1669.
4. Eliasberg / Bass Specimen, PR64+ Cameo PCGS: John M. Clapp purchased this coin privately from Charles Wilcox in 1896; John H. Clapp; Clapp Estate; Louis E. Eliasberg, Sr. in 1942, via Stack's; Eliasberg Estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 722; Harry W. Bass, Jr.; Bass Estate; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1497; The Rarities Group and TNII (Martin Paul and Casey Noxon).
5. National Numismatic Collection Specimen, PR64 Deep Cameo: Purchased for the Mint Cabinet on April 7, 1865, as part of a complete proof set; National Numismatic Collection, Smithsonian Institution.
6. Norweb Specimen, PR64: Purchased privately from the Hollinbeck Coin Company in June of 1953 by R. Henry Norweb; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2190; David Akers (Paramount).
7. Kern Specimen, PR62 NGC: Jerome Kern Collection (B. Max Mehl, 5/1950), lot 510; Public Auction Sale (Stack's, 3/1994), lot 1589; Baltimore Auction (Stack's Bowers, 6/2014), lot 2570.
8. American Numismatic Society Specimen, Proof: Purchased directly from the Mint in 1865 by John Colvin Randall; Randall Estate (1901); Julius Pierpont Morgan in 1902; New York Museum of Natural History (1902-1908); American Numismatic Society on April 10, 1908; exhibited at the 1914 ANS Exhibition.
Heritage’s description given for the Hansen coin: This coin was once a highlight of the famous James A. Stack Collection, which was formed over several decades of the mid-20th century. The coin is a spectacular Plus-graded Premium Gem, with razor-sharp definition on all design elements. The stars all show complete radials and fine detail is evident on every one of Liberty's curls. The impeccably preserved yellow-gold surfaces are virtually free of post-strike distractions and show the orange-peel texture found on many of the finest 19th century proofs. A tiny planchet flaw is evident in the right obverse field, behind Liberty's neck, and another, even smaller pit shows on Liberty's neck, above the left side of the 6 in the date. A few minuscule lint marks are scattered about the obverse. The deeply mirrored fields contrast profoundly with the richly frosted devices to create a startling gold-on-black cameo flash when the coin is tilted in the light. As the finest-certified example of this rare proof gold issue, this coin will be a welcome addition to the finest collection or Registry Set. It may be many years before a comparable example becomes available, once this coin passes the auction block. PCGS POP has nine coins listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The coin is DCAM certified by PCGS and the only GEM grade. The Trompeter / Tyrant Specimen is graded PR65 Cameo by NGC. Would it straight cross, I am not sure. All other PCGS specimens are PR64+ or below.
The coin realized $600,00 with the current PCGS Value at $675,000. The three new proof eagles make great additions to Hansen’s Collection of Gold Proofs. The best is yet to come, wait to see the Double Eagle in the next posting.
Provenance: See #1 above.
1865 Eagle, PR66+DCAM
POP 1/0, Finest in Census Reports
Certification #44160856, PCGS #98801
Ex: Bob Simpson Collection
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Gold Proof Addition – Part 4 Double Eagle
I hope you have enjoyed the three previous posts covering the new additions to D.L. Hansen Proof Gold Collection. Today, we save the best for last, the Double Eagle. This is not just any proof double eagle; it is the rare 1861. The coin came from the “Important Selections from The Bob R. Simpson Collection, Part VII”. Mr. Hansen was able to snag seven of these jewels, with five from the Simson Collection. This coin was the seven-figure purchase that I mentioned in the first post. Also, you may recall, I referenced a Heritage news release that stated: By the time the hammer fell for the final time in each auction, the numbers told the story: seven lots produced seven-figure results, records fell, tying the record for the most seven-figure lots ever in a Heritage auction. The Simson Collection produced five of the seven million dollar lots. Mr. Hansen was successful in winning one: the 1861 1861 $20 PR66 Deep Cameo PCGS.
With the purchase of the Simpson 1861 Double Eagle, the completion level of D.L. Hansen’s 49-piece Liberty Head Set is 57.14% and positioned in fifth on the leaderboard. Along with #1 set from Smithsonian National Numismatic Collection, there are three additional registry sets ahead of the D.L. Hansen set. Currently in second is Garrett Family Collection set, 84% complete, missing the 1859, 1861, 1889, and 1893. Tied for third and fourth was Louis Eliasberg and Harry Bass with both at 83.67% complete.
PCGS describes the set as: Talk about rare! Any coin in this series is going to cost over $50,000 in Proof 65 condition, and that's not counting the ultra-rarities, if you can find them at any price. Both the 1883 and 1884 are "Proof-only" issues, meaning that no pieces were struck for circulation. The 1859 is a major rarity, with only one piece certified (and that's a lightly circulated Proof 55 coin). The incredible challenge in both time and money is more than offset by the reward. This set covers the pre-Civil War years of 1859-60 through much of the first decade of the 20th century. History, rarity, beauty, value...it's all here!
Before we look at this magnificent coin, let’s recap the progress the Mr. Hansen has achieve with his proof gold collection. I have detailed the eleven sets that comprise the complete collection for proof gold from 1859 to 1915. The set consist of 294 coins. As I have stated before, PCGS does not have a set this would represent these coins, so this chart provided a fairly accurate representation, if there ever will be one.
With the recent purchase of seven gold proofs from the 2022 FUN Sale, the set is now 76% complete. The collection has 224 coins and has only 70 remaining. These coins do not come to the market very often, so patience is a must.
1861 Double Eagle, PR66DCAM, POP 1/0, Ex: Amon G. Carter, Ed Trompeter, Bob Simpson
In the Heritage Auction, January 2022 FUN US Coins Signature Sale in Orlando, Fl, this PR66DCAM PCGS coin was headlined as: 1861 Double Eagle, PR66 Deep Cameo, One of the Rarest Dates in the Series, Only Five Examples Traced. Other comments provided: John Dannreuther, Doug Winter, and Heritage's own David Stone have all acknowledged the 1861 Liberty Head proof double eagle as one of the rarest issues in the series. A confluence of events undoubtedly contributed to the date's extreme rarity, though they many not fully explain why so few examples are available today…. The Mint struck 66 proof double eagles in 1861, all delivered on April 5. Sales were sluggish, however, and a substantial percentage of the mintage was melted during or after January 1862. That is not to say all were melted, though. John Dannreuther reports in United States Proof Coins, Volume IV: Gold (2018) that probably some of the proofs were swapped for circulation strikes and then sold over time for "face value or slightly over face value by Mint officials" to well-connected dealers and other insiders. Today, five examples of the 1861 Liberty head double eagle are known in proof format. One or two others may exist, though the likelihood of one coming out of the woodwork seems small. Of those traced, two are permanently housed in institutional collections: One is in the National Numismatic Collection at the Smithsonian Institution, and the other resides in the American Numismatic Society holdings. Remarkably, this is only the second 1861 proof double we have offered since 1993, the other being a PR63 Cameo coin graded by NGC that was sold as lot 4506 in our August 2015 ANA Signature Platinum Night session.
As stated, very rare an 1861 Double Eagle Proof comes to market. This coin is also the finest and with a rich history as stated in the listing: The Bob Simpson example presented here is widely recognized as the sole finest extant. It can be traced back to the collection of another Fort Worth oilman, Amon G. Carter, Sr., where the Stack's cataloger called it "A choice example" of "One of the rarest of all double eagle Proofs... ." Ed Trompeter purchased the coin out of the Carter sale. Heritage Auctions purchased the entirety of that collection in 1998, selling off the individual coins privately of the course of a couple of years. This example found its way into the Franklinton Collection. It made its last public appearance as PR67 Ultra Cameo NGC in the August 2006 American Numismatic Rarities sale of that collection, where it was described as: An intensely beautiful gem Proof, a superb coin by any standards. Heavily frosted motifs, blemish free we might add, sit serenely against deep mirror fields, as though chiseled from living gold. An exquisite coin, and easily among the most beautiful gold coins ever seen by the present writer in nearly 20 years of numismatic cataloguing."
The roster for known specimens is a short list. Heritage provides roster of 1861 Proof Double Eagles:
1. Carter / Hansen Specimen PR66 Deep Cameo PCGS: Amon G. Carter Family Collection (Stack's, 1/1984), lot 861; Ed Trompeter; Heritage Auctions privately, circa 1998; Old West and Franklinton Collections (American Numismatic Rarities, 8/2006), lot 1618 (as PR67 Ultra Cameo NGC), realized $483,000; Bob Simpson; Bob Simpson Collection / FUN US Coins Signature (Heritage 1/2022), realized $1,800,000 (Auction Record), Private Transaction from David Lawrence Rare Coins to D.L. Hansen Collection.
2. Atwater / Bass Specimen PR64 Deep Cameo PCGS: William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot 1253; Samuel Wolfson Collection (Stack's, 10/1962), lot 875; Sale of the 70's (Kagin, 11/1973), lot 1786; Auction '84 (Paramount, 7/1984), lot 965; Goliad Corporation; purchased privately in August 1984 by Harry W. Bass, Jr.; Bass Collection, Part II (Bowers and Merena, 10/1999), lot 1741; Stuart Levine.
3. National Numismatic Collection Specimen, PR63 Deep Cameo: Mint Cabinet, obtained from the coiner on September 24, 1861; National Numismatic Collection at the Smithsonian Institution. (Grade per Garrett and Guth) xcx
4. NGC PR63 Cameo Specimen: ANA Signature (Heritage, 8/2015), lot 4506. (Previous pedigree unknown).
5. American Numismatic Society Specimen, Proof: R.C.H. Brock, part of a complete gold proof set; J.P. Morgan; in 1908, exhibited at the 1914 ANS Exhibition.
In summary, Heritage’s final comments given for the Hansen coin was very short and brief: The coin, now graded in PR66 Deep Cameo by PCGS, retains its immaculate, glittering surfaces. Off the market for more than 15 years, this is an unparalleled opportunity for advanced collectors and trophy coin hunters to add the single finest example of one of the rarest Liberty Head double eagles in the series to their collection. PCGS POP has only three listed in the report with the sole finest being the PR66CAM purchased by Mr. Hansen. The coin is DCAM certified by PCGS and the only GEM grade. The other two PCGS coins grade PR64 and PR64CAM. NGC has two in its POP Report, one a PR63 and one PR65. There are certainly some duplications.
The coin realized $1,800,00 with the current PCGS Value at $840,000. I will close by saying that I am a little surprised with this purchase by Mr. Hansen. This is his first seven figure coin in almost two years. The coin is not just filling a spot in the collection, rather than as stated by Heritage, this is a trophy coin. We have not seen hunting trophy coins as something of interest to the Hansen team of late. Is this a one-time pulling of the trigger, or will we be seeing a shift in the future? It may be interesting to watch and see.
Provenance: See #1 above.
1861 Double Eagle, PR66DCAM
POP 1/0, Finest in Census Reports
Certification #44156484, PCGS #99073
Ex: Amon G. Carter, Ed Trompeter, Bob Simpson
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Major Varieties – Countdown 16
A LEGENDARY RARITY, as John Dannreuther calls it in the Bass-Dannreuther reference on Early U.S. gold coins. - Legend Rare Coin Auctions, 1/2022
The tracking of the Hansen Major Varieties set continues. Most of the 16 remaining coins that is required for the set is difficult. This coin is no exception and is described as an “Legendary Rarity”. The coin is one of the last two coins needed to complete the Hansen Quarter Eagles. The last remaining is the 1798 Quarter Eagle "Wide Date" with Survival est. 50 which is common compared the 1804 BD-1 Quarter Eagle Roster, 13 Star Reverse. I am not sure why the 1798 Wide Date stills escapes Mr. Hansen. According to the POP reports, there are at least eight that can be found in mint state. With this addition, this is where Mr. Hansen stands in the registry.
I will go into details on this set in a future post. Today, let look deeper at this “Legendary Rarity”. David Akers wrote many years ago: A mintage figure of 1,003 is suggested in Walter Breen's monograph on quarter eagles. This "high" mintage seems very unlikely to me, however, since the 1804 13 Star quarter eagle is much more rare than either the 1976 With Stars or 1797, both of which have mintages only slightly more than 400. In my experience this is the rarest quarter eagle. I have seen or handled more of every other date than I have of the 1804 13 Star Reverse, and almost every significant collection of quarter eagles is lacking this variety. An estimate of 10 to 12 pieces known might be a shade on the high side. The 13 stars on the obverse are arranged 8 to the left and 5 to the right, as they are on the 1802/1 quarter eagle. A few famous collections did not have this issue, including Eliasberg and the Smithsonian. The Famous Bass and Pogue did. The coin represents one of the rarest U.S. gold coins of any denomination. This is a piece that could have remained missing in the Hansen Collection, but he was fortune enough to pick up a nice condition census specimen.
Ron Guth continues by adding: Akers suspicion that an estimate of 10 to 12 examples known of the 1804 $2.50 13 Stars Reverse appears to have withstood the test of time. The PCGS CoinFacts Condition Census lists six examples from EF to AU58, plus a couple of circulated examples could be added to that list. The finest example (a PCGS AU58) first appeared on the numismatic market in a 1956 New Netherlands sale, and last appeared in 2009, when it sold for a hefty $322,000. Ownership of any 1804 $2.50 13 Star Reverse is quite a numismatic accomplishment. Yes, an accomplishment indeed. The PCGS AU58 Specimen (Finest) is impounded in the fabulous earlyAurum Registry. The second finest is also impounded in a registry set, The St. Jude Set owned by Jay Pannino. The third piece is from the Pogue Collection and whereabouts unknown. The Registry set owned by Mr. Hansen now has the fourth finest coin on the overall census report.
Legend’s Auctioneer added an additional perspective to the rarity. Walter Breen suggested that the mintage was 1,003, but due to the fact that the survival rate is lower than the 1796 With Stars and the 1797 quarter eagles, which both had significantly lower mintages. John Dannreuther believes the mintage of the 1804 13 Star Reverse may be as low as 250 pieces. The 13 Star, cataloged as BD-1, is listed as Rarity-6+, and it is suggested that about a dozen examples are known in all grades. This is a figure that David Akers suggested in his multi-volume study of U.S. Gold Coins in 1988 and a figure that seems to hold up in all the literature and confirmed by the Population data from the grading services. This is one of the most important Red Book types in the early quarter eagle series, and often considered the most sought of all early quarter eagles by specialists. Missing from the vast majority of collections, examples usually only appear on the market when significant collections are offered. Indeed, the National Numismatic Collection at the Smithsonian Institution lacks an example, and the greatest collection of all time, the Louis E. Eliasberg Collection, legendary for its depth, scope, and completeness also did not have an example when the gold portion of his collection was auctioned by Bowers and Ruddy in 1982.
1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS, Ex: John Jay Pittman Specimen
This coin is one of two that Mr. Hansen acquired from the Legend Auction of the Naples Collection. Previously, the coin last sold in the Heritage’s June 2016 Long Beach Expo US Coins Signature Auction. In the current Legend Auction, the coins pedigree was described as: This coin has an extensive provenance that dates to the May 1960 Stack's sale of the Charles Neumoyer Collection, where it appeared as lot 2352, and it realized $620 on a $400 estimate; John J. Pittman Collection; David Aker's sale of the John J. Pittman Collection, Part II, May 1998, lot 1715; Bowers & Merena's ANA Sale of the Millenium, August 2000, lot 2045; Heritage's 2004 FUN Auction, lot 3005; Stack's Treasures of the S.S. New York Sale, July, 2009, lot 1300; Dr. James A. Ferrendelli Collection, Stack's Bowers 2014 ANA Auction, lot 11010; Heritage's June 2016 sale, lot 4771.
Legend describes the condition census as: Just three are graded finer. The current PCGS Price Guide value for this rarity in this grade is $225,000, but it should be noted that the Earle-Keston-Price-Pogue AU53 coin, which sold in May 2015 realized just shy of half a million dollars! This was the most recent example to sell in auction, but came to market shortly after both the above mentioned Pogue and the Amon Carter-McCoy Family AU55 sold. It has been over five years since one came up for sale, and the market for major rarities is much stronger today. The opportunity to obtain an example of this MAJOR RARITY rarely appears. Its inclusion as one of the 100 GREATEST U.S. COINS, in the Jeff Garrett and Ron Guth reference of that title, puts it on the radar of non-early gold specialists as well. We anticipate very strong bidding when this WORLD CLASS RARITY crosses the block. Do not let this opportunity pass you by. We know bidding will be intense when this coin crosses the block. All of us here at Legend wish you good luck in your bidding and a heart felt congratulations to the winning bidder as you join the rarified company of collectors fortunate enough to own an example of this important rarity. The three better as stated before: The finest coin(AU58 PCGS) is found in Tony’s earlyAurum Registry. The second finest (AU55) is in Jay Parrino’s St. Jude Set. The third is the (AU53) from the Pogue Collection.
In Heritage June 2016, Long Beach Expo US Coins Signature Auction, the base for this roster was provided. The roster is based on auction appearances in catalogs with sufficient photo quality to allow for plate matching, so it is always possible that a couple of other coins may exist that have long hidden from the limelight of publicity.
1. earlyAurum Registry Specimen, AU58 PCGS, Cert #14975445: Judge T. Gaskill (New Netherlands 48th Sale, 11/1956), lot 184; Stack's (3/1990), lot 629; Auction '90 (Superior, 8/1990), lot 1250; Superior (5/1991), lot 1308; Long Beach Connoisseur Collection (Bowers and Merena, 8/1999), lot 343, as AU55 PCGS, realized $149,500; R.M. Phillips Limited Partnership Collection / Los Angeles Signature (Heritage, 7/2009), lot 1209, as AU58 PCGS, realized $322,000; earlyAurum Registry Set.
2. Carter / Parrino Specimen, AU55 PCGS, CAC, Cert #32231573: Amon G. Carter, Jr. Family (Stack's, 1/1984), lot 533; The McCoy Family Collection of U.S. Early Gold Quarter Eagles / FUN Signature (Heritage, 1/2016), lot 5530, realized $505,250 (Auction Record); Jay Parrino (St. Jude Registry Set)
3. Price / Pogue Specimen, AU53 PCGS, Cert #06936158: George Earle (Henry Chapman, 6/1912), lot 2502; later, Charlotte Mint Museum (Stack's, 3/1979), lot 1672; Auction '85 (RARCOA, 7/1985), lot 349; Auction '89 (David Akers, 7/1989), lot 1359; Michael Keston (Superior, 1/1996), lot 6; Ed Price Collection of Early Dime and Quarter Eagle Varieties / ANA Signature (Heritage, 7/2008), lot 1459, realized $322,000; D. Brent Pogue Collection (Stack's Bowers and Sotheby's, 5/2015), lot 1121, brought $499,375.
4. Pittman / Hansen Specimen, AU50 PCGS, Cert #40039881: Charles Neumoyer Collection (Stack's, 5/1960), lot 2352, realized $620; John Jay Pittman Collection, Part Two (David Akers, 5/1998), lot 1715, realized $82,500; ANA Sale of the Millennium (Bowers and Merena, 8/2000), lot 2045, did not sell; FUN Signature (Heritage, 1/2004), lot 3005, realized $92,000; Treasures from the S.S. New York (Stack's, 7/2009), lot 1300, realized $149,500; Chicago ANA (Stack's, 8/2014), lot 11010; Long Beach Expo US Coins Signature Auction (Heritage, 6/2016 sale, lot 4771, realized $146,875; The Naples Collection, Part II / The Regency Auction 50, (Legend, 1/2022), lot 206, realized $176,250; The D.L. Hansen Collection.
5. De Sylva Specimen, AU50 NGC, Cert #3808475-003: Possibly "Cicero" (New Netherlands 55th Sale, 12/1960), lot 259; Buddy De Sylva (Superior, 2/1978), lot 644, realized $15,000; Auction '79 (Superior, 7/1979), lot 1659, realized $13,500; FUN Signature (Heritage, 1/2015), lot 4230, brought $82,250; The Liberty USA Collection / FUN US Coins Signature Auction (Heritage, 1/2015), Lot 4230, realized $82,250.
6. Bass Specimen, AU50, HBCC #3010: Julian Leidman (5/1970); Harry W. Bass, Jr. Foundation.
7. Fairfield Specimen, XF: Fairfield Collection (Bowers and Ruddy, 10/1977), lot 1440, realized $9,250; "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 300.
8. Gilhousen Specimen, VF:Clark E. Gilhousen (Superior, 2/1973), lot 102, realized $3,800.
According to Legend’s description: This is a very eye appealing AU50. There is much retained original mint brilliance on the surfaces, belying the rich olive and orange-tinged toning that blankets both sides. The devices are exceptionally crisp and have bold definition on both Liberty's hair curls and throughout the eagle on the reverse. The wear is limited to the lightest bit of high point friction, but you can still see all the details. There are some mint made planchet adjustment marks that are visible at the lower obverse rim, and perhaps the mint worker who was filing the blank used extra force, as there are a few that are deeper on Liberty's drapery. A short nearly vertical scratch in the left obverse field will forever identify this high end AU50 as the Neumoyer-Pittman coin. I cannot be certain that Mr. Hansen purchased the coin in the Legend Auction or if acquired in a private transaction with David Lawrence Rare Coins. However way it was acquired, this coin makes a great old gold addition the D.L. Hansen Collection.
Provenance: See #4 above.
1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS
PCGS Overall POP 1/3
Certification # #40039881, PCGS #45509
PCGS Price Guide $200,000 / Realized $176,250
Ex: John Jay Pittman Specimen
The Major Varieties Set is an expansion of the PCGS Basic Set. To complete, this set would require the 2821 basic coins plus an additional 439 Major Varieties Coins. With this addition, there are 16 remaining coins in this quest. The first two coins are not collectable, so the completion of this set would be 99.94%. PCGS describes this set as: Every classic U.S. coin in Circulation Strike from 1792 through 1964, every date, every Mintmark, every major variety, this set is the ultimate challenge. A collection of this size could take decades to assemble in high grade.
Top 10
1797 Half Eagle "Large Eagle, 15 Stars" (1 Known – Permanently in Smithsonian) Uncollectable
1797 Half Eagle "Large Eagle, 16 Stars" (1 Known – Permanently in Smithsonian) Uncollectable
1861 Double Eagle "Paquet" (2 Known)
1804 Eagle "Plain 4 Proof" (3 Known)
1849-C Gold Dollar "Open Wreath" (4 Known w/ one defective)
1958 Small Cent "Doubled Die Obverse” (3 Known)
1795 Large Cent "Jefferson, Lettered Edge" (5 Known w/ VF Finest Known)
1810 Half Eagle "Large Date, Small 5" (5 Known w/ AU Finest Known)
1842 Half Dollar "Small Date, Rev of 1839" (Survival est. 10 w/ 1 Mint State)
1797 Half Cent "Gripped Edge" (Survival est. 13 w/ VG Finest Known)
Last 6
1797 Half Eagle "Small Eagle, 15 Stars" (Survival est. 20 w/ 1 Mint State)
1820 Half Eagle "Curl Base 2, Sm Letters" (Survival est. 14 w/ 8 Mint State)
1798/7 Eagle "7X6 Stars" (Survival est. 25 w/ 3 Mint State)
1798 Quarter Eagle "Wide Date" (Survival est. 50 w/ 8 Mint State)
1798 Dollar "Large Eagle, Knob 9, 4 Lines" (Survival est. 125 w/ 2 Mint State)
1887/6 Three Cent CN (Survival est. 800 w/ 750 Mint State)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
oh my. obviously this thread is probably the best ever on this forum in terms of quantity and quality but this is one of those pieces that just gets my motor running!
even despite being one busy little lady with scratches, mint made adjustment marks and flan flaws.
adjusted gold HAS to be rare or i'm not looking at enough gold coinage in this time period not that there is much to look at anyway.
It’s an interesting purchase. Super rare variety. Thanks for the update @Currin
Draped Bust Quarter Eagle Upgrade
This is another MAJOR early quarter eagle rarity!. - Legend Rare Coin Auctions, 12/2021
Last post, you saw the “Legendary Rarity”, 1804 BD-1 Quarter Eagle Roster, 13 Star Reverse last sold in The Naples Collection, Part II / The Regency Auction 50, (Legend, 1/2022), lot 206, realized $176,250. This new coin is not as significant as the “Legendary” early quarter eagle. With this purchase, two Naples’ quarter eagles are placed in the Hansen Collection. Let’s look at the twelve piece Draped Bust $2-1/2 Gold with Major Varieties, Circulation Strikes (1796-1807) Set. (See the previous posting for ranking)
The 1797 AU53 replaces a circulated VF35, Cert #82473635. The set is 91.67% complete missing only the 1798 Wide Date. As stated before, the 1798 Quarter Eagle "Wide Date" with Survival est. 50 which is common compared to some of the other Draped Bust $2-1/2 Gold coins. I am not sure why the 1798 Wide Date stills escapes Mr. Hansen. According to the POP reports, there are at least eight that can be found in mint state. Also, I will point out, the Hansen set now has only one coin grading less than AU50 remaining: 1796 Stars. This would be an expensive coin to upgrade.
Back to the 1797 AU53 Specimen. David Akers describes the coin as: Almost identical in mintage and overall rarity to the 1796 With Stars, but as auction data indicates, the 1797 is much more difficult to obtain in full mint state. There are 13 stars on the obverse arranged 7 to the left of the head and 6 to the right. The reverse has 16 stars above the eagle, but the configuration is slightly different than on either of the 1796 coins. All known specimens exhibit a prominent die break that runs from the Y of LIBERTY down to the 12th and 13th stars. I have not seen the piece personally, but the specimen in the J.F. Bell Sale of 1963 appears to be the finest known.
P. Scott Rubin added these comments: The 1797 Quarter Eagle is a very rare coin in any condition with a recorded mintage of only 427 coins it is one of the rarest of all Quarter Eagles. It is probably one of the most under rated coins in the denomination and for that matter, all gold coins. It is possible that one of the reasons that so little attention is paid of this rarity is the fact that no 1797 Quarter Eagles are known in Gem condition with only one coin grading above MS-62. The highest graded coin is graded MS-64 by NGC. This is in a group of only three coins believed to be in Mint State condition. Auction records going back to 1864 for this date Quarter Eagle show that most of the well known collections sold since that time have contained only circulated specimens. The record price, as of July, 2014, for a 1797 Quarter Eagle is $276,000 for the NGC MS-64 coin sold by Superior Galleries 11/17/2005 sale as lot 484. The coin was the only coin pictured on the front cover and was estimated at about $500,000, yet only realized the above mentioned $276,000. No pedigree was mentioned for this coin in the catalog. According to current censes report, there are only three known specimens in mint state and a handful of AUs, with six AU53 specimens in the PCGS POP Report. Even the Pogue Collection did not contain a mint state. The coin was an AU58.
1797 Draped Bust Quarter Eagle, AU53 PCGS, Ex: Naples Collection Specimen
This coin is first of two coins that Mr. Hansen acquired from the Legend Auction of the Naples Collection. The coin is from The Regency 49 Auction held 12/16/2021. It does not appear that Mr. Hansen made purchased directly in the sale, rather through a private transaction with David Lawrence Rare Coins. There is no other pedigree information given except: This coin has picked by our sister company (Legend Numismatics) for Naples (who does not recommend non-CAC coins too often). They had no problems with the coin.
Legend describes the condition census as: This is another MAJOR early quarter eagle rarity! While not as famous as the 1796 issues, the 1797 has a tiny survival rate from a tiny original mintage. Only 427 are thought to have been struck with about 20-25 examples extant in all grades—that makes it MUCH RARER than both of the 1796 issues. The rarity may be explained by the failure of the obverse die early on in striking. All known examples show a bold die crack from the rim above Y in LIBERTY, through the field, down to the rim below Star 13. Over his entire career collecting and researching early gold die varieties and die states, Harry Bass never encountered an example without this die crack, and David Akers noted that all known examples have the die break. This impressive AU53 is within the PCGS CoinFacts Condition Census, and there are just a handful graded higher at PCGS. It is important to note that precious few survive in Mint State, and going back to the auctions of the 1860s, most collections that contained an example of this rarity contained a circulated example. David Akers noted the average grade being a VF38..
According to Legend’s description: Light friction is seen on both sides of this delightful and classy early quarter eagle. A respectable amount of mint bloom survives in the protected recesses of the design, outlining boldly defined devices. Aside from a few microscopic ticks, obtained during its brief time in early American commercial channels, but even a strong glass fails to reveal any serious flaws, there are no lines from cleaning, no scratches, no major marks or ticks of any kind. The die crack is bold, typical of this die state, where the crack is sharp, but has not turned into a cud. There is a hint of coppery gold that clings to the peripheral elements, contrasting against the brighter yellow gold that otherwise defines this lovely coin. The eye appeal is exceptional for the issue. This little 12 coin set will be interesting to watch as time goes on.
Provenance: The Naples Collection in private transaction with Legend Numismatics; The Naples Collection Part I / The Regency Auction 69, (Legend, 12/2021), lot 267, realized $117,500; The D.L. Hansen Collection in private transaction with David Lawrence Rare Coins.
1797 Draped Bust Quarter Eagle, AU53 PCGS
PCGS Overall POP 6/5
Certification #28644498, PCGS #7648
PCGS Price Guide $135,000 / Realized $117,500
Ex: Naples Collection Specimen
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
This is one of the most difficult circulated short sets (12 coins) to complete.
That coin is fascinating!
My YouTube Channel
Major Varieties – Countdown 13
Dannreuther: "8-12 Known"
In 2022, this is second Major Variety that Mr. Hansen has added to his collection. The 1804 BD-1 Quarter Eagle, 13 Star Reverse, AU50 PCGS was added in January. With today’s addition, the tracking of the Hansen Major Varieties set continues. Currently, most of the 13 remaining coins that are required for the set is difficult to acquire. Of the 13, there are several Early $5 Gold Half Eagles.
1797 $5 Small Eagle, 15 Stars Variety was the most recent addition. The coin brings Hansen’s 77-piece Early $5 Gold with Major Varieties & 1797 Large Eagles, Circulation Strikes (1795-1838) Set to 92.21% complete. There are six early half eagle coins missing. The two uncollectable 1797 Large Eagles which are unique specimens in Smithsonian National Numismatic Collection. The unique in private hands Pogue 1822 that sold for $8,400,000.00 in March 2021 may be unattainable. The remaining three coins will appear at some point in the upcoming Harry Bass Foundation Sale. They will be the 1798 Small Eagle (Survival 7, only 2 maybe 3 examples could be privately purchased), 1810 Large Date, Small 5 (5 Known w/ AU Finest Known), and 1820 Curl Base 2, Sm Letters (Survival est. 14 w/ 8 Mint State).
I have discussed this 77-piece set in detail several times in the Hansen Watch Thread. I actual saw the set in person a couple years ago. It is very amazing to see the coins laid out in order. PCGS Registry described the set as: As if the Basic Set from 1795 through 1838 isn't challenging enough, this set adds even more MAJOR rarities to the collection. After you locate the "basic" 1822, 1815, 1829 Small Date and 1829 Large Date along with many other treasures, this varieties set adds the 1819 (without the 5D/50) and the 1825/4 to name but two. This will be one of the greatest numismatic accomplishments of the 21st century when you complete it, so let’s get started!
1797 $5 Small Eagle, 15 Stars, Wide Date, BD-1 AU55, Byron Reed Specimen, POP 3/2
Expert David Akers provided these comments a few years ago: Chronologically, it is probable that this is the first of the 1797 Half Eagles, preceeding the 1797 16 Stars, Small Eagle, Heraldic Eagle, the 1797/5 and even the 1795 Heraldic Eagle. Like all 1797's, this is of extreme rarity in any condition with probably fewer than 20 pieces in existence. Somewhat rarer than the 16 Stars, Small Eagle variety in all grades, it is considerably more difficult to obtain better than EF. Most available specimens are only VF or EF and only 2-3 true uncs exist. Only two low grade specimens have been offered at auction in the past decade. CoinFacts offered this condition census report:
As shown, the D. Brent Pogue Mint State -61 is currently considered the finest known. Farouk/Bass AU58 PCGS grade specimen is second, then followed by the Byron Reed Specimen that is now in the Dell Loy Hansen Collection. Harry Bass owned two examples. The BD-1 coin currently in the Harry Bass Foundation (HBCC#:3045) has a provenance from the Bowers and Ruddy Galleries sale of the Louis Eliasberg Collection, October 1982, Lot 328, previously from the John H. Clapp Collection. The coin is described as “lovely half eagle”. This example was keep in the foundation collection, so it is possibly a better specimen than the AU58 Farouk/Bass coin that sold in the Bowers & Merena 10/1999 Sale. It will be interesting see how the Bass Foundation coins grade if PCGS is the company chosen to certify. Could it be the finest known?
The Reed / Hansen AU55 Specimen has not appeared in auction in the last 25 years. It realized $55,000 in a 1996 Spink America & Christie's Sale. The coin was descried as “Raw Very Choice Almost Uncirculated”. It appeared in Sunday’s nights GreatCollection Auction. Another great offering from Ian Russel, a contributor on the forum. The Hansen Team from David Lawrence Rare Coins were able to land the coin after intense bidding. There were 109 bids to be exact. The coin was hammered at $205,000 ($230,625 with buyer’s fees). Post GreatCollections sale, PCGS priced the coin at $250,000. Prior to sale, the coin was valued at $200,000.
Provenance: Byron Reed Collection - Durham Western Heritage Museum - Spink America 10/1996:100 (as Raw Very Choice Almost Uncirculated), $55,000.00 - Great Collections 4/2022:1138946 (as PCGS AU55 43803076); D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1797 $5 Small Eagle, 15 Stars, Wide Date, BD-1, AU55
PCGS POP 3/2
Certification #43803076, PCGS #8069
PCGS Price Guide $250,000 / Realized $230,625 in GC Auction
Ex: Byron Reed Specimen
The Major Varieties Set is an expansion of the PCGS Basic Set. To complete, this set would require the 2821 basic coins plus an additional 439 Major Varieties Coins. With this addition, there are 13 remaining collectable coins in this quest. Two coins in The Major Varieties Set are not collectable, 1797 Half Eagle "Large Eagle, 15 Stars" and 1797 Half Eagle "Large Eagle, 16 Stars", so the completion of this set would be 99.94%. PCGS describes this set as: Every classic U.S. coin in Circulation Strike from 1792 through 1964, every date, every Mintmark, every major variety, this set is the ultimate challenge. A collection of this size could take decades to assemble in high grade.
Top 10
1861 Double Eagle "Paquet" (2 Known)
1804 Eagle "Plain 4 Proof" (3 Known)
1849-C Gold Dollar "Open Wreath" (4 Known w/ one defective)
1958 Small Cent "Doubled Die Obverse” (3 Known)
1795 Large Cent "Jefferson, Lettered Edge" (5 Known w/ VF Finest Known)
1810 Half Eagle "Large Date, Small 5" (5 Known w/ AU Finest Known)
1842 Half Dollar "Small Date, Rev of 1839" (Survival est. 10 w/ 1 Mint State)
1797 Half Cent "Gripped Edge" (Survival est. 13 w/ VG Finest Known)
1820 Half Eagle "Curl Base 2, Sm Letters" (Survival est. 14 w/ 8 Mint State)
1798/7 Eagle "7X6 Stars" (Survival est. 25 w/ 3 Mint State)
Last 3
1798 Quarter Eagle "Wide Date" (Survival est. 50 w/ 8 Mint State)
1798 Dollar "Large Eagle, Knob 9, 4 Lines" (Survival est. 125 w/ 2 Mint State)
1887/6 Three Cent CN (Survival est. 800 w/ 750 Mint State)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Perhaps stating the obvious here, but 5 of the 13 coins listed can be filled via the upcoming Harry Bass sale ... including his ~PF63 1804 Eagle.
The Fairmont Collection-Hendricks Set, Part 1
Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of half eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. - CoinWeek (February 25, 2022)
The Fairmont Collection has been in the news for some time now. In an August 12, 2020 posting almost two years ago, @jonruns wrote: Stacks Bowers has been auctioning off eagles and double eagles from the Fairmont collection for a year or longer. Fairmont is an overseas bank hoard which had a huge amount of very original gold coins. Personally, for the near term I have decided to stay away from buying $10s and $20s since this release since I have no idea how many more are still out there. Some previously scarce dates have become much more common. In case you missed it, in their August 6th auction Stacks Bowers started to sell some half eagles from this Fairmont hoard. Unusual because most overseas hoards did not include half eagles. The auction had a somewhat complete date/mint set of 200+ coins starting with the Classic Heads and going thru the Indians. All of the pre-Civil War coins were circulated. Wonder if there are any $3s, $2.50s or $1s coming next? After reviewing the lots, I'd guess that SB tried their best to complete a date/mint set from the hoard with the best grade they found.
We are almost two years later, and the quality of offering has got even better! In a CoinWeek article titled: Stack’s Bowers to Offer Hendricks Half Eagle Set From Fairmont Collection. They call the event Landmark while writing: Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of half eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. Spanning the Classic Head and Liberty Head half eagle series from 1834 through 1908, the Hendricks Set exhibits the superior quality and completeness that has become a hallmark of the Fairmont provenance. It appear some of the better coins were pulled from previous offerings and formed a few PCGS Registry Sets. I am not sure by chance or purpose, many of the coins were certified with a grade that would allow for CAC Approval.
The article states: It is ranked as the #1 Current and All-Time Finest PCGS Registry Set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES (1839-1908) – CAC category, as well as the #2 Current and All Time Finest set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES AND PROOF (1839-1908) category and the #3 Current Finest set in the LIBERTY HEAD $5 GOLD BASIC SET, CIRCULATION STRIKES (1839-1908) category. Of the 148 coins in this offering, 101 have been stickered by CAC for a 68% approval rate. Highlights in the Hendricks Set include a condition census MS-61 (PCGS) CAC 1840-D $5 that ranks as sole finest at CAC; the finest known 1859-S $5 graded MS-63 (PCGS) CAC; an AU-58 (PCGS) CAC 1864-S $5 that ranks as Condition Census #2; a gorgeous EF-45+ (PCGS) CAC 1870-CC $5; a rare AU-53 (PCGS) CAC 1875 $5; and an MS-61 (PCGS) CAC 1876-S $5 that is the sole finest graded by PCGS. The David Lawrence Rare Coins Team was able to secure two of these highlight coins for the Dell Loy Hansen Collection.
The article continued by stating As with prior offerings from the Fairmont Collection, these coins are distinguished by incredible originality and eye appeal, and several price records are sure to be set when they are sold in the Stack’s Bowers Galleries Spring 2022 Showcase Auction. As we review the Hansen purchases the next few days, we will see just how “incredible originality and eye appeal” these coins have. The comments has been confirmed by a leading gold expert that we will explore later. The pricing for these coins have been strong from the start. Also in 2020, @Wahoo554 wrote: The hoard is mysterious in so many ways. There were only a few half eagle dates where duplicates were offered. Who knows how many more there are? I was impressed by how strong the prices were at auction. I expected them to be strong, but many nice coins set substantially higher new price records for their respective grades. I found it tough to tell from the photos whether the record prices were warranted for some of them. Perhaps they were. I had hoped to maybe snag a nice common mid-AU Philly date for fun, but prices were steep even for those.
1859-S Liberty Head Half Eagle, MS63, CAC, Ex: The Fairmont Collection-Hendricks Set
Finest Known 1859-S Half Eagle
Stacks-Bowers writes: This extraordinary coin is one of the most significant offerings from the Hendricks Set. It is a remarkable Choice Mint State 1859-S half eagle that delivers exceptional technical quality and strong eye appeal. Fully original, both sides exhibit warm pinkish-honey color. The luster is richly frosted throughout, and the strike is sharp apart from some characteristic (for the type) softness to the central high points. There are no singularly distracting marks, and certainly none that would affect the highly significant MS-63 grade from PCGS. The previous finest known coin was a MS62 PCGS grade specimen from Milas Collection - Harry W. Bass, Jr. Collection - Bowers & Merena 10/1999:1118, $29,900. PCGS CoinsFacts suggest the survival estimate to be 55 with only two known in mint state. By my count, this discovery may be now number four. The MS-62 Milas specimen held the auction record prior to the Fairmont-Hendricks sale at $34,100 in 1995. The second PCGS MS-62 specimen was sold in a 2013 Heritage Auction for $25,300.
Stacks – Bowers adds: Writing in the 2008 edition of their Encyclopedia of U.S. Gold Coins: 1795-1933, Jeff Garrett and Ron Guth observe that, "Mint State 1859-S half eagles have appeared at auction three times in the last 20 years -- unfortunately, these appearances all represent the same coin." The example to which the authors refer is the Milas-Bass specimen, currently certified MS-62 by PCGS and the former holder of the title of finest known 1859-S half eagle. (PCGS has certified a second MS-62 for this issue in recent years that appeared as lot 5266 in Heritage's April 2012 CSNS Signature Auction. The Bass specimen is finer in your cataloger's opinion.) The appearance of the Fairmont-Hendricks specimen has ended the reign of the Milas-Bass coin, for it is now the single finest certified, as well as the only Choice Mint State 1859-S half eagle, known. Beautiful in all regards, and with CAC approval adding further significance, this piece is destined for another world class cabinet of Liberty Head gold coinage.
When experts Jeff Garrett and Ron Guth uses words as these, you can be sure that there is no other known coins finer than this 1859-S half eagle. You have to wonder, has the Fairmont Collection shown its best hand? Could they have an uncertified GEM Specimen? I would guess not, but a couple years ago, who would have known there was a choice GEM in this Landmark collection.
The Hansen Collection previously contained two 1859-S Half Eagle. The duplicate (original) coin was a nice AU50 PCGS #04520943 specimen acquired around 2017. This coin was replaced in 2020 with a condition census MS61 PCGS #80674341, CAC. The PCGS value of the coin is $30,000. Mr. Hansen had the chance to upgrade, and he certainly seized the opportunity. The only question is for how much for a coin that has never sold and no price history. PCGS Price Guide placed the value at $75,000 and I don’t know the basis for that assumption. The Hansen Team see this CAC coin is worth a little more. In fact when the dust settled, the coin was hammered at $144,000! This is one of several Fairmont Collection specimens that Mr. Hansen purchased. More to come.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5097, Realized $144,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1859-S Liberty Head Half Eagle, MS63
PCGS POP 1/0, CAC Approved
Certification ##43880940, PCGS #8283
PCGS Price Guide $75,000 / Realized $144,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Fairmont Collection-Hendricks Set, Part 2
If you are a veteran collector of Liberty Head gold you no doubt recognized that the recent Stack’s Bowers Fairmont Hendricks auction was quite likely the best overall sale for this sort of material in the last 20+ years. Sure, there have been great specialized collections such as Battle Born for Carson City gold or Admiral for Liberty Head eagles. The Hendricks sale contained the most impressive date runs Liberty Head half eagles, eagles, and double eagles since the monumental Bass sales of 1999-2000. - My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale, Doug Winter (April 11, 2022)
This opening paragraph published a couple weeks ago by Doug Winter, founder of Douglas Winter Numismatics, a firm specializes in buying and selling choice and rare United States gold coins. By 1992, it was recognized as one of the leading specialized numismatic firms in the area (from DTN Website). In the Article titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale, he made an attempt to list his top 12. He states, It’s hard to choose just 12 coins from this sale as there were literally dozens I loved.
The Stack’s Bowers sale listed just slightly over 500 coins. The listing had 209 were Half Eagles, 148 Eagles, and 147 Double Eagles, with a circulated Three Dollar and heavily worn 1849 Moffat & Co. $5 rounding out the offer. A couple days ago, I started this series with the finest known 1859-S Half Eagle 1859-S Liberty Head Half Eagle, MS63, CAC Approved. The second coin shown today is also as good, but not the finest known. The first two coins are just two of eight coins that Mr. Hansen purchased in the "Fairmont Hendricks" Sale which improved his #1 Set.
As you can see above, The D. L. Hansen Collection currently has the #1 Set in The 220-piece Liberty Head $5 Gold with Major Varieties, Circulation Strikes (1839-1908) ranking. The set is only complete set listed in the rankings as is described by PCGS as: The basic set of this series is a monumental accomplishment and this variety set is that and more. If you’re going to tackle this long and challenging collection, though, why not go all the way? There are coins from seven different Mints as a starter, plus the ultra-ultra-rare 1854-S $5 and much more. Then add Tall Dates and Small Dates and over-mintmarks and other varieties and you’ll have a lifetime of enjoyment from a single series! The set has 219 supporting cast members for the star, Pogue- Boyd- Eliasberg finest known 1854-S. Even more amazing, the overall set grade is in Mint State currently averaging 60.51. The Collection replaced eight coins, improving the GPA with bonus points from 60.534 to 61.01. The 220 piece set has 72 coins considered PCGS Top Pop (32%). In a recent interview, Mr. Hansen stated his “core collection” was 38% Top Pop.
As shown in the screenshot, seven of the eight new purchases is PCGS POP Top Five (Condition Census). The 220 piece set has 175 coins considered PCGS POP Top Five (79.5%). The lowest coin and ripe for an upgrade is the 1847-O VF25 CERT #33914007, POP 35/95. An 1847-O MS-61 (PCGS) POP 8/9 realized $13,200 in the "Fairmont Hendricks" Sale. The David Lawrence Team may have been an under bidder on the coin, but I can know be sure. The Hansen Collection did score a big time replacement in the sale. Finally, the 1866-S $5 “MOTTO” F12 CERT #31436047 was replaced with MS60 CERT #43880958, POP 1/1. Now, let’s look at today’s feature coin.
1876-S Liberty Head Half Eagle, MS61, CAC, Ex: The Fairmont Collection-Hendricks Set
Extraordinary Mint State 1876-S Half Eagle
This coin was one of Doug Winter’s 12 favorite coins in the sale. He writes in his article: Most collectors pooh-pooh the later date S-mint half eagles as being boring and for the most part, they are correct. However, the 1866-S to 1876-S half eagles are all conditionally rare, and the low-mintage 1876-S (just 4,000 were made) may well be the rarest coin of this group. Before this coin was discovered, it was unique in Uncirculated (the NGC MS65 from the Garrett Sale which has not been seen in close to 50 years) and I haven’t had more than a few decent AUs in stock. I graded this 1876-S M62 and my succinct comment in my catalog was “amazing coin.” I bid up to $60,000 for it but couldn’t justify going any higher. It brought $84,000 which is an extremely strong result, but which in the New Dated Gold Market of 2022 can be justified as this is a fundamentally and conditionally rare issue.
Mr. Winter grades the coin a little higher than a MS61, but I am sure Mr. Hansen is pleasantly satisfied with the grade MS61, CAC. Another Expert David Akers wrote several years ago: The 1876-S has the second lowest mintage of any of the very rare S Mint Half Eagles from 1858-1876 and it had the third fewest number of auction appearances in my survey after the 1864-S and 1862-S, ranking in the top 10% of the entire $5 series in that respect. Most known specimens are well worn, grading VF or less, and I consider this to be one of the rarest and most underrated Half Eagles in any condition. There is one gem uncirculated example in the John Hopkins University Collection (PCGS CoinFacts editor's note: sold in the 1979 Garrett sale.) All 1876-S Half Eagles have a "punchmark" in the earlobe and the tiny mintmark is always very weak.
Stack’s Bowers describe the coin in auction as: As one of only three Mint State examples of this issue certified, and the first to appear at auction in the modern numismatic market, here is an incredibly significant offering from the Fairmont-Hendricks Set. It is a gorgeous coin featuring lively, frosty mint luster that blends with vivid golden-rose color. The strike is impressively full throughout, and with few marks of note the in hand appearance is superior at the assigned grade level.
They end the listing by stating: Survivors are few and far between, and most are well worn, if not also impaired. Even the National Numismatic Collection in the Smithsonian Institution can only muster a VG-10 for this issue. Until the last decade or so, the Garrett specimen in NGC MS-65 was the only Uncirculated 1876-S half eagle known. The current PCGS Population Report lists an MS-60 along with this newcomer to the market graded MS-61, and the only example to have been approved by CAC. A formidable condition rarity and a lovely example, this coin would serve as a focal point in the finest gold cabinet. I am sure Mr. Hansen is happy to have this extraordinary Mint State CAC coin in his collection, but it would take a tall order to serve as a focal point in his gold cabinet. It would be hard to say it is the focal point in his Liberty Head $5 Gold cabinet. There are at least a half of dozen or more six figure Liberty Head $5 Golds not including the Pogue Masterpiece, the 1854-S.
Great Addition – YES: FOCAL POINT – NO.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5142, Realized $84000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1876-S Liberty Head Half Eagle, MS61
PCGS POP 1/0, CAC Approved
Certification #43880985, PCGS #8341
PCGS Price Guide $85,000 / Realized $84,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Fairmont Collection-Hendricks Set, Part 3
We knew from the second we saw the catalog; the Fairmont Collection was going to be a nasty sale. It had all the ingredients: better gold that has the highest demand today, the coins were super fresh, the coins had only been through PCGS once-at a time when they were tight, many of the coins were the finest or a twin to the finest that exist, they were in a collection (sort of), and these were darn nice unmessed with coins period. Add all that up and you end up starting out with an $3 1855 PCGS XF45 inexplicably selling for $6,000.00! Even if the coin was MS62 (which it clearly was not), it might not fetch that number. It was off to the races from there. Fairmont is not one super skilled collector. It’s some kind of huge (and we mean huge) bank hoard from our understanding. But we strongly feel the Pedigree from this group is meaningful. Numerous “beyond moon money” records were set or smashed with Fairmont this past week.. Legend Numismatics Market Reports (April 8, 2022)
In this week’s Market Report, Legends revealed a little of their success: As you see in our NEWPS, we bought a few coins from the Fairmont auction. We sat there all-night ferreting through the sale. We did NOT buy anything that was stratospheric or unreasonable in price. The coins we bought all have fundamental value for the prices we paid. It’s ridiculous to think that coins that have not made appearances for years or are the best grades are going to sell cheap in this market. We feel strongly many (certainly NOT all) of the prices paid in the Fairmont sale represented the current market. PUBLISHED VALUES SERIOUSLY LAG. There are several coins in the Hansen purchases that had the appearance of a serious lag. For a bidder not knowing the true value of today’s market, the unsuccessful bidder could drop out way to early. D.L. Hansen acquired eight coins (shown below). The price realized on the eight half eagles was $418,800 compared to PCGS value of only $287,500. There are two ways a buyer can look at this result. One, the buyer paid a premium of 45% over a reasonable posted price or the price listed has a 31% lag as suggested by a few of the experts. How would you look at Hansen’s results if you were the buyer.
I started this series of posts with the finest known 1859-S Liberty Head Half Eagle, MS63, CAC Approved. The second coin shown a couple days ago was the extraordinary Mint State 1876-S Half Eagle MS61, CAC. My intent was to feature a couple more of the remaining six half eagles. The choice was hard than I expected. First, I thought I would feature the 1856-S MS62, POP 2/1, that realized $33,600 with a PCGS price value of $17,500. The price realized was almost double the value. After personal debate, I decided on the 1866-S, Motto, MS60, POP 1/1. The coin is not the finest known and is not CAC approved, but it is as described by Stack’s Bowers as: Offered is a high Condition Census example of this extraordinary rarity among 1860s half eagle, only the second Mint State 1866-S Motto confirmed in the modern numismatic market. Also, the Fairmont-Hendricks coin make the perfect pair with Hansen’s 1866-S “No Motto”, MS61 CERT #83224208.
1866-S Liberty Head Half Eagle, Motto, MS-60, Ex: The Fairmont Collection-Hendricks Set
Expert David Akers wrote a couple decades ago: The mintage of the 1866-S Motto is much greater than that of the 1866-S No Motto, but the auction data correctly shows that the two are very similar in overall rarity, although the No Motto coin is even more difficult to locate in high grade. Only one or two uncirculated examples of this issue are known and most specimens are VF or worse. The mintmark is very small and invariably weak and on the typical badly worn specimen it is sometimes barely visible.
Now, flash forward two or three decades and Stack’s Bowers recently wrote: The Fairmont-Hendricks specimen offered here is only the second 1866-S Motto to have been certified as Mint State. It is a newcomer to the Condition Census for the issue, where it is ranked as CC#2. This places PCGS Population of only 2 in all Mint State grades. The present Fairmont Collection-Hendricks MS-60 example and another in MS-61. Stack’s Bower shed a little light on the CC#1 specimen: Prior to publication of the 2008 edition of the Garrett-Guth encyclopedia on U.S. gold coinage, this issue was unknown in Mint State. Around that time NGC certified an example as MS-61, sold as lot 3272 in Heritage's May 2008 Long Beach Signature Auction. That coin appears to have since been crossed to PCGS MS-61, although to date it has not been approved by CAC. The MS-61 coin realized $22,425 in 2008.
The Stack’s Bower auctioneer offered this commentary: Just 34,920 coins were struck of this historic Liberty Head half eagle, the first from the West Coast facility with the motto IN GOD WE TRUST on a scroll in the upper reverse field. Thanks to the rigors of commerce, only a tiny number survive today, with PCGS CoinFacts accounting for fewer than 100 in all grades. Actually, the current CoinFacts place the rarity and survival estimates at 80. In 2008, Heritage Auctions wrote: While not quite as rare as the 1866-S No Motto half eagle, the 1866-S With Motto is merely a great condition rarity--one seldom seen in high grade and extremely rare in Mint State. As most certified examples grade only about VF30, it is clear that most pieces circulated heavily on the West Coast soon after their issue. The lone MS61 Specimen is no longer the single mint state issue.
The coin is described as: It is a beautiful coin with quality and eye appeal that are both superior for the assigned grade. Lustrous and frosty, both sides display attractively original, rich olive and rose-gold color. The strike is virtually full, and there are remarkably few marks, certainly none that are worthy of attention. The coin realized a new auction record of $38,400.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5115, Realized $38,400; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1866-S Liberty Head Half Eagle, Motto, MS-60
PCGS POP 1/1
Certification #43880958, PCGS #8312
PCGS Price Guide $25,000 / Realized $38,400 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Great updates! Thank you!
The Fairmont Collection-Hendricks Set, Part 4
Just got the email from Stacks. Holy F! When will this group end and now with the previously unseen scarce dates. Wow!. PCGS US Coins Forum, @Boosibri (February 17, 2022)
@burdell said:
I thought this tidbit was interesting ---- the Hendricks set coins 'were set aside years ago'. Page vii of the catalog.
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Doug Winter suggests the Fairmont coins have been tucked away in overseas bank vaults for maybe 100 years. According to the article above, part of the coins 'were set aside years ago' in what is now called the Hendricks Sets. As stated by @Boosibri “When will this group end”. From what we see, there does not seem to be an end in sight. Will the releases continue to get better and better in the future? Does anyone know for sure? For now, let’s take one last look at the Half Eagles before we move on.
I started the Half Eagles with the finest known 1859-S Liberty Head, MS63, CAC Approved. Then, we saw extraordinary Mint State 1876-S Half Eagle MS61, CAC. A couple days ago, I featured the 1866-S Liberty Head Half Eagle, Motto, MS-60. All three coins set Auction Records. This posting will feature one more of the remaining five half eagles. I did not feature the 1856-S MS62 POP 2/1 that set an auction record at $33, 600 nor the 1883-CC MS62, CAC that realized $45,600. If you get time, they are coins worthy of taking a closer look. Now, let’s view the last half eagle to be featured, 1840-D Tall D $5, PCGS/CAC MS61.
1840-D Liberty Head Half Eagle, Tall D, MS-61, Ex: The Fairmont Collection-Hendricks Set
Highest Graded Example Approved by CAC
Doug Winter provided his thoughts in CoinFacts: In 1840, the design of the half eagle was modified. The new head has a neck that is less curved and positioned slightly differently than the head of 1839. In addition, the mintmark was placed on the reverse, where it would stay on all regular issue United States gold coins struck through 1933. Thus the 1840-D is an important issue as it is the first Dahlonega half eagle with the modified Liberty Head design. He continued by adding: The 1840-D half eagle is most often seen in Very Fine to Extremely Fine grades. It is scarce in the lower About Uncirculated grades and rare in the upper range of this grade. It is extremely rare in Uncirculated. PCGS rarity and survival estimate is about six.
Also, this Fairmont-Hendricks coin was one of Doug Winter’s 12 favorite coins in the sale. He writes in his April 11, 2022 article: Unless you are a true insider on this series, you might not know just how rare the 1840-D half eagle is in real Uncirculated with natural color and surfaces. In three+ decades of specializing in Dahlonega gold, I can’t recall more than two or three really nice examples of this issue as 98% of them have been stripped. There are some nice ones around in EF and lower AU grades, but just try to find a pleasing BU 1840-D half eagle! Surprising, the POP report has this coin as POP 4/4. Mr. Winter finds this coin very pleasing in comparison to others of similar grade. He continues by saying: The Fairmont coin (Lot 5016) had great color and I graded it MS62. It brought $32,400 (please note that all prices in this article include the 20% buyer’s premium), which I think was a really fair price for its new owner. I was the underbidder and, frankly, had this coin not been right at the beginning of the sale—before I could get a pulse of the prices—I would have stretched. The new owner is Mr. Hansen after a private transaction with David Lawrence Rare Coins. It fits all three of the requirements for the collection: availability, improves the collection, and a fair price.
Expert David Akers wrote a couple decades ago: The 1840-D is less rare than the 1840-C but it is comparable in overall rarity to the popular 1839-D. Generally, it is more well struck than the 1840-C. The typically available specimen is VF or EF and AU or uncirculated pieces are extremely rare. Both the broad mill and narrow mill varieties exist but most of the known specimens are narrow mill coins.
Stack’s Bowers recently wrote in the sale: Struck only a few years after the opening of the mint at Dahlonega, the 1840-D half eagle is the first of the denomination with the mintmark on the reverse. When the 22,896 specimens entered circulation, they remained there for many years. As a consequence, at most 150 or so examples survive in any condition, with the overwhelming majority in mid-range circulated grades. The 1840-D half eagle is a notable condition rarity above even the lowest AU levels. The issue is especially rare in Mint State, where not a single specimen exceeds the Choice level. Of course any Uncirculated survivor is noteworthy, and this premium quality MS-61 would be difficult to improve upon technically or aesthetically. Serious students of the Dahlonega Mint's coins will want to pay particular attention when this very desirable specimen crosses the block. We know for a fact both the Hansen and Winter Teams were bidders for this coin.
The Stack’s Bower auctioneer described the coin as: Here is an exceptional and rare Mint State example of this challenging early date Dahlonega Mint half eagle. Lustrous frosty surfaces are endowed with lovely warm, even olive-orange color. Impressively sharp in strike with remarkably smooth surfaces for both the issue and the assigned grade.
The coin realized $32,400 and had room to climb a little higher. This POP 1/0 CAC coin makes a very nice addition to the D.L. Hansen Collection of Liberty Head Half Eagles as well to his Collection of Dahlonega Gold. For the past few days, I hope you have found the postings of the Fairmont-Hendricks Half Eagles interesting to watch.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5016, Realized $32,400; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1840-D Liberty Head Half Eagle, Tall D, MS-61
PCGS POP 4/4, CAC POP 1/0
Certification #43880857, PCGS # 8198
PCGS Price Guide $35,000 / Realized $32,400 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Fairmont Collection-Hendricks Set, Part 5
The beauty of the Fairmont hoard (and the “Hendricks” coins) is that 95% of them were as virgin original as you will ever see. One veteran dealer called me over to his table at the recent Baltimore show and stated “I sent my son upstairs (to the auction viewing room) to look at them so he’ll be able to understand exactly what an original gold coin looks like.” - Thanks to Fairmont/"Hendricks" We Have A New Dated Gold Market, Doug Winter (April 25, 2022)_
After spending a few days with the Fairmont Hendricks half eagles, it is time to look at the eagles purchased D.L. Hansen via David Lawrence Rare Coins. As I stated before, the Stack’s Bowers sale listed just slightly over 500 coins. The listing had 209 were Half Eagles, 148 Eagles, and 147 Double Eagles, with a circulated Three Dollar and heavily worn 1849 Moffat & Co. $5 rounding out the offer. We don’t know exactly how many coins were purchased by DLRC, but we know in a recent John Brush interview for NNP Symposium, he indicated in the range of 25. I have not seen that many coins posted to the D.L. Hansen sets. As stated few days ago, it appear Mr. Hansen snagged eight of the 209 half eagles. In addition, it appear he upgraded six business strike eagles from the 148 offered in the sale. In addition, he added a PR60 1889 Proof Eagle to the Collection and a Double Eagle Mint State. In total, The Hansen Collection acquired 16 Fairmont Hendricks coins, short of the 25 reported by John Brush. The difference could be a couple things. The most likely explanation, John Brush purchased a handful Fairmont Hendricks coins for DLRC inventory or other clients.
The six eagles made nice upgrades to the Collection. The 184-piece Liberty Head $10 Gold with Major Varieties, Circulation Strikes (1838-1907) Set is described by PCGS as: The "Varieties Set" of this great series is not that different from the Basic Set. Yes, there are a few goodies to add to the Basic Set, but well over 95% of the work and fun are done before you get to the varieties. This set involves three distinct types; the No Motto Covered Ear, the No Motto and the With Motto. A complete date set in any condition is a major numismatic accomplishment. The Major Varieties set contains five addition eagles to the composition of the basic set.
As you can see above, The D. L. Hansen Liberty Head $10 Gold Collection is ranked #1 in the registry. The second set was part of the once famed Bob Simpson Collection assembled by Laura Sperber, Legend Numismatics which retired in May 2011. For the Hansen Team to assemble a set that ranks above a Sperber set is saying a lot. There are two other notable sets in the registry: the Ellen D set that also retired in 2011, and the Harry Bass that retired in 1999. These and other great sets provide opportunities for Mr. Hansen to build his collection the past six years. There are several masterpieces in Hansen’s set including 15-16 coins that I estimate to be six figures eagles. I would consider the center-piece eagle as the 1839/8 $10 “TYPE OF 1838” PCGS MS66, CERT #05368072. This seven figure coin has been in the Hansen Collection about 5-6 years dating back to an early purchase from Barry Stuppler.
We must clear the water by the acknowledgement that the Hansen Collection of Liberty Head Eagles is not the finest set currently assembled. The Eagles of The Tyrant Collection is described as "far and away" the finest US Eagle Collection. In a Doug Winter blog, he indicated the set was assembled around 2003/2004. The set consist of both PCGS and NGC coins, so making a direct comparison is difficult. It is very safe to say that the Tyrant Set has more examples of best-known examples of US Eagles.
As shown in the screenshot, five of the six new purchases is PCGS POP Top Five (Condition Census), with one, 1873 AU55, just missing the mark. The 184 piece set has 141 coins considered PCGS POP Top Five (76.6%) As of note, this is slightly down from 79.5% for half eagles. There is only one coin in the set graded below AU50, the lowest coin and ripe for an upgrade is the 1864-S XF45 CERT # 36753387, POP 5/9. The Fairmont Hendricks 1864-S Liberty Head Eagle was a Fine-15 (PCGS). Although, it was CAC Approved, the sale did not offer Mr. Hansen the opportunity to upgrade this lowest coin.
1865-S Liberty Head Eagle, AU58, CAC, Ex: The Fairmont Collection-Hendricks Set
Finest PCGS-Certified 1865-S Normal Date Eagle
Expert David Akers comments: The 1865-S normal date is very rare in any condition, more so than either the mintage or even the modest number of auction appearances would imply. The blundered or inverted date variety was not discovered until about 20 years ago and therefore, it is likely that some of the pre-1960 listings are for inverted date coins. I have seen approximately twice as many inverted date specimens as I have normal ones. Most normal date 1865-S Eagles are very worn and grade from VG to VF. In EF, this date is extremely rare and I am unaware of any specimens above that grade, although the Miles coin was called AU. The 1865-S normal date is more rare than the 1858-S, 1859-S, 1862-S, and 1863-S and is of approximately the same rarity as the 1860-S and 1867-S. It is only a little less rare than the 1864-S and 1866-S No Motto. With two Major Varieties, the Hansen Collection has both. The set has the blunder (1865-S 865/Inverted 186) in an AU53 POP 6/4. With the recent Fairmont-Hendricks upgrade, the 1865-S normal date is a CAC Approved AU58, PCGS POP 1/0. Stacks Bower states the coin is “Finest PCGS-Certified 1865-S Normal Date Eagle”. There is certainly a case that can be made that the Tyrant Specimen could be a little better.
Gold Expert Doug Winter had this to say about the coin: Two varieties are known for this year. The better known is the spectacular 1865-S Over Inverted 186. The less visually impressive Normal Date is, ironically, the rarer of the two. I regard this as the second rarest eagle from San Francisco. I estimate that around 30-40 are known and nearly all grade EF40 or below. In fact, this one of the rarest Liberty Head eagles from the standpoint of condition. I have never seen or heard of an Uncirculated example and I know of just three that I would call real AU's (none better than AU50 to AU53). The quality of strike is very distinctive with soft radial lines in the stars and a slightly concave appearance on the obverse. The reverse is better struck although many examples show weakness on the neck feathers. I have never seen an 1865-S Normal Date eagle that did not have heavily abraded surfaces and most have enough wear to lack any significant luster. The Tyrant coin is graded MS-60 by NGC. The coin from the Admiral Collection is described as A magnificent example of this prized issue. I have not read if Mr. Winter’s has formed an opinion of the Uncirculated aspect of the coin.
Stack’s Bowers describes their opinion of the coin’s grade: There are two major varieties for this issue: the Normal Date, offered here, and the 865/Inverted 186, offered below. The former is rarer in today's market with PCGS CoinFacts providing an estimate of just 25 to 35 survivors throughout the grading scale. The offered coin from the Fairmont Collection sits alone at the top of the PCGS Population Report for the Normal Date variety, and with CAC approval confirming its quality and originality, this is quite possibly the finest 1865-S eagle obtainable by gold enthusiasts. It is a high Condition Census specimen that is worthy of the strongest bids.
They introduce the coin by stating: Another outstanding offering from the Fairmont Collection, this 1865-S Liberty Head eagle offers undeniably originality, premium quality surfaces and awesome rarity. Awash in vivid honey-orange color, iridescent reddish-rose highlights cling to the peripheries and add to the appeal. Softness to the high points of the eagle and several of the stars on the obverse is noted, although hardly unusual for an S-Mint eagle from the 1860s. Otherwise we note bold to sharp detail in the absence of all but trivial rub. Frosty and near-fully lustrous, only the strongest bids will be competitive for this incredible example. There may never be a chance for better coin coming to market. PCGS values the AU58 PCGS coin at $110,000. The coin realized a fair price $108,000 with the coin being CAC as a bonus. The coin replaces an 1865-S $10 PCGS AU50 CERT #02694742, POP 4/2.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5278, Realized $108,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1865-S Liberty Head Eagle, AU58
PCGS POP 1/0, CAC Approved
Certification #43952238, PCGS #8642
PCGS Price Guide $110,000 / Realized $108,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
In January Hansen added an 1861 PR66 Double Eagle for $1.8 million, and in April he added a common-date PR60 Eagle for $15,600! Interesting strategy...
The Fairmont Collection-Hendricks Set, Part 6
Stack’s Bowers Galleries is thrilled to announce the incredible Hendricks Set of $10 Eagles from the Fairmont Collection, a landmark feature of their Spring 2022 Showcase Auction. Spanning the Classic Head and Liberty Head series from 1834 through 1907, the $10 eagles from the Hendricks Set exhibit the superior quality and completeness that has become a hallmark of the Fairmont provenance. It is ranked as the #1 Current and All-Time Finest PCGS Registry Set in the Liberty Head $10 Gold Basic Set, Circulation Strikes (1838-1907) – CAC category, and the #2 Current Finest Set in the Liberty Head $10 Gold Date Set, Circulation Strikes (1838-1907) category. Stack’s Bowers Galleries (March 8, 2022)
As discussed a couple days ago, it appear Mr. Hansen upgraded six business strike eagles from the 148 offered in the sale. In addition, he added a PR60 1889 Proof Eagle to the Collection. In total, The Hansen Collection acquired seven Fairmont Hendricks Eagles (shown below). The price realized on the seven eagles was $385,800 compared to PCGS value of only $302,000. The Hansen Team paid a premium of 28% over a reasonable PCGS posted price. This is a little less that what we saw in the bid escalation for the half eagles.
The first eagle that I posted was 1865-S Liberty Head Eagle, AU58, CAC, which is the finest PCGS-Certified 1865-S Normal Date Eagle. In today’s posting I am featuring another coin from the San Francisco Mint. The coin is minted two years later, 1867-S AU58. The 1865-S (PCGS POP 1/0. CAC) and 1867-S (PCGS POP 2/0. CAC) makes for perfect pair! Stacks Bower describes the new coin as: Top Condition Census 1867-S Eagle.
1867-S Liberty Head Eagle, Motto, AU58, CAC Ex: The Fairmont Collection-Hendricks Set
Expert David Akers wrote: The U.S. Eagle series is loaded with rare and underrated issues, more than any other series of U.S. coins. But even in this grossly underrated series, the 1867-S stands out. It ranked sixth in the series according to rarity by frequency of appearance (tied with the 1798/7, 7x6 Stars and 1873 - pretty good company) and shared the top spot with the 1864-S and 1875-CC according to rarity by average grade. The 1867-S is only marginally less rare overall than the 1864-S and 1866-S No Motto and compares favorably to the 1860-S and 1865-S normal date.
In recent sale, Stack’s Bowers wrote: This is one of just 9,000 examples struck. Typical survivors encountered today grade VF or occasionally EF, but above that the availability becomes nearly non-existent. Indeed, the 1867-S is one of several dates in the Liberty Head eagle series that is unknown in Mint State. At the uppermost reaches of Choice AU and premium quality for the grade (as CAC approval makes clear), it is difficult for us to imagine a finer example of this rare and conditionally challenged issue.
The Stack’s Bower auctioneer offered this description of the coin: An incredible rarity that belongs in the finest Liberty Head eagle set. Near-fully lustrous with a lively frosty texture, both sides are enhanced by vivid rose-honey color. The in hand appearance is remarkably smooth for the grade, and it is not a stretch for us to state that there is not even a single noteworthy blemish. A few of the obverse stars are soft, but otherwise the strike is sharp to full throughout.
The Tyrant Collection has the other 1867-S $10 Liberty (PCGS POP 2/0) AU-58 CAC Approved. The coin is noted by saying: This is one of the rarest dates in the entire series, and one which is unknown in mint state. David Hall described the ability of acquiring a good example this way: It is estimated that only 50 to 75 examples of the 1867-S survive today in all grades. I have never seen or heard of a mint state specimen. I was only able to obtain an EX45 for my set and I looked for 6 years.
The Hansen/Hendricks coin from the Fairmont Collection realized an auction record of $75,000, breaking the previous record of $45,600 for a NGC AU58 in 2018 Heritage Auction. That coin was from The Admiral Collection. If I was doing a condition census TOP 3, they would be The Tyrant Specimen, The Admiral Specimen, and The Hansen Specimen in no particular order.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5284, Realized $75,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1867-S Liberty Head Eagle, Motto, AU-58
PCGS POP 2/0. CAC Approved
Certification #43952244, PCGS #8652
PCGS Price Guide $75,000 / Realized $50,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Fairmont Collection-Hendricks Set, Part 7
The last couple postings focused on D.L. Hansen’s 184-piece Liberty Head $10 Gold with Major Varieties, Circulation Strikes (1838-1907) set. I even dropped the Tyrant name in the discussion once or twice. The EAGLES OF THE TYRANT COLLECTION may be the best US Eagle collection ever assembled, according to several numismatic experts. The set was exhibited recently and at that time described as: This exhibit contains over 300 eagles and has every circulation strike from 1795 to 1933 with all the branch mint coins also represented. There are Proofs of nearly every issue including the ultra- rare 1804, 1838, 1839, and 1857 issues, as well as both 1907 No Motto Indian Head Proofs and the unique Matte finish 1909. There are dozens of finest known examples of both circulation strikes and Proofs.
Great Sets as Hansen and Tyrant of 200-300 coins are very difficult for the average collector like me to comprehend. In a recent interview, Mr. Hansen talked about how he viewed his collection in smaller bits, or you could say sets and subsets. In a quick check today, The Hansen Collection has over 1200 completed sets. After taking a few minutes and wrapping your head around that, he also has 600 incomplete sets, which is more than 1800 total sets. Just stating a fact for me, I don’t have 1800 PCGS coins in my collection much less anything close to this count of sets. So, just considering the 184-piece Liberty Head $10 Gold set, it quickly becomes a small subset of the entire collection.
If you are still following my logic, then I thought today I would break down just one of hundreds of subsets that are in this vast collection. In the chart that I shared on May 4th, you can see the Hansen Team upgraded three US Eagles from the Southern Mint in New Orleans. The PCGS Registry - New Orleans Gold $10 Basic Set, Circulation Strikes (1841-1906) requires 36 coins. That number sounds small right? In a quick review of Mr. Hansen’s 36-piece set, the PCGS value appear to be over $1,000,000. The set has no seven figure coins or medium to high valued six figure coins. The large majority of the 36 coins are valued from $12,000 to $150,000.
The PCGS ranking chart below tells the story for collectors that enjoy the PCGS registry. I usually don’t mention much about Hansen’s #2 sets, but in this case you can easily see that he has two complete sets. Historically, this 36-coin is frequently divided into two subsets. First, the No Motto type struck at New Orleans from 1841 through 1860. The No Motto set of coins is minted prior to the Civil War. As many know due to the war and the Union losing of City of New Orleans, the mint did not reopen until 1879. This conveniently allows for a second run of With Motto from 1879 to 1906. Today, I will focus on the No Motto subset consisting of 21 coins with both 1854-O types.
Doug Winter published an article on March 27, 2020 titled: Battle of the New Orleans Eagles. This article is a pronounced reminder there many prodigious sets that are not in the PCGS Registry. Winter’s introduction in the article states: After viewing the epic display of the Tyrant Collection of Eagles (1795-1933) at the recent February 2020 Long Beach show, I thought it would be a fun exercise to compare the two finest sets of New Orleans eagles ever assembled: the Tyrant Collection and the New England Collection. Before we get started, there are some important caveats which we need to discuss. The first is that the New England Collection is specialized (it focuses on New Orleans gold) so it is likely to be “better” than Tyrant. But the Tyrant Collection is far and away the finest set of Liberty Head eagles, and while it doesn’t specifically focus on New Orleans issues, it is specialized as well.
There are several take-a-ways from these briefs words. He states the Tyrant and New England sets are “two finest sets of New Orleans Eagles ever assembled”. Also, the Tyrant Collection has a much larger collection by assembling the finest set of Liberty Head Eagles. On the other hand, the New England set is strictly razor focused on No Motto New Orleans Eagles, which is 21 total. The age of the Tyrant Eagle Collection I found a little unexpected. Mr. Winter states: Of the two, the Tyrant Collection is slightly older as it has been assembled since around 2003/2004; the New England Collection was initiated around five years later. Interestingly, both sets are still being improved although it is becoming increasingly difficult for either set to “get better” as so many finest known or second finest known pieces are included.
If you like reading this kind of stuff, I would recommend to find this Doug Winter article online. It is a good read and has some beautiful images. I will not reveal the winner of the head to head battle, but I was not surprised with results. I made the table (below) that includes the Hansen’s coins with the Tyrant and New England. Mr. Hansen was able to upgrade three coins highlighted, but he need a few more upgrades to contest with these two supreme sets. Remember the writing by Winter: both sets are still being improved although it is becoming increasingly difficult for either set to “get better” as so many finest known or second finest known pieces are included.
1853-O Liberty Head Eagle, MS61, CAC Ex: The Fairmont Collection-Hendricks Set
There are times when I run across a coin that is very intriguing. The 1853-O Liberty Head Eagle is one of those coins. In dated writing of Expert David Akes, he states: The 1853-O is a rare date in all grades and extremely rare in strictly uncirculated condition. Most specimens are well worn with VF and EF being the grades one is most likely to find. The "proof" listing from "Auction '79" is for the same coin that appeared in Lester Merkin's 3/69 sale where it was called a gem uncirculated, prooflike presentation piece. As a date, the 1853-O is one of the more "common" O-Mint No Motto Eagles although it is more rare than the 1843-O, 1847-O, 1851-O and 1854-O. From the standpoint of overall rarity, it is comparable to the 1842-O, 1844-O and 1858-O.
If you review auction records, the new Hansen Coin would have set a new auction record of $51,600, if not for the New Orleans 1853 “Proof”. The proof specimen realized $316,250 in a 2010 Stacks Auction. The coin is pedigreed to the Harry Bass by Bowers & Merena on 10/1999. In that sale the coin was listed as PCGS MS61. As you are aware, the Tyrant Collection has a PCGS MS61 that is attributed to Mr. Bass. Is it the same coin? Does Tyrant have the $316K coin in his collection? At times like this, I turn to the expert! I asked Ron Guth, Chief Investigator at the Numismatic Detective Agency, and our friend. He said no, the $316,250 NGC SP61 coin is out there somewhere, it has not been crossed. It is just coincidental they both are from the Bass Collection. Well not that much of a coincidental, Ron Guth said: Bass had FIVE 1853-O Eagles. Four sold in October 1999 and one sold in 11/2000. He also provided the pedigree of the Tyrant specimen: Louis E. Eliasberg, Sr. Collection - Bowers & Ruddy 10/1982:692 (as PCGS AU58), $2,640.00 - Harry W. Bass, Jr. Collection, Part IV - Bowers & Merena 11/2000:651 (as PCGS AU58), $8,050.00 - Tyrant Collection (Coin 71, displayed at the 2/2020 Long Beach Expo) (as PCGS MS61 50176929).
I said this 1853-O coin was intriguing, but I must bring back focus in my writing or the post will be extremely long. A few days ago, I discussed the article Doug Winter published titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale. The 1853-O Liberty Head Eagle, MS61, CAC is one of the twelve. He wrote: If I had to wager how many readers of this article would have predicted this coin as one of my Top Dozen faves in Fairmont, I’d guess exactly zero. The 1853-O is a sneaky date in a series full of sneaky dates. It is dirt common in grades through AU55, and scarce in properly graded AU58 although not as hard to locate as are many No Motto eagles from New Orleans in this grade. Uncirculated coins are another story altogether. In the earlier article, he used the New England AU58 Specimen as additional justification when he wrote: This is a common date in circulated grades but a major rarity in Uncirculated as evidenced by the fact that the best example in these two sets is “only” an MS61. He was speaking in reference to the Tyrant and New England sets. Mr. Winter closed the article by adding: The Fairmont coin (Lot 5249) was one of only two or three real BU 1853-O eagles I’ve ever seen and I loved the coin. It remains the only example of this issue approved by CAC in MS61 with exactly zero finer. The coin sold for $51,600 which was just a bit more than I wanted to pay, but which is still far less expensive than the $316,250 which a so-called Specimen brought back in 2010.
Let me close by sharing what Stack’s Bowers wrote for the Highest Graded CAC-Approved 1853-O Eagle: With a mintage of 51,000 coins, the 1853-O is the third most plentiful issue in the pre-Civil War era New Orleans Mint eagle series behind the 1847-O and 1851-O. However, the vast majority of survivors are concentrated at the VF and EF grade levels, often with surface problems. This issue is a major rarity in Mint State, with Doug Winter (2020) accounting for only four to five survivors at that level. This newcomer to the Condition Census from the Fairmont Collection is one of the finest 1853-O eagles we have ever offered, and the only certified Mint State coin to meet with CAC approval. It is sure to catch the eye of seasoned numismatists.
The Stack’s Bower auctioneer offered this description of the coin: A remarkable condition rarity worthy of inclusion in the finest numismatic cabinet. Vivid bright golden-olive surfaces are semi-prooflike on the obverse with appreciable reflectivity in the field; the reverse exhibits a more uniform frosty texture. Both sides are boldly to sharply struck throughout with an impressively smooth appearance for the issue as well as the assigned grade.
I will end the posting by sharing another twist. There is a PCGS MS62 coin that I have not mentioned to this point. In a Heritage August 2018 sale, there is no PGGS MS62 Specimen certified at the time. In the Stacks-Bowers 4/2022 of the Fairmont Collection, the PCGS MS62 (Cert #41789152) is reference as finest. As far as I can tell, this coin has not been offered in public sale. Could this be another high-grade Fairmont coin that will be placed in the market at some point? Or just an MS61 upgrade. I am not sure, but the discussion on the 1853-O Liberty Head Eagle may not be over.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5249, Realized $51,600; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1853-O Liberty Head Eagle, MS-61
PCGS POP 4/1. CAC Approved
Certification #43952209, PCGS #8612
PCGS Price Guide $51,600 / Realized $35,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
In April, 2021, Heritage sold an PCGS AU58 and stated that PCGS had graded 26 in AU58/58+, with 4 finer.
In April, 2022, PCGS has graded 24 in AU58/58+ (-2), with 7 finer (+3), implying that two AU58/58+ coins have upgraded to MS in the last year. Thus, the Fairmont-Hendricks coin would represent the third coin added to the MS ranks ... right? Could an AU58+ have upgraded all the way to MS62?
Yes,
I agree, it does seem logically from your work indicates two upgrades and only one new entry. There is an image of the PCGS MS62 (Cert #41789152) in CoinFacts. Maybe Ron or someone can let us know if it can be traced to one of the AU58s. It is interesting that the coin leaped the Tyrant coin, if indeed the AU58 jumped to MS62. Who knows, the Tyrant coin could be under graded at this point in time.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The Fairmont Collection-Hendricks Set, Part 8
Stack's Bowers Galleries Sets Hundreds of Records in $13.6 Million Hendricks Set Auction - Stack's Bowers Galleries (April 28, 2022)
The incredible Hendricks Set of United States Gold Coins from the Fairmont Collection sold for over $13.6 million in the Stack's Bowers Galleries Spring 2022 Showcase Auction, more than doubling the overall pre-sale estimate. Presented across 506 lots, the coins in the Hendricks Set realized an average value of nearly $30,000, with 17 lots achieving six-figure prices. More than 350 lots, over 70% of the collection, set new auction records for the grade or overall issue. All of the coins were certified by PCGS and 349 coins, almost 69%, were approved by CAC. Sold by Stack's Bowers Galleries on Thursday, April 7, it was the most highly anticipated cabinet of Liberty Head gold coins to be offered in recent years. These outstanding results contributed to nearly $37 million in total prices realized for the Stack's Bowers Galleries sale—a 60% increase above the pre-sale estimate.
The Hendricks Set featured a nearly complete collection of $5, $10, and $20 Liberty Head gold coins with additional selections from the Classic Head, Indian Head, and Saint-Gaudens series. As with prior offerings from the Fairmont Collection, the Hendricks Set coins are distinguished by incredible originality and eye appeal, and they had been ranked among the top PCGS Registry Sets in their respective categories. This offering was highlighted by an incredible 1870-CC double eagle that sold for $840,00, more than twice the existing record. Additionally, an 1875 half eagle also doubled the prior record at $480,000, while an 1864-S half eagle realized nearly 50% above the prior record at $264,000. The top ten results from the Hendricks Set from the Fairmont Collection include:
1870-CC Liberty Head Double Eagle. EF-45 (PCGS). CAC. Realized $810,000. Over 2x the Prior All-Time Record.
1875 Liberty Head Half Eagle. AU-53 (PCGS). CAC. Realized $480,000. Over 2x the Prior All-Time Record.
1864-S Liberty Head Half Eagle. AU-58 (PCGS). CAC. Realized $264,000. Nearly 50% Over Prior All-Time Record.
1885-CC Liberty Head Double Eagle. MS-63 (PCGS). CAC. Realized $264,000 Nearly 3x the Prior All-Time Record.
1867-S Liberty Head Double Eagle. MS-64 (PCGS). CAC. Realized $168,000 7x the Prior All-Time Record.
1882-CC Liberty Head Double Eagle. MS-63 (PCGS). CAC. Realized $156,000 Tied for All-Time Record.
1859-S Liberty Head Half Eagle. MS-63 (PCGS). CAC. Realized $144,000 Over 4x Prior All-Time Record.
1871-CC Liberty Head Double Eagle. AU-55 (PCGS). CAC. Realized $132,000. Over 2x Prior Grade Record.
1886 Liberty Head Double Eagle. AU-55 (PCGS). Realized $132,000. New All-Time Record.
1866-S Liberty Head Double Eagle. No Motto. AU-58 (PCGS). CAC. Realized $120,000
The D.L. Hansen Collection acquired two of the top ten coins from the $13.6 million sale. In the news release, it stated the “average value of nearly $30,000” per coin. The average value realized for the 16 known coins acquired by the Hansen Team was $60,787. In this last updated, we will see the only Double Eagle that was acquired by the Hansen Collection. As can be seen above, seven of the top ten coins were Double Eagles. If you analyzed the results of the top ten coins, a couple things stand out. Most all the top coins realized results that exceed previous record. The Double Eagle purchased by Hansen realized seven times the previous auction record! This 1867-S Liberty Head Double Eagle MS-64 (PCGS) CAC specimen is a perfect upgrade to already one of the finest PCGS Liberty Head Double Eagle Collection ever assembled.
If you followed this thread from the start, you know I have wrote that the Hansen Collection of Liberty Head Double Eagles was formed from the AWA Collection. In fact, I have posted no less than 17 times referencing the AWA Collection. Back in early 2021, I rerferenced a Hansen quote from Rare Coin Market Report (November-December 2019): “After I finished my Saint-Gaudens collection, I decided to expand into $20 Liberty pieces,” he says. “One of my larger purchases was the AWA Collection of $20 Liberty gold coins which was put together over a lifetime of collecting. Once that transaction was completed, I looked to see what else could I do.” After that, he set his sights on the one collector whose name has loomed large in numismatics for generations. “At that point, I kind of got a bug to pursue the PCGS Registry’s idea of the Eliasberg collection. But, instead of stopping at 1964 and simply competing with him, why not expand on it another 55 years and do something no one else has done?” Hansen wanted to push the envelope. “In my career, I enjoy doing things that no one else has considered doing and what some consider ‘impossible’.
We know the pursuit of the PCGS Registry’s idea of the Eliasberg Collection has been modified a little, but the quality of the Hansen’s Liberty Head Double Eagles have been improved with several years of upgrades. The 149-piece D.L. Hansen $20 Gold. (1850-1907) is only missing one required coin, 1861 “Paquet”. With only two known, this coin may become one of Hansen’s few misses. The set has 86 specimens (57.7%) that is PCGS finest known or tied for finest. Of the 86, there are 33 specimens of the 149 (22.15%) that are PCGS sole finest certified. I am not sure if all the coins has be reviewed for approval, but currently, 41 specimens (27.5%) are CAC. There are eight coins (5.3%) outside of the PCGS Condition Census Top Five population. The highest PCGS POP coin is the 1889-S MS64 CAC, POP 100/25. Believe it or not, the second worst Liberty Head Double Eagle is a PCGS MS66 grade. As a result of the discovery of thousands of choice to gem examples from the S.S. Central America treasure, the 1857-S has become the single most available Type One double eagle., per CoinFacts. At some point, this coin should be upgraded to a MS67 or better. It is without doubt, the Hansen Collection of Liberty Head Doubles Eagles will never be topped unless this collection is placed on the market.
The series of eight post covering the purchases from the Fairmont Collection-Hendricks Set has been fun. All the coins have a story to tell and I could have posted on all of them. I limited the selection to a combination of my favorite, Mr. Winter’s favorite, the finest, the most expensive and the best story. I hope you enjoyed the series. If so, give a like to this posting. The tables, above sum up the 16 coins purchased. The 500+ coins realized $13.6 million. The coins that D.L. Hansen acquired was just short of $1,000,000, realizing $972,600. Mr. Hansen acquired only 3.1% of the coins, but in price, he contributed 7.2% of the valued realized. Let’s now deep dive in the only Double Eagle upgrade purchased.
1867-S Liberty Head Double Eagle, MS64, CAC Ex: The Fairmont Collection-Hendricks Set
Prior to this PCGS MS64 specimen from Fairmont discovery, the best coin was a PCGS MS62+ and NGC MS63. David Akers wrote many years ago: The 1867-S is very scarce in all grades. In this regard, it is very similar to the 1866-S Motto. It is also very similar to the 1854-S, 1860-S, 1861-S, 1862-S, 1864-S and 1868-S but it is more rare than any of them in full mint state. I have personally seen only one average quality unc and just a few AU's. Now, the certifying companies have more than the one coin that Mr. Akers wrote about, but none in choice unc by PCGS before now. The NGC POP report has one MS63 but never appeared in public auction. Stack’s listed an uncertified MS63 in their 2009 Eldorado Sale and described it as “burnished”. In a 2021 Stack's Bowers sale, a PCGS MS62 sold that was described as “PCGS Population: 5; with a single MS-62+ finer”. The PCGS MS62+ has never sold in a public sale. In the Fairmont Collection-Hendricks sale, Stacks Bower described the coin as : Unique Near-Gem 1867-S Double Eagle, Finest Known.
This is another coin that can be found in the article Doug Winter’s published titled, My 12 Favorite Coins from the Stack's Bowers April 2022 "Fairmont Hendricks" Sale. If you read all the postings, you would concur that the D.L. Hansen Team collected several of Mr. Winter’s favorite coins. We do not know how many Mr. Winter’s purchased for his clients and inventory, but rest sure it was several. I guessing Mr. Hansen Team and Doug Winter went head-to-had on a few coins. Mr. Winter summed it up by saying about Double Eagles: Surprisingly, there are many good values to be had in the Liberty Head double eagle series. As I discussed above, the CC market is now majorly overpriced, but high-end Philadelphia and San Francisco issues in all three types remain undervalued. As an example, I bought the second finest known 1859 $20 (PCGS/CAC MS62) in the recent SB sale for $72,000. Had DL Hansen not already owned the best (also graded PCGS/CAC MS62) and we went head-to-head, the coin would likely have sold for $125,000-150,000.
He completed his commentary of the 1867-S by writing: What a coin. I’ve called these “Unicorns” in the past; coins which exist but which have no reason to. The 1867-S is common in circulated grades and marginally scarce in the lowest MS grades. I’ve never seen a really nice one and certainly not one with sparkling luster and natural brightness. This 1867-S was easily the finest known and I’ve never seen a Type Two S-mint $20 from this era with anywhere near the eye appeal this coin had. I chased the coin up to $110,000 but dropped out and it finally sold for $168,000. It’s a ton of money for an 1867-S $20, but I wouldn’t be shocked if the coin grades MS65 someday. Like I said, what a coin…!
Let me close by sharing what Stack’s Bowers wrote for Highest Graded CAC-Approved 1867-S Double Eagle: Whether repatriated in modern times or in earlier decades, most Mint State 1867-S double eagles have one thing in common -- they are extensively marked and confined to the lowest Uncirculated grades such as MS-60 or MS-61. A highlight of the present sale, this exquisite near-Gem is the finest example known to PCGS and NGC, and is undoubtedly also the finest known 1867-S double eagle. Sure to see spirited bidding, and likely to set a new price record for the issue.
The Stack’s Bower auctioneer offered this description of the coin: A phenomenal condition rarity fit for the finest double eagle cabinet. Dressed in softly frosted mint luster and richly original color, this premium Choice Mint State example is also remarkably smooth for the issue. It is a beautiful coin that will impress even the most discerning numismatists.
Provenance: A numismatic time capsule; plucked from circulation over 100 years ago and frozen in time in overseas bank vaults per Doug Winter; The Spring 2022 Auction / Fairmont Collection, Hendricks Set, (Stacks-Bowers 4/2022), Lot 5407, Realized $168,000; D.L. Hansen Collection by private transaction via David Lawrence Rare Coin, April, 2022.
1867-S Liberty Head Double Eagle, MS-64
PCGS POP 1/0. CAC Approved
Certification #44882771, PCGS #8952
PCGS Price Guide $175,000 / Realized $168,000 in Auction
Ex: Fairmont Collection (Hendricks Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 1
Simply amazing - really can't find any words to express how gorgeous and beautiful this set is. - EastonCollection, PCGS Registry (7/15/2018)
In seeing today’s updated for the D.L. Hansen Collection of Early Half dollars, I instantly knew the source of the coins. I have viewed and studied these coins for many years. They are true masterpieces and I know the love that Dr. Link have for them. I am sure that it was a bitter / sweet experience for him to depart with these simply amazing coins. I think most of you know Dr. Link (Chuck) but let me share some public information in case you do not. He is a 2014 PCGS Hall of Fame recipient for his set, Capped Bust Half Dollars by Overton All Varieties and Die States (1807-1836). At the time, PCGS wrote: This set receives our highest honor this year with its induction into the PCGS Set Registry Hall of Fame. With a daunting 610 coins needed for completion this set this set achieves an incredible 97.05% completeness with an amazing grade average of 58.95! The set includes both die states of the very rare 1817/4 including the finest known example. The commitment needed to assemble a set of this magnitude is very impressive and serves as an example of one of the most difficult challenges in U.S. Coin collections. Chuck is a true CBH nut! His passion and commitment are amazing. As great as his collection is he isn't done yet and has more surprises in store for us!
This amazing and gigantic set has been removed from the registry and cannot be viewed. The coins that were purchase today by DLH is only 16 pieces from the Flowing Hair and Draped Bust portion of the set. Mr. Link is a true numismatic connoisseur when it comes to early silver coinage. He authored about his set: This set contains a broad array of important rarities from the days of early America and has been assembled over a three decade period and counting. My set goals have always gravitated towards completing entire sets, compared to some collectors content with high grade coins whom avoid some true rarities that can only be obtained in lower grade. Within this set the Flowing Hair Half Dollars Varieties of 1794 to 1795 have all been found in mint state and graded by PCGS. Although mint state examples of the subvarieties are scarce. The Draped Bust Half Dollars with Small Eagle reverses from 1796 to 1797 are one of the keys to an American Type Set. All 16 purchased coins came from the Flowing Hair and Draped Bust Half Dollars with Major Varieties Set (1794-1807). To highlight the Link 22-piece set at the time of the sale, the set consist of:
Six POP 1/0 Finest PCGS Certified (27%)
One POP 2/0 Tied for PCGS Finest Certified (5%)
Seven POP X/1 with on one PCGS Certified Finer (32%)
Seven Other PCGS Condition Census Top 5 or Tied (32%)
Only One outside the Top 5 POP 3/5 (5%)
I have not found a press release for this sale, so I am not sure if the purchase was the entire 22-piece set or just the 16 coins that was updated in the Registry. It is very possible that David Lawrence Rare Coins brokered the deal, and the six remaining coins will be liquated by them. Also, I would not at be surprised if Dr. Link decided to keep them in his collection. I would be confident to think that John Brush brokered the deal, but he made no mention in his weekly blog today. I hope we see him comment on the purchase. Using the PCGS price guide, this deal is valued just short of $3.5 Million Dollars. Considering these amazing Dr. Link halves, I would expect that he realized a premium over the current PCGS Price Guide Value. I know John and Chuck visits this site from time to time, maybe they will treat us to an exclusive comment or two.
1796 16 STARS, Half Dollar, MS64, CAC, Ex: Hawn / Gardner
What better way to start the first posting in this series of updates than with a 1796 Half Dollar. David Hall makes a case that The 1796-1797 Draped Bust, small eagle half dollar is considered to be the rarest United States silver type coin. It is an expensive coin even in the lowest grades. For the 1796, there are two varieties, 15 stars on the obverse and 16 stars on the obverse. The PCGS graded MS66 16 stars is the finest known (by a considerable margin) of either variety of 1796 dated half dollars. This is not the Pogue MS66 Finest known specimen that today is valued at $1.275 Million Dollars.
Dr. Link over this past four decades have wrote extensively on his coins. According to his comments, this coin has been off the market for about seven years. I think there is no person better to describe this coin than Dr. Link. He writes in the registry: Second finest known at PCGS. Per cataloger, "1796 16 Stars Half Dollar, O-102, Boldly Struck MS64. A Choice Type Coin. 16 Stars, O-102, High R.5, MS64 PCGS. Amato-201. Whispers of soft tan patina visit the central areas of this lustrous, silver-gray near-Gem, being somewhat more extensive and deeper in hue on the reverse. Bold detail appears on the design elements, including the strands in Liberty's hair and drapery folds, the star centers, the eagle's wing, tail feathers, and claws, the veins in most of the laurel and palm leaves, and the bowknot. Many Mint State Draped Bust Small Eagle half dollars lack this level of design definition. The dentilation is bold throughout and the devices are perfectly centered on the planchet. Occasional contact marks are much fewer and far less severe than expected for the MS64 grade. Indeed, we might surmise that the adjustment marks (frequently seen on early silver and gold coins) in the central reverse may well preclude full Gem classification. Whatever the case, 1796-1797 halves in this level of preservation are infrequently seen and cause significant excitement when they appear at auction. Mint records do not indicate the number of 15-Star versus 16-Star examples that were minted. Our ongoing research on this series has documented, however, the existence of 77 examples of the former variety and 64 of the latter. From a statistical standpoint, it might therefore be assumed that fewer 1796 16-Star coins were produced than 1796 15-Star specimens. Heritage Commentary: The two-year design type Draped Bust Small Eagle half dollar is a "must-have" coin in order to complete an advanced type set of U.S. coinage. Only 3,918 examples of the type were struck in 1796 and 1797, making it by far the most elusive single U.S. silver type coin. This high-Mint State example of the 1796 O-102 will be a significant hallmark of any advanced type set or denomination collection.
There is more that could be said about this coin, but I think Mr. Link has said it the best. I started this series with a half million dollar coin, but that is not at all indicating the others are inferior. In fact, the 1796 15 STARS, Half Dollar that you will see in the coming days is just as impressive. This is just the start, and if you follow along with the series, you too will be amazed!
Provenance: Dr. C.A. Allenburger Collection (B. Max Mehl's Royal Sale, 3/1948), lot 386; Reed Hawn Collection (Stack's, 8/1973), lot 7; Bowers and Merena (8/1998), lot 181; Superior (8/2002), lot 943; Haig Koshkarian Collection (American Numismatic Rarities, 3/2004), lot 575; Robert Michael Prescott Collection (American Numismatic Rarities, 1/2006), lot 527; Goldberg Auctions (5/2006), lot 2908; Goldberg Auctions (2/2009), lot 927; Goldberg Auctions (1/2011), lot 1413; The Eugene Gardner Collection / Heritage Auction #1228 (May 12, 2015), Lot 98349; Dr. Charles Link’s Early Half Dollars (Sold 6/2022 in Private Transaction via David Lawrence Rare Coins) D.L. Hansen Collection.
1796, 16 STARS Half Dollar, MS64
PCGS POP 1/1, Overton-102
Certification #06135942, PCGS #6058
PCGS Price Guide $625,000 / Private Transaction
Ex: Hawn / Gardner (Dr. Charles Link Registry Set)
Curtsey of Ira & Larry Goldberg Coins & Collectibles, Auction #36, 2006
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
The collectors of these 1794-1807 coins are important, but a long write up should at least deserve a mention of the artist that engraved the Flowing Hair and Draped Bust design, Chief Engraver Robert Scot.
It was a pleasure to deal with Dell Loy and John Brush directly on finding a new home for my set. It was a very facile negotiation, that took about three rounds of give and take to accomplish. Although one of a my most prized sets, I was unable to đo significant further upgrades. Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL).
Importantly! The deal included a trade for Dell Loy's 1838 proof half dollar which completed my set of Proof Capped Lettered Edge and Reeded Edge Half Dollars. The set includes among many cool coins the Pogue 1822, the unique 1837 and the Eliasberg 1838-O amongst the group. I'm not aware that has been done before, so I was excited and motivated that Dell Loy helped me to complete the set. I think the fact that he traded this very rare proof that really topped off my set, shows how he appreciates his fellow collectors. Of note, Pittman, Eliasberg, Norweb, Pogue did not complete even 50% of this challeging set. I'm actually in the process of working with PCGS to correct the proof set listings because some do not exist as proof including the 1817, 1819, 1828, 1839 and probably the 1824. So although the percent completion on PCGS registry looks incomplete, I believe it may be complete. I might start a thread at some point and go through the coins if people are interested.
So again thanks to Dell Loy and John Brush again. I'm happy to be a small part contributing to his monumental undertaking. Although I am a bit forlorn to fall to number 2 all time.
Interested
I second that!!
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 2
Surprisingly low grade coins from a world class Collector. - Jim O'Neal (8/25/2020)
The purchase of the Dr. Charles Link Early Half Dollars has change the complexion of The D.L. Hansen Collection of Half Dollars forever. This comment by dominate registry member about a PCGS Hall of Fame Inductee really strikes at quality of the previously DLH Early Half Dollar sets compared to the other sets in the collection. As you will see over the next few days, Mr. O'Neal continues his current supremacy for the Early Basic Set, but the Link/Hansen set has a broader existence for the larger set with variants. We will explore this in more detail as our study develops.
We will start our discussion of Early Half Dollars with the origin. The first half dollar produced was the Flowing Hair Half Dollar. The coin was produced for two years, therefore the base set consist of a pair of coins. The PCGS registry provides a 10-piece set for the pair of Flowing Hair Half Dollars and the eight Draped Bust Half Dollars. Today, we will focus on the Flowing Hair pair. Mr. Q. David Bowers (edited and updated by Mike Sherman) comments in CoinFacts: Half dollars of 1794-1795 bear the same design as contemporary half dimes and silver dollars. The obverse features a small head of Miss Liberty facing right, with flowing hair behind, LIBERTY above, and the date below. Eight stars are to the left and seven to the right. The reverse illustrates an open wreath enclosing a “small” eagle, with UNITED STATES OF AMERICA surrounding. The borders of this and other half dollars (until 1916) have denticles. The edge features the lettering “FIFTY CENTS OR HALF A DOLLAR." For Type Set Collectors, the 1795 date is used more than the other.
The coin was designed by Robert Scot and reported 23,464 with the first year date of 1794. CoinFacts’ rarity and survival estimates is 1200, with only five in mint state condition. Only two specimens have been certified as Choice GEM and no GEMs. One choice specimen is just short of the GEM mark at MS64+. Ron Guth explained: The mintage reported for this inaugural year was only 23,464 pieces, which was less than a tenth of the following year. Because this was a high-denomination coin, few "man-on-the-street" types ever saw this coin, assuming they even knew it existed. Thus, very few ended being preserved for future generations. Of the five Mint State 1794 Half Dollars, the star is the PCGS MS64 (now MS64+) from the D. Brent Pogue Collection that sold for $763,750 in 2015 ($870,000 in 2021). The next best example appears to be the Reed Hawn coin that last sold as part of the Queller Family Collection in 2002 for $195,500. That coin was called Choice Brilliant Uncirculated in 2002 and has not reappeared at auction since then. There is a reference of another choice GEM from Jan-1999 Bowers & Merena, Rarities Auction, graded as MS63 PCGS. Is this the coin in the PCGS POP report? The POP report have two coins finer than the Link/Hansen MS61, rounding out the five mint states is a pair of MS61s including one that is the Link/Hansen Specimen.
The Link/Hansen pair has only six coins in the PCGS POP report grading higher. Two which dated 1794 are the MS64+ and MS63 stated previous, plus four dated 1795. The second coin in the pair had a mintage of 299,680! CoinFacts’ rarity and survival estimates is 3500, with only 35 in mint state condition, with three GEMs. There are two well-known GEMs, but I am unable to confirm the third. Mr. Bowers continues by stating: Pieces dated 1795 are by far the most often encountered of this type being some ten times more plentiful than the 1794s. Examples of both years are apt to be seen in lower grades, from About Good to Fine. Very Fine and Extremely Fine coins are scarce, while AU coins are rare. Uncirculated pieces are seldom met with. Areas of light striking characterize most pieces as do parallel mint-caused adjustment marks made during the planchet preparation process. As is true of other early issues, these were “workhorse” coins intended for use in the channels of commerce. Few, if any pieces were set aside for collectors at the time of issue.
The Pogue/Simpson Pair for the 1795 issue is Finest Known PCGS MS65+. This coin would serve as the finest specimen in a US Type set. The PCGS All-Time Finest Registry Set (Oliver Jung Collection) contained MS63+, POP 3/10. The finest coin could be in the High Desert or Black Cat Type Sets, being both sets are closed. It is impossible to confirm, but I don’t think so. It does not appear to be a registry coin.
The Pogue/Simpson pair of 1794 Half Dollars are the finest of all-times. The pair is split now. As just mentioned, the 1795 Finest Known PCGS MS65+ Specimen where about is not known. The 1794 Finest Known PCGS MS64+ Specimen currently resides in the Jim O’Neal Half Dollar Set (1794-1807). The set has won registry awards as best in Best Classic Sets, 2018, 2020, and 2021. They will soon be adding 2022. The Link/Hansen pair is MS61 & MS64 for 1794 and 1795, respectively. The 1795 Link/Hansen Specimen is variety O-113A, “A over E in STATES”, MS64. We will discuss the details of the Major Varieties Sets in detail next time.
1795 O-113A, “A over E in STATES”, MS64, Ex: Eliasberg Collection
As shown in above table, the coin is POP 5/4 for a basic coin in the pair, but is certified as PCGS finest POP 1/0 for variety. The replaces PCGS AU55, POP 2/2 Specimen. There are only two PCGS certified mint state specimens for this coin. The other is a PCGS MS62 that sold in May 2022 Legend’s Regency Auction 52. That coin was from the Dale Friend Collection and realized $67,562.50. The Legend description mentioned the Link/Hansen Specimen: Only a single example is known finer, the Eliasberg-Link coin that has been off the market since 2009, graded PCGS MS64. PCGS lists a value of $82,500 for this important Condition Census example and it would not surprise us at all if in today's market, this coin brought more. PCGS values the coin at $235,000.
Ron Guth wrote: The 1795 Overton-113a is one of the more interesting varieties among early Half Dollars. In this case, the die sinker misspelled the word STATES by punching an E in place of the A, resulting in STETES. After realizing the error, the die-sinker simply punched an A over the E, but made no effort to efface the mistake. The overpunching can be seen even on low-grade examples. At least two Mint State examples are known of the 1795 O-113a. The finest is a PCGS MS64, formerly from the Eliasberg Collection and now in the Dr. Charles Link Collection. The second best is an NGC MS64 from the Richard Jewell Collection (last sold in 2012). This is a semi-scarce variety that commands a premium because of the popularity of the misspelling.
Mr. Link provide only a brief description for the coin, by writing: Finest Known. Lovely satin finish with strong cartwheel luster of silvery and shimmering surfaces. Private treaty with Legend Numismatics on August 11, 2015. When the coin was offered in a Feb-2008 Heritage Sale, the coin was described (includes a description from Eliasberg catalog) as: This is the Eliasberg specimen, considered the finest known 1795 O-113 half dollar, of either the early or late die state. Only two or three Mint State examples of the variety are known. Faint champagne toning over brilliant and frosty silver surfaces. Peripheral obverse and reverse rim disturbances are from the edge lettering process and are strictly as made. Considerable central obverse and reverse weakness is evident, with stronger peripheral details. In the Eliasberg catalog, this writer wrote: "Brilliant and highly lustrous with just a whisper of delicate golden toning. An extremely pleasing coin from a visual aspect. This coin could not have appeared much different during the era in which it was struck!" Today, more than a decade after the Eliasberg catalog was written, the coin remains virtually unchanged, and still looks little different from its appearance over 200 years ago.
Provenance: Louis E. Eliasberg, Sr. Collection, (Bowers & Merena 4/1997) Lot 1668, realized $68,750; Southwest Collection, (Heritage 2/2008) Lot 526, realized $126,500; Joseph C. Thomas Collection, (Heritage 4/2009) Lot 2386, realized $86,250; Dr. Charles Link acquired in private treaty with Legend Numismatics on August 11, 2015; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1795 O-113A, “A over E in STATES”, Half Dollar, MS64
PCGS POP 1/0, Finest Known for O-113A
Certification #29607647, PCGS #39254
PCGS Price Guide $235,000 / Private Transaction
Ex: Eliasberg (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Amazing coins shown. 🤤
My YouTube Channel
Dr. Charles Link’s Early Half Dollars with Major Varieties(1794-1807), Part 3
The Draped Bust Half Dollars with Small Eagle reverses from 1796 to 1797 are one of the keys to an American Type Set. Although available in AU and MS, the demand always exceeds supply. - Dr. Charles Link
Last posting, we discussed the 1794/1795 pair that represents the Flowing Hair Half Dollar type. This posting we will be exploring the Small Eagle reverses from 1796 to 1797. Likewise, to the 1794/1795, there is a pair for the 1796/1797 that makes a complete basic set. As stated in CoinFacts which reinforces Mr. Link’s statement: A numismatist is apt to find that this particular coin will be the stumbling block or the greatest challenge to finishing an exhibit of United States silver coin design types. Probably about 200 to 300 pieces exist in all grades. Many collectors will never obtain one of these or will settle for a very low grade. According to this type coin pricing chart below, expect to spend $25,000 for a very low-grade specimen.
After producing the Flowing Hair Half Dollar for two years, the Draped Bust was introduced in 1796. Likewise, the coin was produced for two years, therefore the base set consist of a pair of coins. The PCGS registry provides a 10-piece set for the pair of Flowing Hair Half Dollars and the eight Draped Bust Half Dollars with the Small Eagle type representing the first two years. Mr. Q. David Bowers (edited and updated by Mike Sherman) comments in CoinFacts: This design is similar to that of the other silver denominations of the 1796-97 years. The obverse depicts Miss Liberty facing right, with flowing hair and a ribbon behind her head, her plunging neckline covered with drapery. LIBERTY is above, and the date is below. Varieties of 1796 exist with either 15 or 16 obverse stars, while those of 1797 all have 15 stars. The reverse illustrates an open wreath enclosing a small eagle, with UNITED STATES OF AMERICA and the fraction ½ surrounding. As shown in this table, there is no ideal type coin for the Draped Bust - Type 1, Small Eagle.
It is a large accomplishment to obtain one example of Draped Bust Half Dollars with Small Eagle reverses. This basic set requires one from each date. The coin was designed by Robert Scot and John Eckstein and reported only 934 produced in the first year with date of 1794. Per info provided by Numismatic Guaranty Corporation (NGC): While some might disagree with the critics of the Flowing Hair design (many collectors today, in fact, consider it quite appealing), there can be no quarrel with the choice of an artist to fashion its replacement. Reportedly at the urging of President George Washington himself, Director DeSaussure turned to famed artist Gilbert Stuart, who is today better remembered for his portrait of Washington employed on our current one-dollar note. Stuart is said to have used as his model a Philadelphia socialite widely considered to be the most beautiful woman of her day: Mrs. William Bingham (nee Ann Willing). Contemplating the Flowing Hair motif in 1795, Stuart is said to have remarked that Liberty had “run mad,” adding: “We will bind it up and thus render her a steady matron.” Gilbert Stuart’s drawing was transferred to plaster by a Providence, Rhode Island artist named John Eckstein, and Mint Chief Engraver Robert Scot then executed the coinage dies. Stuart, disappointed with Scot’s interpretation, disavowed the work entirely, and it was not generations later that his connection to it was rediscovered. CoinFacts’ rarity and survival estimates less than 100 are known for the 15-star variety and less than 60 to 65 known for the 16 star. We will dive a little deeper in this variety in a future posting. The finest known example for the base set is the 1796, O-102 16 Stars, PCGS MS66 Specimen. The coin is the Ex: Curtis / Pogue and can current be found in the Jim O'Neal Half Dollar set.
The Link/Hansen pair has only three coins in the PCGS POP report grading higher in the basic classification. The 1796 date is the Brand / Pogue / O/Neal Specimen mention above. The other two are 1797 dated. The first is a MS65+, Ex: Norweb / Morelan/ Jung Specimen that also can be currently found in the Jim O'Neal Half Dollar set. The finest is the Ex: Brand / Pogue MS66 and current collection is not public.
The 1797 coin had a mintage of 2,984, which three times more than the first production year for the type. This is still a very low mintage. CoinFacts’ rarity and survival estimates is about 150 known. Mr. Bowers continues by stating: Of all the silver design types, the half dollar of 1796-97 is the rarest and most desired, eclipsing even the elusive 1796 quarter. The reason is not hard to determine, as the original mintage for both years was a miniscule 3,918 pieces, of which likely only about 5% of that number remain. This type is the limiting coin for a complete Copper/Silver U.S. type set. Examples in any grade are few and far between, and even an About Good or Good specimen when it appears at auction, is sufficient to generate a degree of excitement. Most known pieces are in lower grades, About Good to Very Good. Nice Fine to XF pieces is subjects of intense collector interest and spirited bidding, often into the six-figure range. Coins above Extremely Fine are very rare, and major numismatic prizes. Some 1796 half dollars exist with prooflike surfaces. In higher condition levels, while both dates are rare, 1797 is even more so than 1796.
1797 Draped Bust Half Dollars, MS64, Ex: Byron Reed
Byron Reed Specimen from The Dr. Charles Link Collection is a very solid Condition Census Coin. As previously mentioned, the finest MS66 Ex: Brand / Pogue and MS65+, Ex: Norweb / Morelan/ Jung Specimen are at the top of the PCGS POP report, and the Reed / Link specimen is third and is currently in the D.L. Hansen Collection. The coin has a PCGS POP 1/2. The MS64 replaces Hansen’s AU53, CAC, Cert #34401236. The DLH Collection has two other 1797 Half Dollars, PCGS certified XF40 and F15. PCGS values the MS64 specimen at $600,000.
David Hall wrote: Of the 2984 1797 half dollars minted, probably less than 200 survive today in all grades. There are two specimens that are truly superb examples, one graded MS66 by PCGS and another with an estimated grade in the MS65/66 range. This specimen is short of the GEM grade slightly and does not make mention by David Hall.
Mr. Link provide a detail background on the coin by writing: O-101a R5+. CAC. Reed. Third Finest Known 1797. Per Heritage Cataloger, "Gorgeous MS64. Well-Struck, Remarkably Clean Surfaces. From the Byron Reed Collection. 1797 50C O-101a, High R.4, MS64 PCGS Secure. CAC. Amato-401. The Byron Reed Pedigree. The near-Gem PCGS Secure, CAC 1797 O-101a example being offered in this sale is from the Byron Reed Collection. The last auction appearance of this piece occurred in the October 8 and 9, 1996 sale conducted in New York by Spink America/Christie's, in which a portion of Reed's American coins and manuscripts were "Sold by the City of Omaha to Benefit the Western Heritage Museum."
Mr. Link provide the following information as derived from the Spink America/Christie's catalog: Both sides of this gorgeous near-Gem example display mirrorlike fields and lightly frosted motifs, each of which possesses shades of soft sky-blue, rose, violet, and gold-orange patination. Only Uncirculated examples display the network of reverse die cracks that occur on this die state; many, if not most of these cracks are worn off on circulated coins, even on XF and AU specimens. On the current Mint State piece, close inspection reveals the presence of the crack through the top of ES in STATES that extends into the field. This is significant because this crack is the very first to appear on the initial reverse die used to coin Draped Bust Small Eagle half dollars, and its appearance occurred when the present reverse was paired with the 1796 15 Stars obverse, not later as suggested by previous numismatic researchers. The second crack to develop on this reverse also shows clearly. It travels from the rim through the right side of O in OF through the palm wreath to the eagle's wing. It also first developed when this reverse was paired with the 1796 15 Stars obverse, not with the 1796 16 Stars obverse per Overton or the 1797 O-101 obverse per Beistle. Some other cracks are not present, suggesting that the reverse of this particular coin has not yet reached its terminal stage. This is further evidenced by the lack of the crack through the bottom of ST in STATES that will eventually intersect the crack from the rim at 9:30, indicating the terminal die state.
The coin most recently was offered in Heritage April 2015 - CSNS US Coins Signature Auction in Chicago. The description in the sale contained an interesting and detail bio of Byron Reed. I was not aware he was the “Tyrant” of Omaha. At his death, Reed's collection was considered "one of the five or six best in America." The coin realized $493,500.00 in the 2015 Heritage sale.
Provenance: Byron Reed Collection / Western Heritage Museum (Spink America & Christie's 10/1996) Lot 25, realized $176,000; CSNS US Coins Signature Auction (Heritage 4/2015), Lot 5071, realized $493,500; Dr. Charles Lin obtained by private treaty with Kagins on January 21, 2016.; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1797 Draped Bust Half Dollars, MS64
PCGS POP 1/2, O-101a, CAC Approved
Certification #29480915, PCGS #6060
PCGS Price Guide $600,000 / Private Transaction
Ex: Byron Reed (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Thanks for the updates @Currin!
I love all the provenance information.
A great exercise would be to map the coins to the pedigrees and then to be able to see how many coins came from each collection, e.g. Eliasberg-Hansen, Gardner-Hansen, etc.
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 4
The start of the 19th Century also marked a new beginning for the United States half dollar. After a three-year hiatus, this large silver coin returned in 1801 with a new design: the Draped Bust/Heraldic Eagle type - Numismatic Guaranty Corporation
This posting will be focus on the third type of Half Dollars produced in the early years of the US Mint.The United States Mint wasn’t yet ten years old at the time, but this was already the third different design to appear on the fifty-cent piece, the two earlier series having lasted just two years apiece. Clearly, federal officials were casting about for just the right combination of symbolism and artistry to showcase on the young nation’s coinage. When the series resumed after the turn of the century, the naturalistic bird had given way to a larger, more formal eagle with a shield superimposed upon its breast: the now-familiar heraldic eagle design. This new series, too, was destined to be short-lived, lasting just six years. But, during that time, the Mint’s total output greatly exceeded the levels of previous years and, for the first time, the half dollar came to enjoy widespread use.- NGC
Previously, we discussed the 1794 to 1795 coins that represents the Flowing Hair Half Dollar type and then we saw the second design, 1796 to 1797 that produced the Draped Bust Half Dollars with Small Eagle reverses. This posting will be pertaining to the Draped Bust, Heraldic Eagle (1801-1807). The basic set requires examples for years: 1801 – 1807, but no 1804 dates were produced so only six coins are required. Mr. Q. David Bowers (edited and updated by Mike Sherman) explains in his comments in CoinFacts: There are no rare dates within the 1801 to 1807 span, although the 1801 and 1802 are the toughest, and some varieties are elusive. Nearly all specimens encountered display weakness of striking in one area or another, with the quality of strike becoming worse and worse as the years advanced. Nearly all halves dated 1806 and 1807 show weakness. Specimens are typically found in grades from Very Good to Very Fine, although Extremely Fine pieces can be found with some frequency. AU pieces are scarce, and strictly Uncirculated coins are rare. Even an Uncirculated specimen of 1807, for example, is apt to be very weakly defined in such areas as the rims, the obverse and reverse stars, and parts of the eagle.
In the Link purchase, the D.L. Hansen Collection upgraded four of the six specimens. It is obvious the 1806 was not replaced, but I am not sure why the sixth and final coin, the 1807 half dollar was not. The Link set had a “Solitary Gem” 1807 Large Stars Half, Mint State-66 (PCGS) that last appeared in the Sep-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part II. The coin has a current PCGS price guide value of $265,000. I think the PCGS price guide would be a little low for this coin, and not sure why this coin was not in the negotiations. The PCGS registry has an error, and the Hansen coin that show as DLH 1807 MS65 Specimen is incorrect. The coin listed in the set is an 1807 Capped Bust MS65+. The best 1807 Draped Bust coin that Mr. Hansen has is a PCGS MS63, with Overall POP 17/29. I will explore this deeper in a future post. Let’s start today with the first coin in this set, the 1801.
1801 Draped Bust Half Dollar, MS62, CAC. Ex: Gardner
The first year back in production did not produce any major varieties. Even looking at the Die Variety and Die State Set by Overton, there is only two entries for 1801. The coin had a mintage of 30,289 with the CoinFact’s survival estimate. Surprising, currently PCGS has only three specimens certified as mint state with one as MS60. This coin is likely from The Queller Family Collection or The Jimmy Hayes Collection. The next (second finest) coin is the Link/Hansen MS62 Specimen. The finest PCGS 1801 specimen is Pogue MS63 that sold in the May-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part I. The coin realized $129,250. The finest specimen may not currently be in a PCGS holder. The Col. E.H.R. Green / Newman coin graded MS-64 is certified by NGC. Once a mint state, the Stickney-Eliasberg coin is currently graded PCGS AU-58, but was a NGC MS-62 back in the day. As you can see for a coin with over 30,000 produced, the mint state preservation is very low.
With this coin, Mr. Link did not elaborate in his writing. He only stated: O.101 R3. CAC. Ex: Gardner. Obtained by private treaty with Carter Numismatics on January 8, 2015. The coin was auctioned as a MS62 NGC few months before the private purchase by Mr. Link. I wonder if the coin was successfully crossed to a PCGS MS62 prior to Mr. Link purchase. Being he is a PCGS Registry Collector, that would make a lot of sense. The coin was headlined in the sale as: 1801 Draped Bust Half Dollar, O-101, MS62, First Year with Heraldic Eagle, Important Condition Rarity. Appearing is the Heritage’s Sale - The Eugene H. Gardner Collection II US Coins Signature Auction in New York #1214 on Oct 27, 2014, it realized $55,812.50. PCGS currently price the coin at $125,000. Heritage provided Population Data (7/14): NGC shows four 1801 half dollars in all Mint State grades without regard for variety: one MS64, one MS63, and two (including the present coin) MS62. The MS64 example is the O-102 Eric Newman specimen, leaving only one finer O-101 at NGC. PCGS has graded two Mint State 1801 half dollars without regard to die variety, the Jimmy Hayes MS63 coin and another MS60. You need to slow down to read this Heritage description. It can make you head hurt.
Heritage added a little more commentary: Half dollar coinage resumed in 1801 after a four-year hiatus since 1797. The reverse design had changed in the interim, from the old Small Eagle design to the Heraldic Eagle motif, making the 1801 an important first-year coin for type purposes. Only 30,289 half dollars were struck, and few were saved by contemporary collectors. As a result, the 1801 is a condition rarity in Mint State. This impressive MS62 example is high in the Condition Census for the variety. Only the MS63 PCGS Jimmy Hayes coin and another MS63 example at NGC are certified finer among O-101 examples. It may be years before a comparable specimen becomes available, so we expect spirited competition when this lot is called. They described the coins as: This remarkable MS62 1801 Draped Bust half is sharply detailed in most areas, save for a touch of flatness on some of the stars. The lightly marked surfaces retain much of their original mint luster under a blanket of iridescent gold, rose, and blue toning. A few clash marks are evident near the right (facing) wing. Eye appeal is quite strong.
Provenance: Douglas Noblet; Rarities Sale (Bowers and Merena, 1/1999), lot 6. The Eugene H. Gardner Collection II US Coins Signature Auction (Heritage 10/2014) Lot 98461, realized $55,812.50; Dr. Charles Link acquired in private treaty with Carter Numismatics on January 8, 2015; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1801 Draped Bust Half Dollars, MS62
PCGS POP 1/1, O-101, CAC Approved
Certification #31398668, PCGS #6064
PCGS Price Guide $125,000 / Private Transaction
Ex: Gardner (Dr. Charles Link Registry Set)
Thanks to Ron Guth for helping to get the image of the Link/Hansen 1802 MS62 correct...thanks
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 5
Though it consists of only ten coins, two are examples of America's rarest silver type coin! - PCGS Registry
Our discussion the past few days has been exploring these ten coins. Today, let’s pull it all together into the 10-piece registry set: Flowing Hair and Draped Bust Half Dollars Basic Set, Circulation Strikes (1794-1807). PCGS continues the description of the set with: The incredibly rare Draped Bust Small Eagle half of 1796-97 had a combined mintage of fewer than 4,000 pieces, of which perhaps just under 300 survive in all grades. The vast majority of these are well worn, making the acquisition of a Mint State piece difficult and quite costly to say the least. The 1794 is also quite rare in high grade, with only 3 graded by PCGS in Mint State. Both the 1801 and 1802 are also scarce, so tackling this set will be a challenge for even the advanced numismatist. Dr. Charles Link has spent the better part of four decades tackling his collection. Each of his ten coins were handpicked after extensive study. His set consist of only a few of the POP 1/0 and Top POP specimens that were the focus in the Brett Pogue Collection. Several of the Pogue coin are current seen in the Jim O’Neal Collection. In fact, only two of the coins in the set that Dr. Link assembled are tied for finest, the 1803 Small 3, MS64 CAC, POP 2/0 and the 1807 Large Stars MS66 CAC, POP 2/0. All the others are great and appealing condition census specimens. DLH did not purchase the 1807 coin.
According to the coins that has been updated in sets, D.L. Hansen acquired eight of the ten Flowing Hair and Draped Bust Half Dollars Basic Specimens from Dr. Link. Surprisingly, it does not appear that he acquired the Link 1807 Large Stars MS66 CAC, POP 2/0, the last coin needed. As mentioned in last post, I am not sure why, but I did promise a later discussion that will not be today. Let’s see the entire 10 coins updated in it’s entirely. .
Flowing Hair Half Dollar (1794 – 1795)
1794 Flowing Hair Half Dollar, MS61, Cert #29596206, Ex: Simpson/Link
1795 Flowing Hair Half Dollar, MS64, Cert #29607647, Ex: Eliasberg/Link
Draped Bust Half Dollar, Type 1, Small Eagle (1796 – 1797)
1796 Draped Bust Half Dollar, MS64, Cert #06135942, Ex: Hawn/Gardner/Link
1797 Draped Bust Half Dollar, MS64 CAC, Cert #29480915,Ex: Reed/Link
Draped Bust Half Dollar, Type 2, Large Eagle (1801 – 1807)
1801 Draped Bust Half Dollar, MS62 CAC, Cert #31398668, Ex: Gardner/Link`
1802 Draped Bust Half Dollar, AU58 CAC, Cert #08610305, Ex: Link
1803 Draped Bust Half Dollar, MS64 CAC, Cert #05404659, Ex: Hawn/Pogue/Link
1805 Draped Bust Half Dollar, MS64 Cert #38669593, Ex: Green/Newman/Link
1806 Draped Bust Half Dollar, MS66+ CAC, Cert #13022679, D.L. Hansen Specimen
1807 Draped Bust Half Dollar, MS63 Cert #82116102, D.L. Hansen Specimen
Note: Error in Registry. 1807 Capped Bust MS65+ shown incorrectly
The Brett Pogue set remains the All-Time finest set, a feat that may never be surpassed. Mr. Hansen talked about his goals for his set in the NNP interview. His goal is not to obtain the finest specimen for every coin. I do think he want a nice PCGS Condition Census coin for his core collection. By my analyze of his core collection, he is current around 80% PCGS Top Five. This 10-piece is not top set of all times, but 90% of the set have PCGS Top Five specimens. The last coin, 1807 is the one out of the top five. With the help of Dr. Link, this set now certainly fits the standards of what the D.L. Hansen Collection is trying to achieve. Is this 10-piece set done? I am not sure.
It is unusual for a DLH set not to have at least one PCGS POP 1/0 specimen. Oddly, only a single coin from the Pogue 10-piece is in this Hansen set. The Major Variety set does have top pop coins, but the basic set’s best coin is the 1803 POP 2/0 from the Pogue Collection. Due to this distinguish honor, this coin will be featured today.
1803 Half Dollar, Small 3, MS64, CAC
This is a rare coin with a fabulous pedigree that is a perfect match for the 1803 Half Dollar, Large 3, 12 Arrows, MS63, CAC, Ex: D. Brent Pogue Collection that Mr. Hansen obtained from the Chicago PCGS Registry Set Sale. Brett Pogue Specimen from The Dr. Charles Link Collection is a Top Pop. Stack’s writes in 205 Pogue Sale that the coin: Alone atop the Condition Census. Stack’s continues: This is the only recorded candidate for finest known honors of this major variety. The Queller Family - Gene Gardner coin, the next closest competitor, is graded MS-62 (PCGS). It is the only other example certified as Mint State by PCGS. A previous offering of this coin misinterpreted its provenance, creating a seeming challenger where there was none. The Pogue example maintains its unquestioned primacy among all examples of the Small 3 variety. In 2015, the PCGS Population: 1, none finer. (Small 3, O-104).
In this Basic set, the other MS64 is the 1803 Half Dollar, Large 3 Variety. The coin is from Louis E. Eliasberg, Sr. Collection that sold in 1997 Bowers & Merena sale, realizing $57,200. It later appeared in the 2006 American Numismatic Rarities sale realizing $115,000. The Pogue/Link/Hansen Large 3 is graded MS63, so for the 1803, Small 3, MS64, CAC is representative.
Rare Coin Wholesales has a listing for a 1803, Small 3, MS62+. The coin is described as: WELL STRUCK LUSTROUS SURFACES. FABULOUS SEA GREEN,AMBER TONING. SOLE SECOND HIGHEST GRADED AT PCGS. The ask for this coin is $119,500. This may be a new addition to the POP report, because the coin does not appear to be The Queller Family - Gene Gardner coin mentioned above.
In the 2015 Stacks Bowers sale of The D. Brent Pogue Collection, Part I, the Link/Hansen 1803 MS64 was described as: A specimen of extraordinary elegance and freshness, whose quality stands out even among the coins of the D. Brent Pogue Collection. The toning framing the obverse changes, chameleon-like, from gold to sea-green and blue as the intense cartwheel luster collects light and slides around the perimeter. The center is soft lavender and gray with hints of blue. The bright blue around the reverse also seems to collect and magnify the lustrous cartwheel, framing the pale violet and gold center. Luster defines this piece, giving it a special level of aesthetic appeal. A few natural planchet streaks are seen, a by-product of an impurity in the Mint’s silver ingot that became a striation when rolled; the most significant is near Liberty’s chin, with others parallel. No significant marks or lines are found. The strike is soft at the lowest curl, the eagle’s head, and the star cluster above it, but the definition in Liberty’s portrait and hair, the eagle’s wings, and other areas more than makes up for it. The “large and flat” stars described by Overton are mostly absent here, as every star has some central detail and most have all of it. Some delicate die cracks are seen, including one from Liberty’s hair near its highest wave to near the base of E and another through T of LIBERTY to Liberty’s forehead below. A reverse crack begins at the top of the first S in STATES, undulates along the curves of that letter, then arcs to the rim through the clouds and finally through the last S of STATES.
Dr. Link describes the coin as: Flashy cartwheel luster and lovely original surfaces result in very strong eye appeal. I know of no better coin to conclude the Basic set discussion. We have now seen five Link six-figure (per PCGS value guide) featured in this first series of post. The purchase contained 16 coins with 11 specimens valued at the six-figure level. We have not seen all the best yet. I will feature a few more of these amazing coins as we explore the 22-piece major varieties. This set is more amazing than the basic set. You just had a sneak preview of the amazing 1803 Half Dollar, Small 3, MS64, CAC variety. So, hang on and keep watching, we still have a ways to go.
Provenance: The Reed Hawn Collection of United States Coins, (Stack’s 8/1973), lot 12, realized $2,700; Dr. George F. Oviedo, Jr. Collection (Stack’s 9/1983), lot 731; Auction ’87, (Stack’s 7/1987), lot 745; The Worrell Collection of United States Coinage, (Superior Galleries 9/1993), lot 1262; Orlando Sale, (Stack’s 1/2009), lot 409, realized $195,500; Larry Hanks, by sale, January 7, 2009. D. Brent Pogue Collection, (Stacks Bowers 5/ 2015), Lot 1108, realized $188,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
1803 Half Dollar, Small 3, MS64, CAC
PCGS POP 2/0, CAC Approved
Certification #05404659, PCGS #39274
PCGS Price Guide $225,000 / Private Transaction
Ex: Ex: Hawn/Pogue (Link PCGS Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 6
The "Two Leaves" refers to the clump of leaves beneath the eagle's left and right wings. On some coins, there are two leaves in each clump; on others, three leaves are present. The Two Leaves variety is definitely the more common of these major varieties. - Ron Guth
In the last several posting, we have explored the 10 specimens that makes the Flowing Hair and Draped Bust Half Dollars Basic Set, Circulation Strikes (1794-1807). We will now expand that set by 12 coins creating the 22-piece registry set: Flowing Hair and Draped Bust Half Dollars with Major Varieties, Circulation Strikes (1794-1807). As we saw that Pogue and O’Neil are the leaders in All-Time and Current, respectively for basic sets, we will now see that Link and Hansen are leaders in All-Time and Current, when including Major Varieties. As I stated earlier, the purchase of the Dr. Charles Link Early Half Dollars has changed the complexion of The D.L. Hansen Collection of Half Dollars forever. This change is more dominate in the Major varieties sets than the basic.
With the Dr. Charles Link purchase, the acquisition replaced five of the six coins. The coin that was not purchased from the Link Collection was the 1795, 0-126A Small Head, MS63 Cert #40274316. Mr. Hansen acquired this coin from a Nov-2020 Heritage U.S. Coins Signature Auction. The coin was offered from “Important Selections from The Bob R. Simpson Collection, Part II “. It was possibly acquired by William Strickland directly from the Philadelphia Mint in 1795. More recently, it was in the Lord St. Oswald Collection and D. Brent Pogue Collection. The coin is the sole Mint State example. The Link Specimen is a very appealing VF35. The MS63 Small is really the only significant difference in the new Hansen Set and the previously Link Set. Mr. Link posted a comment on the 1795 Small Head coin a few days ago: Although one of my most prized sets, I was unable to đo significant further upgrades. Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So, adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL). There are a few other coins in this table that we have not talked much about. I wrote earlier on the 1795, A over E in STATES, MS64. I am saving my discussion of the 1794 for a later date. Now, for a couple of the recut dates
1795/1795 50C RECUT DATE O-111 3 LEAVES XF45 CERTIFICATION #31408657, PCGS #39245
PCGS writes: A scarce but easily identified variety. This is the only reverse with 3 leaves under the eagles wings. Also there is a large die break through the left wing and the eagle's body. Usually the strike above the die break is almost flat while the detail below is very sharp. Over the years I have owned four examples of this variety, all VF or XF. Very seldom seen with perhaps 15 different examples coming to auction in the past 10 years. The Link/Hansen Specimen is a XF45. There is only PCGS certified coin finer, an AU50 example. Possibly the Finest Known is the NGC AU58 Green / Newman Specimen. Heritage described as: We believe the Newman coin may be the finest known 1795 Three Leaves half dollar. Although an uncertified MS63 example is listed in Overton, we can find no other reference to the coin and are unsure of its existence. Stephen Herrman records a cleaned AU from the Charlton Meyer collection as the finest recently offered for sale. That coin now resides in the Overton Collection. Herrman also lists one XF45 example and a few XF40 coins as having been offered over the last decade. The Eric P. Newman specimen is finer than any of those coins and represents an extraordinary opportunity for the specialist. PCGS values the XF45 coin at $22,500.
1795/1795 50C O-112 2 LEAVES RECUT DATE AU55 CERTIFICATION #31879340, PCGS #39246
PCGS writes: This variety shares the same obverse as the 3 leaf. The date is clearly doubled with the first date low and second date high. There is only one reverse die. I owned the XF45 which is the finest graded by PCGS. This coin was formerly in the Queller collection. While not as sought after as the 3 leaf variety the O-112 is very difficult to locate. I always thought this variety was a sleeper. The Link/Hansen Specimen is an AU55. There is only one PCGS certified coin finer, the monster MS65 that is the brother to Hansen’s 1795 Small Head. This coin also possibly acquired by William Strickland directly from the Philadelphia Mint in 1795. More recently, it was in the Lord St. Oswald Collection. NGC has certified the coin and is valued at half million dollars if sold today. Also, NGC has a handful of coins graded AU55+ and AU58. In a recent Stack’s Sale of one of the NGC coins, the auctioneer wrote: Overton-112 is one of the two Recut Date varieties of the perennially popular 1795 Flowing Hair half dollar, the date sharply repunched low with the underdigits touching or extremely lose to the denticles. Unlike O-113, which is mated with a Three Leaves reverse die, O-112 exhibits only two leaves on the inside of the wreath below both of the eagle's wings. Apart from the incredible Gem from the Lord St. Oswald Collection, the finest examples of this die marriage are a handful of AUs. PCGS values the AU55 coin at $22,500.
The five coins in the chart above that indicated upgrade has a combine PCGS Price Guide Value of approx. $800,000. In today’s market, I believe this would be a low estimate. With the exception of the 1795 Small Head, the 1794 specimen is the workhorse. I will feature the coin at some point. Assembling the five Link Specimens with the 1795 Small Head, MS63 may be the finest subset of Flowing Hair Half Dollar with Major Varieties ever assembled since the days of D. Brent Pogue.
1795, Two Leaves, MS63+
After the 1794, this is the second coin required in the 22-piece registry set: Flowing Hair and Draped Bust Half Dollars with Major Varieties, Circulation Strikes (1794-1807). This coin turned out be a somewhat odd or usual purchase. The coin in the Link set is a 1795 PCGS MS64.It is the O-121, Y over STAR variety. The coin is an EX: Eliasberg / Pogue with a provenance tracing to the Harlan P. Smith Collection and the Clapp Collections. It is tied for finest known, and Mr. Link obtained the coin from Stacks Bowers Auction of the D. Brent Pogue Collection on May 19, 2015, Lot 1097. Instead of the Hansen team purchasing this coin, they purchased a Link duplicate 1795 Two Leaves Half, MS63+.
I highlighted the other PCGS POP 1/0 Specimen - 1795 “A over E in STATES”, Half Dollar, MS64 in the previous post. It’s possible that they did not want two MS64 basic coins. I am fairly confident that this MS63+ coin was a duplicate as part of the Link purchase, but there is not sufficient online data to confirm. If I have the provenance incorrect on this coin, please let me know so I can correct. It appeared in the updates included with the other 15 confirm Link coins. The coin lasted appeared in public was at Heritage April 2015 - CSNS US Coins Signature Auction in Chicago. The coin was headlined as: 1795 Two Leaves Half, MS63+, CAC, O-129, Famous S over D Reverse, Probably the Finest Known.
The Heritage Auctioneer wrote: In our opinion, this important half dollar variety deserves its own listing in the Guide Book, rather than a mere footnote at the bottom of the page. The variety is distinctive, and it is plentiful in lower grades so that any collector can own one with only a little patience. However, Mint State examples are extremely rare. This example is likely the finest example known from the dies. There are several takeaways from this comment. Could this variety someday be considered a Major, which would change the requirement of the set to 23 coins. The 1795 Draped Bust has dozens of minor varieties. In one PCGS description, they make mention of an additional variety by writing: set of 23 coins I wonder what additional coin they were referring to. The mintage for the 1795 is 299,680. I sure there is more clarity to this coin than I am currently able to provide.
The mint grade coins for 1795 Two Leaves Half, MS63+, CAC, O-129, Famous S over D Reverse specimens is limited: According to Stephen J. Herrman's Autumn 2014 revision of Auction & Mail Bid Prices Realized for Bust Half Dollars, only three examples have been previously offered in grades above XF:
MS61 NGC. Heritage (8/2004), lot 6157.
AU58 NGC. American Numismatic Rarities (8/2004), lot 417.
AU55 NGC. Bowers and Merena (6/2008), lot 818; Heritage (3/2009), lot 1903.
I am sure there is not a single or simple reason for the Hansen team choosing this MS63+ coin instead of the finer MS64. Could it be they liked the appearance of this coin better? Or the rarity of the variety? Heritage describes the coin as: This Select Mint State example is extraordinary for its satiny silver luster residing beneath pewter-gray toning with accents of light gold and cobalt-blue. Trivial surface marks are only evident with a glass, and the central design motifs are boldly rendered. Prominent adjustment marks along the border are most obvious along the left side of the reverse, especially at ITED ST. Those adjustment marks cause noticeable weakness of the stars at the upper left obverse, dramatically weakening stars 4 through 7 and the outer border next to those stars. The adjustment marks and associated weakness are strictly a result of the minting process and have no effect on the grade of this extremely important and likely finest known half dollar.
Whatever their reasons for this coin to be included in the set. It does make for a suitable replacement over the previous. Depending on the view and use of the coin, it is a PCGS POP 1/0 for S over D Reverse specimens, but not a particular great coin for the major variety example, PCGS POP 3/7. Certainly, the coin is a great upgrade for the pre-existing 1795 O-119 MS62, Ex: Green/Newman coin purchased in 2017 from Legend Rare Coin.
Provenance: CSNS US Coins Signature Auction, (Heritage 4/2015), Lot 5065, realized $141,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
1795, Two Leaves, MS63+, CAC
PCGS POP 3/7, possible 1/0 for S over D Reverse
Certification #25348636, PCGS #6052
PCGS Price Guide $160,000 / Private Transaction
Ex: Link PCGS Registry Set
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 7
The Draped Bust Small Eagle design type consists of two dates, 1796 and 1797, each of which has two varieties. The 1796 issue with 15 obverse stars is Overton 101, and that with 16 stars is classified as Overton 102. The 16 stars coin was apparently intended to commemorate Tennessee's June 1, 1796 admission to the Union as the 16th state. The two 1797 issues (Overton 101 and 102) are differentiated by the alignment of the reverse wreath in relation to the peripheral lettering. - Heritage Auction (2/2008)
A few days ago, we discussed the 1794/1795 pair that represents the Flowing Hair Half Dollar type that with Major Varieties expanded to six coins. This posting we will be exploring the Small Eagle reverses Major Variety Set. The Major Variety expansion is only one additional coin. The Basic set required only one 1796. In the major Variety set, the 1796 Small Eagle reverses required both the 15 star and 16-star variety.
In a Heritage Feb-2008 sale, the auctioneer did a great job of describing the known 15 stars major specimens. We can, however, mention some of the other Mint State 1796 15 stars half dollar appearances. One of the most notable was a PCGS Specimen 65 coin in the March 2004 Bowers and Merena sale. This piece is pedigreed to the so-called "Knoxville Collection." One of the outstanding features of this particular coin was that it lacks the obverse die crack present on virtually all other known specimens.
An MS63 Prooflike specimen appeared in the Bowers and Merena April 1997 Louis E. Eliasberg Sale (lot 1673). This example is pedigreed to the John H. Clapp estate (1942) and to Benjamin H. Collins (1896).
A 1796 15 stars half dollar described as "Brilliant Uncirculated" appeared in Stack's October 2002 sale (lot 22). This coin originally reposed in the collections of Reed Hawn and Lorin Parmelee. Another "Brilliant Uncirculated" example made an appearance in Stack's October 2000 sale (lot 876). This coin is pedigreed to the collections of Henry Norweb, T. James Clarke, Waldo Newcomer, and Col. E.H.R. Green.
Stack's also sold an MS64 example in its May 1999 John Whitney Walter Collection (lot 1776), and a Specimen 66 out of the same collection (lot 1777). The latter coin can be traced to Max Mehl's March 1948 sale of the C.A. Allenberger Collection (lot 385), and to Thomas Elder's sale of the Peter Mougey Collection (lot 424).
The Dr. E. Yale Clarke "Brilliant Uncirculated, Prooflike" 1796 15 stars half dollar appeared in Stack's October 1975 sale (lot 182) and made previous appearances in that firm's April 1969 R.L. Miles and November 1954 Anderson Dupont sales (lots 1205 and 2031, respectively). The James A. Stack coin, described as a "Proof," sold in the March 1975 Stack's sale (lot 313), and is pedigreed to the H.R. Lee (1947) and Beistle collections.
The William P. Donlon Collection, sold by Abe Kosoff in November 1956, featured a 1796 15 stars half dollar described as "Uncirculated with Prooflike Luster" (lot 705). Donlon had acquired this coin out of Numismatic Gallery's June 1950 Adolphe Menjou Sale (lot 942). This firm also offered what it called the "Finest Known Brilliant Proof" out of the John M. Morris Collection (lot 868).
This would be a good time to mention that PCGS has certified only one coin from this series as Specimen. This Overton-101, 15 Stars coin creates an extraordinary example. It has provenance to John Whitney Walter Collection Specimen 66 (lot 1777). The coin last sold in Stacks Bowers, The D. Brent Pogue Collection, Part I Auction. The Specimen-63 (PCGS) example realized $587,500. The current location of this coin is not publicly known. Will there be another coin certified specimen by PCGS? Only time will tell.
As mentioned, the Eliasberg/Link/Hansen has often in history been described as Prooflke. Stacks Bower termed the coin as: Described as Prooflike in our sale of the Eliasberg Collection, both sides of this piece do reveal modest reflectivity in the fields as the surfaces rotate under a light. Otherwise, satiny in texture, handsome toning in silver-lilac and olive-russet speaks volumes about this coin's originality. The strike is as close to full as one could realistically expect to see in a Small Eagle Draped Bust half dollar, and there is not so much as a single outwardly distracting abrasion on either side. For provenance confirmation the obverse has faint adjustment marks in Liberty's hair moving from upper left down to lower right, crossing her temple, and the reverse has a small nick below the right (facing) wing, as noted in the recent reference work by Jon P. Amato, Ph.D. titled The Draped Bust Half Dollars of 1796 - 1797 with this specific coin noted on page 47. Two Specimens are noted from these dies, one is the Knoxville specimen, the other is from the Mougey-Granberg-Allenburger-Judd-Walter specimen.
As stated in CoinFacts which reinforces Mr. Link’s statement: A numismatist is apt to find that this particular coin will be the stumbling block or the greatest challenge to finishing an exhibit of United States silver coin design types. Probably about 200 to 300 pieces exist in all grades. The Hansen Collection contains multiple examples. In studying the Hansen sets, I was able to uncover as many as nine 1796 and 1797 small eagle specimens. There are four 1797, so three complete 3-piece sets cannot be formed. This table represents the nine publicly known coins in the Hansen Collection. I called the third set the commerce set.
It will be interesting to see if DLH keeps all his Draped Bust small eagles. Will he add the missing AU? If he decides to sell, the 1797 F15 would make a great collector type coin if offered for sale. The value for the circulated coin is still in the $50K range. Today, I will feature the last of the Draped Bust small eagles.
1796 Draped Bust Half Dollars, 15 Stars, MS63, Ex: Eliasberg
The first coin posted from this sale was 1796 16 STARS, Half Dollar, MS64, CAC, Ex: Hawn / Gardner. This is the second 1796. Today, we will take a look that the other 1796 variety. The ex: Eliaberg coin last appeared in Stacks Bowers February 2014 Americana Sale. The rarity of the coin was described as: The original mintage of this issue is believed to be around 400-600 pieces, with a similar number struck of the sixteen-star obverse variety for the recorded total of 934 pieces. Therefore, this issue is one of the rarest regular issue silver coins of the entire mints silver production. Survival rates are low from this early period, and all the known examples have been tracked through auction appearances by Dr. Amato and are carefully researched and presented in his published work. It would be difficult to imagine a much finer example than the present coin and considering the expanding pursuit of these types of rarities and the classic American coins, we suspect the attention to continue to be focused on these well-known rarities for years to come. Here is an opportunity to put away one of the great blue-chip coins of American numismatics, and a coin that will instantly be recognized by any knowledgeable collector when presented.
These three Link/Hansen specimens consisting of the pair of 1796 and 1797 are a trio of great coins with a combine PCGS value of $1,650,000. They represent close to half the value of the Link/Hansen purchase. This is another of the Ex: Eliasberg specimens that is now the Hansen Collection which found its way into the collection by the way of the fabulous Link Collection..
Provenance: Ex: Benjamin H. Collins, January 1896; J.M. Clapp; John H. Clapp; Clapp estate, 1942; Louis E. Eliasberg, Sr.; Louis E. Eliasberg, Sr. Collection (Bowers & Merena 4/1997): Lot 1673, realized $110,000; Signature & Platinum Night Auction (Heritage 8/2006): Lot 5222, realized $310,500; Treasures (Stack's 7/2009): Lot 523, realized $270,000; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1796 Draped Bust Half Dollar. Small Eagle. O-101, 15 Stars. MS-63. OGH
PCGS POP 1/1, 1796 15 Stars Half Dollar, OGH
Certification #04716717, PCGS #6057
PCGS Price Guide $425,000 / Private Transaction
Ex: Eliasberg (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 8
My set goals have always gravitated towards completing entire sets, compared to some collectors content with high grade coins whom avoid some true rarities that can only be obtained in lower grade.– Dr. Charles Link
In reading Mr. Link writings that he has shared with the community, this statement caught my eye. It appear that he may be implying completing major varieties sets as an example of entirety. It is no question that some varieties cannot be found in mint state. A prime example is the Hansen 1806 O-108 Knob 6, No Stem, VF35, POP 2/1. Dr. Charles Link have the finest known, a Pogue XF40. In thinking about the collection that Mr. Hansen is building, it appear he has this common desire for entirety. Brett Pogue assembled a basic set of Early US Coinage that doubtful will ever be match, but his main focus was finding the technically finest grade for each date. He had some monster varieties showered in his collection, but not every required example in entirety. I think Jim O'Neal has a similar Pogue style. Bob Simpson also has a common likeness with Pogue, because he loved “masterpieces” and not really assembling them in sets as many collectors do. The Draped Bust Half Dollars with Major Varieties set is an example building an “entire set” of the earliest half dollars.
In the last two postings, we discussed the 1794/1795 pair which represents the Flowing Hair Half Dollar type that with Major Varieties expanded to six coins. Also, we explored the Small Eagle reverses Major Variety Set. The Major Variety expansion is only one additional coin. The Basic set required only one 1796. In the major Variety set, the 1796 Small Eagle reverse required both the 15 star and 16-star variety. In this posting, the Draped Bust, Heraldic Eagle (1801-1807) is the third subset and the final piece to the puzzle. The basic set requires examples for years: 1801 – 1807, but no 1804 dates were produced so only six basic coins. The six produced dates create a baker’s dozen (13) of required coins when including major varieties. In this 13 coin grouping, Mr. Hansen retained five of his owned coins and replaced eight with Link specimens. Four of the eight are PCGS sole finest POP 1/0 with one other tied for finest (POP 2/0). All eight were solid PCGS Condition Census Top Five Coins.
Top Four Heraldic Eagle (1801-1807) in Value ($125,000 to $235,000)
PCGS values eight of Hansen’s 13-coin Draped Bust, Heraldic Eagle (1801-1807) subset in the six figures range. Starting with the top four, the coin with the most PCGS value in the subset is 1806 Pointed 6, Stem, MS66+ that was purchased from David Lawrence. The coin has PCGS value of $235,000. The #2 coin of value is the 1803 O-104 Small 3, MS64, which was from the Link purchase. This coin is PCGS value of $225,000. I featured this coin in Part 5, a few days ago. A high valued coin that Mr. Hansen decided to keep was the heavily circulated 1806 Knob 6, No Stem VF35. Mr. Hansen turned down an opportunity to upgrade to finest known VF40 and decided to keep his $150,000 coin. Rounding out the top four is the Ex: Link 1801 MS62 PCGS valued at $125,000. I featured this coin in Part 4 of this series.
Next Four Heraldic Eagle (1801-1807) in Value ($100,000 to $120,000)
This second group of coins is in a thin six-figure range of over $100,000 and less than $125,000. Three of the four coins were acquired in the Link/Hansen purchase. These coins are: 1805/4 MS64 ($120,000), 1806 Pointed 6 No Stems MS65 ($120,000), and the 1806 6/Inverted 6 MS64 ($110,00). I will feature the 1806 6/Inverted 6 today, and plan to discuss the other two later. The forth six-figure coin in the group is the 1803 Large 3 that is from Louis E. Eliasberg, Sr. Collection that sold in 1997 Bowers & Merena sale, realizing $57,200. It later appeared in the 2006 American Numismatic Rarities sale realizing $115,000. The Pogue/Link/Hansen Large 3 is graded MS63 and Mr. Hansen obtained the coin from Howard Sharfman’s Incredible Chicago Collection of Half Dollars that Legend auctioned Sept 2021. The coin realized $85,187.50. PCGS current value is $120, 000. I will write more about this coin at a later time.
Last Four Heraldic Eagle (1801-1807) in Value ($50,000 to $70,000)
The PCGS value range for these four coins is a narrow band from $50,000 to $70,000. Again as with the previous four, there were three coins obtained in the Link purchase, and the fourth coin came from the Sharfman’s Chicago sale. The Chicago coin was the 1806/5 Large Stars MS63 CAC ($50,000). I will discuss a little more about Sharfman Chicago coins later. As for an interesting fact, two of Link/Hansen sole finest PCGS POP 1/0 is in this group. I will briefly describe the Link/Hansen coins:
1802 AU58 CERTIFICATION #08610305, PCGS #6065, PCSG POP 9/3
Comments from Dr. Link: O.101 R3. CAC. Only die marriage for this important year. "The first half dollars coined at Philadelphia appeared late in 1794, with a large production the following year, continuing the original Flowing Hair design. Gilbert Stuart's Draped Bust concept appeared on half dollars in 1796 and 1797, featuring a Small Eagle reverse, and those coins are quite rare. After a brief intermission, the Draped Bust design resumed with a Heraldic Eagle reverse in 1801, and continued through early 1807, skipping coinage dated 1804. The first two issues, 1801 and 1802, are the key dates of that short lived design type. Only a single variety is known for 1802, and Mint records indicate a production of 29,890 coins. Based on the number of survivors, it is quite likely that that figure represents the true mintage of 1802-dated half dollars. This example shows faded clash marks on the reverse, although there is no discussion of die states in the Overton reference. It is perhaps surprising that the dies for this single variety were apparently not used in 1803, based on the number of surviving specimens. Perhaps 700 to 800 examples survive in all grades, and high-grade examples are quite rare. The combined PCGS and NGC population data shows 287 examples in all grades with an average grade of VF30. There are just 10 certification events in AU58, and only three finer submissions (7/13). This lovely near-Mint specimen has flashes of brilliant mint luster around the protected areas, visible through the lovely gold, blue and iridescent toning on each side. The strike is bold and the eye appeal is exceptional. Here is an important opportunity for the advanced early half dollar specialist. PCGS values the AU58 coin at $60,000. This coin replaced an AU55 CAC, POP 1/4 with a PCGS value of $35,000. A Condition Census Specimen!
1805 MS63 CERTIFICATION #25316294, PCGS #39281, PCSG POP 1/0
This is a fantastic sole finest PCGS POP 1/0 that was from The Eric P. Newman Numismatic Education Society Collection that was offered in Heritage’s 2013 Newman sale. The cataloger describe as: O-108, Here is another extravagantly and beautifully toned early half-dollar, paying homage to the album in which it was stored for so many decades. It is a well-detailed Select specimen with vibrant mint luster and only minor signs of contact. Iridescent shades of cobalt-blue, champagne-gold, and golden-brown toning cover the surfaces in a dazzling play of colors. After a one-year hiatus, the Mint produced a total of 211,722 Draped Bust half dollars in 1805, with 14 die varieties for the date. Three of the varieties are overdates. Stephen Herrman lists only one coin in MS63 in his list of auction appearances of the scarce 1805 O-108, leaving the Newman coin in a battle for finest known of the die pair. A coin that Eric P. Newman, paid $35 sold for $28,200 in the Heritage 2013 Auction. Today, PCGS values the MS63 coin at $62,500. This coin replaced a MS63, POP 4/1 with a PCGS value of $42,500. This upgrade is a sole finest replacing a condition census with only one finer!
1806 Knob 6, Small Stars MS63 CERTIFICATION #40027809, PCGS #6075, PCSG POP 1/0
Comments from Dr. Link: O.106. R.4. CAC. Gardner. Quellar. Finest Known. Per cataloger, "Knob 6, Small Stars, R.4. The Queller Specimen, Finest Known. Knob 6, Small Stars, O-106, R.4, MS63 PCGS. CAC. This impressive medium steel specimen features accents of pale golden-rose, lime-green, and sky-blue toning, especially along the peripheries. A trivial dark toning spot in the lower-left obverse field will aid future pedigree research. Otherwise, the surfaces reveal only minuscule surface marks when a glass is used. A remarkable specimen, this piece is destined for an advanced collection of early half dollars -- as it was earlier in the remarkable collection of the late David Queller. Variety: O-106, R.4. The obverse of this very scarce variety shows a Knob 6 and recut 8, and the reverse has six berries in the branch, the lowest inside berry faintly visible. The obverse is lightly cracked through the tops of LIBERTY to the upper stars at left and right. A faint crack joins the date digits. The reverse is perfect. The strike is weak at the drapery and among the stars and clouds opposite the drapery, characteristic of this variety and several others in the series. Population Data (4/15): All varieties included, PCGS enumerates only two Knob 6, Small Stars 1806 halves in Mint State grades, of which the current O-106 example is the finer by three grade points. NGC has attributed no examples of this subtype finer than a single AU58. Heritage Commentary: This attractive specimen is easily the finest-known O-106 example, the only Mint State piece recorded in Stephen Herrman's Auction & Mail Bid Prices Realized for Bust Half Dollars 1794-1839. Another piece appearing in the Stack's October 1996 sale is listed as MS65 and finest known, but Stack's misattributed the coin as O-106 when it is actually O-109. PCGS values the AU58 coin at $60,000. This coin replaced an AU55, POP 6/11 with a PCGS value of only $4,000. This was certainly a great upgrade!
The Last and Least Valuable Heraldic Eagle (1801-1807) Coin
Except for Hansen 1807 Draped Bust, MS63 specimen, the starting point in this set for a specimen would be $50,000. The 1807 coin is a POP 1/0 for variant rarity (O-102), but may not be Top 50 specimen for date. Therefore, it is a little out of place for this Hansen set from a couple perspectives: PCGS Coin Value ($17,500) and Condition Census (PCGS POP 17/29). I have said a few times before; we will discuss this coin a little later. Now, let’s feature the coin of the day, 1806 6/Inverted MS64.
1806 O-111a, 6 Invert 6 MS64 CAC, Ex: Newcomer / Green / Norweb / Link
This coin one of the finest certified specimens for the variety. PCGS has certified only two examples and none finer. The Link/Hansen specimen last appeared in the Stacks Bowers 2015 Americana Auction with description: Beautiful Tied-For-Finest 1806/Inverted 6 Half Dollar, Ex Collins, Newcomer, Green, Clarke, Norweb, Jewell, 1806 Draped Bust Half Dollar. O-111a. Rarity-4. 6/Inverted 6. MS-64 (PCGS). CAC.
Ron Guth commented: The 1806 6 over Inverted 6 Half Dollar is one of the more interesting "overdates" in the series. When creating the die, the engraver punched the 6 of the date upside-down, which was clearly a mistake since his 1809 die was three years early. He corrected the mistake by re-orienting the 6 correctly, then giving it a good punch to cover up the underlying 6. However, such efforts are usually futile, as remnants of the underdate are almost impossible to cover up. It does not appear that any attempt was made to efface the mistake, thus modern collectors have an unusual variey to add to their collection. The 6 over Inverted 6 was paired with two different reverse dies, creating the Overton 111 and Overton 112 varieties. Both are of approximately the same rarity and both are very scarce. High-grade examples are very rare and we know of only four Mint State examples. The best is the PCGS MS64 from the Norweb Collection, which resold in 2015 for a record $82,250. The fore mention coin is the Link/Hansen Specimen.
Dr. Link provided notes on the coin per cataloger from the 2015 Stacks Bowers Auction: "Beautiful Tied-For-Finest 1806/Inverted 6 Half Dollar. Ex Collins, Newcomer, Green, Clarke, Norweb, Jewell. Rich lavender-gray surfaces display attractive rose and blue iridescence throughout while abundant underlying luster sparks to life under a light. The central devices are boldly struck with crisp definition seen in Liberty's curls and in the eagle's feathers while the peripheries on the right of both sides display a bit of softness, not at all unusual for the design type. Smooth fields and exceptional eye appeal round out this delightful coin that is sure to please even the most discriminating of collectors, as well it should -- there is simply none finer available! An ever-popular die variety that was long referred to in numismatics as the "1806/9" variety, an incongruous notion that was popular as recently as Breen's 1988 Encyclopedia, though more recent research deems it to be as stated, an 1806/Inverted 6 in date variety.Only three Mint State examples of this popular variety have been certified by PCGS to date, one at MS-61 and two at MS-64, including the gorgeous example offered here, a fact that speaks volumes about the absolute rarity of the variety in Mint State. Indeed, most Mint State Draped Bust half dollars of any date or variety are downright rare in Uncirculated, and nearly all -- "all" comprises a very small group indeed -- were rescued from the ravages of circulation and time as a matter of chance or luck, with only precious few ever saved through actual intention. To those collectors who "rescued" Mint State Draped Bust half dollars in the infancy of coin collecting in America, we doff our collective collector caps! No doubt more than one specialist will have an eye out when this rare beauty crosses the auction block, and we predict the paddles will be held high until the auctioneer's hammer drops. And the "plus" for this lot? You get to add your name to the illustrious list of collections in which this impressive beauty was kept.
This coin made a nice upgrade from Hansen’s previous MS62. Although, that coin was a POP 1/2! The coin was purchase a couple years ago from Rare Coin Wholesalers with PCGS value around $50,000. This is one of the 16 coins that Mr. Hansen replaced with the Link purchase and in doing so, replaced a Condition Census Specimen!
Provenance: Ex: Benjamin H. Collins Collection; Waldo C. Newcomer Collection; Col. E.H.R. Green Collection; T. James Clarke Collection; T. James Clarke Collection (New Netherlands 4/1965), Lot 1204; Norweb Collection (Bowers & Merena, 11/1988), Lot 3042, realized $19,800; The Richard C. Jewell Collection Sale (American Numismatic Rarities, 3/2005), Lot 1745, realized $52,900; Stephen Winthrop Collection / 2015 Americana Auction U.S Coins (Stack's/Bowers 2/2015), Lot 2038, realized $82,250, Dr. Charles Link; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1806 O-111a, 6 Invert 6, MS64
PCGS POP 2/0, CAC Approved
Certification #50213539, PCGS #6078
PCGS Price Guide $110,000 / Private Transaction
Ex: Newcomer / Green / Norweb (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 9
Coins are history – The coin itself becomes a point in history. It’s been in the collection and been important to us – Dell Loy Hansen (A Behind-the-Scenes Look at the Hansen Collection - from the NNP, 28:59 / 32:26)
We have spent the past several days dissecting the Early Half Dollars with Major Varieties (1794-1807). With only 22 coins, the set is small but absolutely intriguing. As we conclude this series, our focus today will be on the coins that Mr. Hansen retained in his set. When all is said and done, he kept only 6 of the 22 coins (27%). This had to have been a bitter / sweet experience. In a recent interview, Mr. Hansen described his pain of removing coins from his collection. Of the 16 coins he replaced, some are great PCGS Condition Census. As example of today’s feature coin, you will see the Hansen’s 1805/4, Ex: Eugene H. Gardner MS62, POP 1/3 with PCGS value around $92,500 being replaced. The Link replacement was the 1805/4 O-101, MS64, Ex: Green / Newman / Link.
As stated, from the Dr. Charles Link Collection, Mr. Hansen purchased 16 coins that improved his set and pushed him over the top in all-time ranking. After investing possibly $3.5-4.0 Million in a 22-piece set, I could certainly agree that should have been the goal. In comparing the two sets prior to the unification, there were 18 Link coins that were finer than Hansen specimens. The Hansen Collection had two finer and two coins were tied with the same grade. The Hansen Team purchased 15 of the 18 upgradable Link coins, leaving three on the table: 1795 2-Leaves MS64, 1795 Small Head VF35, and 1807 Draped Bust MS65+.
The Hansen team did not purchase the 1795 2-Leaves MS64 specimen that is in the former #1 Registry Set. Instead, the Hansen Team purchased a lower graded coin which was what I believe to be a Link duplicate 1795 Two Leaves Half, MS63+. This coin was featured in Part 6 of this series. Now, let’s take a dive into the six Hansen lucky survivors.
1795 O-126a (Small Head), MS63, Cert #40274316, PCGS #39248, POP 1/0, Ex: Lord St. Oswald / Pogue / Simpson
This is definitely a WOW coin from the pedigree, the condition, to the price it realized. In one of Doug Winter’s articles describing gold coins, he said “some coins have what I regard has a strong “Wow Factor.”” Certain issues in the various United States gold types struck between 1795 and 1933 have what might best be called a “Wow Factor.” Something about the issue—be it rarity, design, historic association or low mintage—appeals to a variety of collectors. These coins have strong multiple levels of demand, and a “wow” coin might be included in a collection which focuses on trophy coins. This is the one of the kings for the early half dollar guys along with the 1817/4 which is said to be the most famous and valuable of all the Capped Bust Half Dollars. This is an excerpt from a post that I wrote November 20, 2020. If you want to read more about this coin, the post can be found on page 74. This is the only known mint state example. The Link coin is graded VF35, Ex: House of Davis McKinney.
1803 O-101 (Large 3, 12 Arrows), MS63 CAC, Cert #21085076, PCGS #39270, POP 2/1, Ex: Hain / Pogue / Sharfman
This is a rare coin with a fabulous pedigree. The 1803, Overton-101, Half Dollar realized $85,187.50, the tenth highest in the sale of 120 half dollars from The Howard Sharfman’s Incredible Chicago Collection of Half Dollars. Described by Legends Auction as: A classic antique toned CHOICE Mint State example. Both sides possess a rich, pearly-silver and pewter-gray patina that is wonderfully blended with shades of gold, orange, and pastel blue. Many of the hues are subtle, but when you rotate the satiny lustrous surfaces the mélange of color really pops in a light. The strike is bold with crisp details on both sides (only a few minor spots of very minor softness). A strong glass reveals a few very scattered ticks and minor traces of contact that account for the assigned grade. This is an unbelievably attractive specimen of this important early date/type. This is an excerpt from a post that I wrote September 14, 2021. If you want to read more about this coin, the post can be found on page 85. The Link Specimen was also a MS63 CAC. The link coin would not have improved the Hansen Set. The finest example certified by PCGS is a single MS-64.
1806 Pointed 6, Stem, MS66+ CAC, Certification #13022679, PCGS #6071, PCGS POP 2/1, Ex: David Lawrence
This coin is the finest technical graded specimen in the Hansen set and serves has the 1806 Basic coin representative. It appears the coin was acquired from David Lawrence Rare Coins in late 2021, but not much more information is known. The 1806 has six major varieties for the year. Let’s not confused the date any more than we have to, but there once was a seventh variety, PCSG #6074 - 1806 Knob 6, Large Stars. I am not going to attempt to explain that one. Anyone up to the task, be my guest. For the 1806 date, this coin is the most common variety. Expert Comments from Ron Guth: The 1806 Pointed 6, Stems Half Dollar is one of the more common major types of the year. Nineteen different Overton varieties, plus their die states, comprise the entire mintage of this major variety. As such, collectors have many opportunities to acquire an example in a wide range of grades, including Mint State (PCGS has certified more Mint State examples of this type than any other -- by far). The PCGS CoinFacts Condition Census starts at MS64+ and goes up from there. The record price for this date was achieved by the Garrett coin when it reappeared at auction in 2015 and sold (as a PCGS MS66) for $182,125. However, there is an even better example "out there" -- a PCGS MS67 that has yet to come to market. That coin is the single finest Draped Bust Half Dollar in existence. I was not able to confirm the existence of the PCGS MS67. The specimen in the O-Neal set is an 1806 Pointed 6, Stem, MS66. The Pogue coin was 1806 Pointed 6, No Stem, MS65. It was an easy decision to pass on the Pogue/Link MS65 in the Link collection and keep this pre-unification MS66+ CAC.
1806 O-108 Knob 6, No Stem, VF35 Certification #06548389, PCGS #6072, Ex: Greer / Downey / Schertz / EH Morgan
Mr. Hansen obtained this coin from Stacks Bowers Nov-2019 Sale of The E. Horatio Morgan Collection of U.S. Half Dollars. The cataloger stated: The seven confirmed examples of the 1806 O-108 variety are as follows, expanded from the listing in Steve M. Tompkins' 2015 reference Early United States Half Dollars, Volume I: 1794-1807:
1 - PCGS EF-40. Ex private collector, bought in El Paso Texas, 1979; sold privately in 2002; our (Bowers and Merena's) Baltimore ANA Auction of July-August 2003, lot 1395; our (Stack's) Orlando Sale of January 2009, lot 416; D. Brent Pogue; our (in conjunction with Sotheby's) sale of the D. Brent Pogue Collection, Part I, May 2015, lot 1112; Dr. Charles Link Collection. The plate coin for the variety in the Tompkins early half dollar reference.
2 - PCGS VF-35. Ex Brian Greer, January 1995; Sheridan Downey, 1995; Dr. Gerald Schertz; Sheridan Downey's Mail Bid Sale #22, October 1998, lot 267; Sheridan Downey's Fixed Price List of July 1999; E. Horatio Morgan Collection.
3 - PCGS VF Details--Cleaned. Ex Charles R. Ross; 4 - PCGS Fine-15. Ex Philip Straus; 5 - PCGS Fine-12. Ex Pennsylvania collection; 6 - VG-10. Ex Harry Bernstein; 7 - PCGS VG-8. Ex discovered in Hawaii, 1976.
Mr. Hansen purchase the PCGS VF-35, Ex Brian Greer / E. Horatio Morgan for $84,000. Currently, PCGS values the coin at $150,000. The Link PCGS EF-40 is valued at $175,000. The Hansen Team elected to leave the VF-35 specimen as is, as result, the PCGS VF-35. Ex Brian Greer / E. Horatio Morgan Specimen becomes a true survivor.
1806/5 O-101 Large Stars, MS63 CAC, Certification #60051705, PCGS #39296, POP 2/2, Ex: Garrett / Pogue / Legend
In the 2021 Sale of The Howard Sharfman’s Incredible Chicago Collection of Half Dollars hosted by Legends Auction, the Hansen Team purchased seven coins for the Flowing Hair and Draped Bust Half Dollars Series (1794-1807). The total realized for the seven pre-Capped Bust Half Dollars that went into The Hansen set was $837,814.50. Of those coins, two survived the Dr. Charles Link Purchase. First the 1803 Large 3, MS63, CAC previously shown, and this 1806/5 Large Stars. Legend Auction described the coin as: WOW! This is one of the FINEST KNOWN examples of the O-101 die marriage and boasts an extensive provenance that dates back to 1885! Four die marriages featuring the 6/5 overdate are known, each using two different obverse dies. The O-101 is listed as a Rarity-3, and this one is the FINEST listed in the Tompkins Census and the finest listed in Stephen Herrman's AMBPR. The Link Specimen was also a MS63. The link coin would not have improved the Hansen Set. PCGS have graded two examples finer, a MS63+ and the MS66 that traces to the William Cutler Atwater, Reed Hawn, and Douglas C. Kaselitz Collection.
1807 O-102, MS63 Certification #82116102, PCGS #39339, POP 17/29 (POP 1/0 for O-102) Ex: NFC Coins
After a couple weeks of pondering this coin, I am still not sure how to frame up the 1807 Draped Bust Half Dollar. It is for certain a survivor, but why? I made comment pertaining to this coin on July 6th when I wrote: The Link set had a “Solitary Gem” 1807 Large Stars Half, Mint State-66 (PCGS) that last appeared in the Sep-2015, Stack's Bowers Auction of the D. Brent Pogue Collection, Part II. The coin has a current PCGS price guide value of $265,000… The best 1807 Draped Bust coin that Mr. Hansen has is a PCGS MS63, with Overall POP 17/29. The PCGS Value difference between the Link MS66 and the Hansen MS63 is $247,000. Maybe that was a factor. I later wrote: Except for Hansen 1807 Draped Bust, MS63 specimen, the starting point in this set for a specimen would be $50,000. The 1807 coin is a POP 1/0 for variant rarity (O-102) but may not be a Top 50 specimen for date. Therefore, it is a little out of place for this Hansen set from a couple perspectives: PCGS Coin Value ($17,500) and Condition Census (PCGS POP 17/29). It is possible that Mr. Hansen liked his MS63 and did want to replace at this time. There could be other reasons this coin survived. Is this slot being reserved for a coin we don’t know? Only the Hansen Team and possible Dr. Link know for sure. No official comment has been made and there may not be one.
I will used opportunity to summarize and compare head-to-head the seven coins that is different in the Retired Link Set and the new Link/Hansen Unified Set. With 15 coins being currently represented in both sets, the remaining seven coins consist of three Link coins finer, two Hansen coins finer and two tied. By design or default, the 1807 ended up being the swing coin.
1805/4 O-101, MS64, Ex: Green / Newman / Link
Ron Guth Wrote: Actually, there were two different 1805/4 overdated dies, both of which have 4's clearly visible beneath the 5, even to the naked eye. Apparently, dies were prepared in 1804 for an anticipated coinage of half dollars which never materialized. Thus, in 1805, the engravers took the two leftover 1804 dies and punched a 5 over the 4. All of the 1805/4 Half Dollars are scarce and at least one of the die varieties (O-103) is rare (and its die states are even rarer still). Based on the PCGS Population Report, the 1805/4 overdated half dollar is approximately two to three times as rare as the normal 1805 half dollar. Mint State examples of both types are exceedingly rare, and the finest examples certified by PCGS thus far (as of May 2011) are a pair of MS65 examples. The pair of GEMs are the Eliasberg/Pogue PCGS MS65. The other MS65 has no information available. So, there is only four mint states with PCGS certification, the two previous mentioned GEMS, Hansen’s previous MS62 PCGS specimen from the Eugene H. Gardner Collection, and finally a Choice MS64 Link/Hansen Specimen. This means The Hansen Collection has two of the top four mint states, assuming there are four.
This coin does appear to have more story to tell. If information is correct provide by CoinFacts, Auction Sites, etc., the Link/Hansen MS64 Specimen sold in the Heritage Auctions Nov-2013, Selections from the Eric P. Newman Collection Part II Signature Auction for $152,750. The coin was described as: 1805/4 50C MS65 NGC, CAC, Tied for Finest Known. In a population discussion, Heritage wrote: At least two obverse dies were created with the 1804 date, as two different 1805/4 obverse dies are identified today. The O-101 and O-102 varieties are each more plentiful than O-103, but only about 1,000 pieces survive of all three varieties in all different grades. The Eric P. Newman specimen and the Eliasberg specimen, both certified MS65 NGC, are the finest known 1805/4 half dollars. There are also two pieces certified MS65 PCGS according to that firm's population data. We doubt that there are four MS65 1805/4 half dollars in existence as the certified data might suggest. We believe that the Newman and Eliasberg coins are the only two Gem examples known today, and that they are the two finest 1805 half dollars that exist of any variety. When we offered it in August 1998, the Eliasberg specimen was called the finest known 1805/4 half dollar. The coin realized over $100,000 at a time when few coins reached the six-figure mark. In current CoinFacts Data, the Eliasberg/Pogue Coin has withstood the test of time, the Green / Newman / Link / Hansen coin has not as a MS65. It is currently a PCGS MS64. Will it ever recover its GEM status? Time will tell. After reading the previous catalog description, the Link/Hansen coin may not have but one coin finer after all.
Mr. Link wrote about this coin: O-101 R.3. Gold CAC. Lovely originality and eye appeal. Heritage did provide a little more detail description: Careful examination reveals faint obverse clash marks with no die cracks or polishing lines. The reverse also shows faint clash marks with no other die defects. This amazing Gem has brilliant silver mint luster that shines through the deep golden-brown and iridescent toning on each side. The strike is exquisite and the surfaces are splendid with only a few inconsequential handling marks. Here is an amazing Draped Bust, Heraldic Eagle half dollar: a true centerpiece for an extraordinary cabinet.
In the cabinet that Dr. Charles Link assembled over a long period of time, it is a difficult to say this coin is a true centerpiece for an extraordinary cabinet. There are so many other great coins that I am not sure any of the 22 coins could be meaningful described as centerpiece. With that said, the 1805/4 made a nice upgrade Hansen’s previous Eugene H. Gardner MS62 Specimen. Although, that coin was a POP 1/3 with PCGS value around $92,500. This is one of the 16 coins that Mr. Hansen replaced with the Link purchase and in doing so, replaced a Condition Census Specimen!
Provenance: Ex: Colonel E.H.R. Green Collection; Partnership of Eric P. Newman / B.G. Johnson d.b.a. St. Louis Stamp & Coin Co.; Eric P. Newman @ $40.00; Eric P. Newman Numismatic Education Society (Heritage 11/2013 as MS65 NGC CAC) Lot 33423, $152,750; ANA U.S. Coins Signature Auction / Oliver Jung Collection; (Heritage 8/2014 as MS65 NGC CAC) Lot 5583, realized $152,945.05 (Auction Record); Long Beach Expo US Coins Signature Auction / An Important New York Collection; (Heritage 6/2018 as MS65 NGC CAC), Lot 3949, $111,000; Central States (CSNS) US Coins Signature Auction / Jim O'Neal Collection (Heritage 4/2019 as MS65 NGC CAC), Lot 3719, $105,000; Dr. Charles Link’s Early Half Dollars sold as MS64 PCGS CAC, 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection.
1805/4, O-101, MS64
PCGS POP 1/2, CAC Approved
Certification 38669593, PCGS #39290
PCGS Price Guide $120,000 / Private Transaction
Ex: Green / Newman (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 10
With this post, we will bring all the pieces together. This has been a large endeavor, but I have learned a lot and it’s been fun. The Basic set, the Major Variety set, the subsets, and Hansen survivor coins consolidated into one viewing. We will conclude the post today with the last feature coin from the Heraldic Eagle (1801-1807) subset. When selecting coins to share in features, I tend to lend on these three questions:
1) Is the coin a PCGS Condition Census Top Five?
2) Is the PCGS Value at least $100,000?
3) Does the coin make any significance to the sets?
The eleven Link coins that were featured in this series are just that and was much more.
When reviewing completed sets, there are several ways of evaluating/comparing top sets. Let’s see a few ways to compare the Link set and the new Hansen set:
PCGS Registry All-Time Finest Ranking (See chart below)
The purchase for the 16 coins from the Link Set placed the Hansen Set in first place with GPA 60.16. Dr. Charles Link registered his set on 6/18/2014, starting with 20 of 22 coins required. He completed the set a few months later in September 2014. The set immediately obtained the #1 ranking which he never relinquishes, except for a short period of time when he unpublished his set. The Link set retired with GPA 59.34, therefore, The D.L. Hansen set is the best in PCGS Registry All-Time Finest sets.
PCGS Condition Census Top Five
Another way to evaluate a set is by the condition of all coins. To build a set with all coins graded PCGS Condition Census Top Five is World-Class. Prior to the Link purchase, the Hansen set had several coins outside the Top Five which may contribute to this statement from a top collector: Surprisingly low grade coins from a world class Collector. I think you can say that the Hansen 22-piece set is now world-class, although, it is not 100% PCGS Condition Census Top Five. The Hansen sets has two coins that are not Top Five: 1795 2 Leaves, MS63+ POP 3/7 and 1807 Draped Bust, MS63 POP 17/29. The Link set was 100% PCGS Condition Census Top Five expect for one near miss: 1795 Small Head, VF35 POP 3/5. The Dr. Charles Link retired set was the best PCGS Condition Census Top Five set.
PCGS Sole Finest POP 1/0
This way is sometimes used to evaluate the quality of a set. In looking at the two sets, the Link set had six PCGS Sole Finest coins: 1795 A over E in STATES MS64; 1803 Small 3 MS64; 1805 MS63; 1806 Pointed 6, No Stem MS65; 1806 Knob 6, No Stem XF40; 1806 Knob 6, Small Stars MS63. Amazingly, 27% of the set was PCGS Sole Finest specimens. Mr. Hansen purchase 5 of 6 of the Link top coins, passing on the 1806 Knob 6, No Stem XF40. The Hansen pre-existing set contained one PCGS Sole Finest specimen: 1795 Small Head MS63. As result, the Hansen set also has six PCGS Sole Finest coins. For PCGS Sole Finest POP 1/0, both sets are 27% with six coins each, resulting in a tie.
So, the difference in the retired Dr. Charles Link set and the new Link/Hansen Unification set is razor thin. I think Dr. Link said it the best a few days ago: Dell Loy had landed the very important mint state 1795 small head from the Simpson collection. So adding that coin to my set boosted Dell Loy over my number one all time ranking (by a little LOL)
1794 Flowing Hair, MS61, Certification #29596206, PCGS #6051, POP 2/2, Ex: Simpson / Link
1795 Two Leaves (S/D), MS63+, CAC, Cert #25348636, PCGS #6052, PCGS POP 3/7, Ex: Link #2
1795/1795 O-111, Recut Date 3 w/ Leaves, XF45 Cert #31408657, PCGS #39245, POP 1/1, Ex: Link
1795/1795 O-112, 2 Leaves Recut Date, AU55, Cert #31879340, PCGS #39246, POP 1/1, Ex: Gardner / Link
1795 O-126a (Small Head), MS63, Cert #40274316, PCGS #39248, POP 1/0, Ex: Lord St. Oswald / Pogue / Simpson
1795 O-113a (A/E in STATES), MS64, Cert #29607647, PCGS #39254, POP 1/0, Ex: Eliasberg / Link
1796 O-101 (15 Stars) MS-63, Cert #04716717, PCGS #6057, POP 1/1, Ex: Eliasberg / Link
1796 O-102 (16 Stars), MS64, Cert #06135942, PCGS #6058, POP 1/1, Ex: Hawn / Gardner / Link
1797 O-101a, MS64 CAC, Certification #29480915, PCGS #6060, PCGS POP 1/2, Ex: Reed / Link
1801 O-101, MS62 CAC, Certification #31398668, PCGS #6064, PCGS POP 1/1, Ex: Gardner / Link
1802 O-101, AU58 CAC, Certification #08610305, PCGS #6065, POP 9/3, Ex: Link
1803 O-101 (Large 3, 12 Arrows), MS63 CAC, Cert #21085076, PCGS #39270, POP 2/1, Ex: Hain / Pogue / Sharfman
1803 O-104 (Small 3), MS64 CAC, Certification #05404659, PCGS #39274, PCGS POP 2/0, Ex: Hawn / Pogue / Link
1805 O-108, MS63 Certification #25316294, PCGS #39281, PCGS POP 1/0, Ex: Green / Newman / Link
1805/4 O-101, MS64 CAC, Certification #38669593, PCGS #39290, PCGS POP 1/2, Ex: Green / Newman / Link
1806 Pointed 6, Stem, MS66+ CAC, Certification #13022679, PCGS #6071, PCGS POP 2/1, Ex: David Lawrence
1806 O-109 Pointed 6, No Stem, MS65 CAC, Cert #13690012, PCGS #39310, POP 1/0, Ex: Silbermunzen / Pogue / Link
1806 O-108 Knob 6, No Stem, VF35 Cert #06548389, PCGS #6072, POP 2/1 Ex: Greer / Downey / Schertz / EH Morgan
1806 O-106 Knob 6, Small Stars, MS63 CAC, Cert #40027809, PCGS #6075, POP 1/0. Ex: Quella / Gardner / Link
1806/5 O-101 Large Stars, MS63 CAC, Cert #60051705, PCGS #39296, POP 2/2, Ex: Garrett / Pogue / Sharfman
1806 O-111a, 6 Invert 6 MS64 CAC, Cert #50213539, PCGS #6078, POP 2/0, Ex: Newcomer / Green / Norweb / Link
1807 O-102, MS63 Certification #82116102, PCGS #39339, POP 17/29 (POP 1/0 for O-102) Ex: NFC Coins
.
1806 Draped Bust, Pointed 6, No Stem, MS65, CAC
Although, this coin is not used in D.L. Hansen Basic Set, it is the only GEM purchased in the 16-coin Link lot. The retired Dr. Charles Link set had three PCGS graded GEMs. They were 1806 Pointed 6, Stem MS65+; 1807 Draped Bust MS65+, and 1806 Pointed 6, No Stem, MS65. The Hansen Team had a good reason not to acquire the 1806 Pointed 6, Stem MS65+ Link Specimen because the Hansen set has a better MS66+. I am not sure why the 1807 Draped Bust MS65+ was left on the table. Finally, a deal was made to include the only purchased GEM, the 1806 Pointed 6, No Stem, MS65. Purchasing this GEM may have been a hard decision because Mr. Hansen owns the #2 PCGS MS64 purchased Sep-2021 in the Legend Rare Coin Auctions from The Howard Sharfman’s Incredible Chicago Collection of Half Dollars, realized $41,125.
Ron Guth Wrote: The 1806 Pointed 6, No Stems Half Dollar is a popular, easily-recognized variety in a year full of varieties. In this case, the 6 is pointed and there is no stem in the eagle's left talon (viewer's right). The shape of the 6 was controlled by the decision of the engraver -- he picked up and used either a Pointed 6 or a Knobbed 6 punch. The missing stem was an oversight on the engraver's part -- the stem was not a part of the larger punch that included the eagle and clouds. The engraver's job was to add the stars in the field above the eagle and the stem. This is one of the most common varieties of the year, which means that collectors will have no difficulty locating an example, even in high grade. There is one die variety for this type - Overton 109 (later die states are styled as Overton 109a). Both PCGS and NGC have each graded just a single MS65 finer. There are only handful coins that are even close to being as fine as the Link/Hansen MS65 Specimen. The first is the Louis E. Eliasberg, Sr. Collection specimen that appeared in the Bowers & Merena Auction on 4/1997. The Eliasberg coin realized $126,500. There are also couple other PCGS specimens, with one graded MS64 and other graded MS63. As previous mention, Mr. Hansen owns the PCGS MS64.
CoinFacts survival estimate for this major variety coin as about 2000 specimens, with about 30 being mint state. With 30 mint states, it is a little surprising that the Link/Hansen specimen may be the sole GEM. Stacks Bower cataloger in the auction of the D. Brent Pogue Collection writes: Only two varieties of 1806 half dollars use a reverse with no stem through the eagle’s claw, this one and the extremely rare O-108, as offered in the previous lot. Though a fair number are known in nice grade, including more than a dozen in lower Mint State grades, this is the only Gem MS-65 to have been certified by PCGS. This variety appears to have been first published in the so-called “Haseltine Type Table,” an 1881 auction by John Haseltine that was published as a monograph, thereafter serving as the first listing of die varieties of quarter dollars, half dollars, and silver dollars. The collection was built by J. Colvin Randall, a Philadelphia numismatist, and it was Randall who wrote the Type Table, despite Haseltine’s claims of authorship. Randall owned a specimen he called Uncirculated (perhaps this specimen?). His idea that the variety was extremely rare has been modified by later discoveries, as collecting half dollars by variety has become a popular pastime in the 20th and 21st centuries.
Also, the Stacks cataloger provided a rather detailed description: Astoundingly beautiful and well preserved, a thrilling gem specimen. The cartwheel luster is almost beyond the bounds of the believable, and the strike is similarly fine. Each star on the right side of the obverse shows full raised central detail, as do nearly all of the stars among the reverse star cluster. Each eagle feather from chest to wingtip shows its full complement of graver strokes, a manifestation of the engraver’s ideal. The clouds are rounded and the denticles are sharp. Even the raised lathe lines at the central obverse are clear. Over this precise strike is superior toning, with bright gold at the rims embracing a frosty gray center that incorporates shades of violet and blue. The reverse is even more decorative and colorful, showing orange and brighter blue. A speck of residue persists inside star 11, and another piece of detritus is seen between the hair ribbon and stars, but no notable marks are found with a glass. A spot of deeper toning is harmless, just above the bust. Two clashes are seen on the obverse above the date, but evidence of only one impression is seen on the reverse, noted only between the wingtip and OF.
Provenance: Ex: Club Cal Neva Sale (Superior 9/1987), Lot 225; Jascha Heifetz Collection (Superior 10/1989), Lot 595, realized $22,000; Silbermünzen Collection (Heritage 5/2008 as MS63 PCGS), Lot 500, realized $63,250; The D. Brent Pogue Collection, Part I, (Stack's/Bowers & Sotheby's 5/2015 as MS65 PCGS) Lot 1113, realized $129,250 (Auction Record), Dr. Charles Link Collection; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1806 Draped Bust, Pointed 6, No Stem, MS65, O-109, MS65
PCGS POP 1/0, CAC Approved
Certification #13690012, PCGS #39310
PCGS Price Guide $120,000 / Private Transaction
Ex: Silbermunzen / Pogue (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Dr. Charles Link’s Early Half Dollars with Major Varieties (1794-1807), Part 11
Probably in ‘19, I made the hard decision that I am really going to go for best in grade.. really going to start to scrutinize the top coins for each date and grade.. asserted effort to buy those coins and upgrade those coins – Dell Loy Hansen (A Behind-the-Scenes Look at the Hansen Collection - from the NNP, 16:25 / 32:26)
This eleven-part series was dedicated to the purchase of the fabulous Dr. Charles Link’s Early Half Dollars will end where we started a few weeks ago. The Half Dollar denomination started with the production of the 1794 Silver Dollar. In the first year, 23,464 Flowing Hair Half Dollars were produced. After near 230 years, the denomination is still being annually produced even though they are not being used in commerce very much. PCGS has a registry set the represents the “entire” collection of half dollars: U.S. Half Dollars Complete Set with Major Varieties, Circulation Strikes (1794-present). 532 coins are required to complete the set from 1794-2020. The D.L. Hansen Collection has 531 coins missing the 1842 Small Date, Rev of 1839 Seated Liberty. Mr. Hansen is attempting to make history by competing the first registry set and at an astonishing level of quality.
PCGS Registry Comment: With the addition of major varieties to the set, two additional rarities come into the mix. The 1806, Knob 6, no Stem is extremely rare, with fewer than half a dozen examples extant. The 1817/4 overdate is the most famous and valuable of all the Capped Bust Half Dollars. As of now, only about 11 pieces are known, but it is important to realize that four of the eleven known 1817/4 Half Dollars have been discovered since 2005, and that the most recent find was in late 2013 or early 2014, when an example was purchased as a Punctuated Date 1817! This set is certainly one of the widest in scope and due to the large size of the coins, one of the most enjoyable to view and display. In the two fore mention rarities, the Hansen coins are a couple of amazing condition census specimens:
1806 O-108 Knob 6, No Stem, VF35 Cert #06548389, PCGS #6072, POP 2/1, Ex: Greer / EH Morgan
1817/4 50C VF20 cert #16351096, PCGS #6112, POP 2/2, Ex: Witham (Discovered Ed Johnson)
Surprisingly, there are several rare Seated Liberty Half Dollars that were not mention in the PCGS Registry comment, including the 1853-O No Arrows, VF35 which the D.L. Hansen Collection has the Garrett Specimen, finest of four known. Also, the 1842 Small Date, Rev of 1839 Seated Liberty is the only coin missing in the collection. This coin is a rarity with only four known with just one mint state specimen. There are several other dates in this series that are not known in uncirculated. In this 532-piece set, there are eight Hansen coins graded between VF20-XF45. Of the eight coins, five are PCGS Condition Top Five. The prime circulated coin for replacement is the 1861-O CSA Obverse, XF40, POP 18/38 specimen.
The overall PCGS Condition Census of the 532-piece registry set:
Sole Finest POP 1/0 Specimens - 80 Coins - 15%
Tied for Finest POP X/0 Specimens – 189 Coins – 35.5%
Only One Coin graded Finer Specimens – 95 Coins – 18%
Additional Condition Census Top 5 Specimens – 90 Coins – 17%
Non- Condition Census Specimen – 77 Coins – 14.5%
Missing Specimen – 1 Coin – 0.2%
You can gather several interesting take-a-ways from these stats. First, The Hansen Collection of Half Dollars has slightly more than 50% of the coins that are either sole finest or tied for finest. Also, the set contains 85% Condition Census Top 5 Specimens. From this prospective, the $3.5 plus Million Dollars that Mr. Hansen spent on 16 coins have very little significance on overall Condition Census of a 532-piece set.
In early March 2021, the Hansen Collection purchased 14 Franklin Half Dollars from Linda Gail Collection. At the time, I posted: I mention a few days ago that I will have a brief discussion on significance. I wrote: The 14 Linda Gail Franklins were purchased to upgrade Hansen Great Collection of Half Dollars. In this mega collection, it can be hard to realize how significant 14 coins can be. After all, the Hall of Fame basic set requires 3741, so can 14 coins make any difference? In GPA, I would say not much. To really understand the true dynamics of what is slowly taking place, the mega set has to be broken down in bit size pieces. In doing so, I took a stab at taking a closer look by denomination (or groups) and then even more granular by series (Registry sets). At this point, what I am going to share is something that I don’t believe to be a Hansen goal. We have been told which I believe to be true, that Mr. Hansen is just having fun with his collection. He is hunting for coins to improve the sets and collection. He enjoys building sets. The results from having fun are phenomenal. I also shared the following:
I broke out 439 coins of the 3741-piece Hall of Fame set and form the Half Dollar Collection. Then let’s take a deeper look at this 439-piece collection. I broke the half dollars into seven basic series that represent the Half Dollars from 1796 to present. I hope this gives you a better feel of just what has materialized with the 14-coin Linda Gail purchase. For half dollars, the Hansen Collection current has the all-time finest sets in four of the seven series. I believe this to be the first time ever for the Hansen Collection to have this many top sets for one denomination. We should recognize that the two early sets need a little more improvement. It is not realistic that Mr. Hansen can build or buy every top set for all series. The Hansen basic set improved to a very respectable GPA 62.93 closing the gap on D. Brent Pogue Collection. Maybe more importantly, the purchase moved the set up in all-time ranking from #7 to #4.
The Link Half Dollar purchase is not just a basic set improvement, rather I believe to be more significant to the Major Varieties sets. For that reason, I expanded this to include the major varieties and added some additional beneficial information.
In this table, we can easily evaluate the importance of the Link purchase in respect to sets. I have represented the Half Dollars Major Varieties, 1794 – Present in seven sets. In this case, all sets are in the PCGS registry. With the Link purchase, the Flowing Hair / Draped Bust (1794-1807) set now fits nicely and is complementary to the other sets. The Franklin Half FBL (1948-1963) has the largest percentage PCGS Top Pop Finest coins (77%). The Barber (1892-1915) has the largest percentage PCGS Condition Census (Top Five) coins (100%). Amazingly, the composition of the Half Dollar Collection has slightly more than half of the coins PCGS Top Pop Finest specimens. Obviously from the chart, the two weakest sets are the Capped Bust (1807-1839) and Walking Liberty (1916-1947). The Hansen team has worked hard to improve the Capped Bust (1807-1839). Last year, they purchased eleven coins for Capped Bust Halves Major Varieties from the Howard Sharfman’s Incredible Chicago Collection of Half Dollars. With only 53% of coins PCGS Condition Census, the set has a lot of opportunities still. The Walking Liberty (1916-1947) is other weak set with 39% PCGS TOP POP Finest and 77% PCGS Condition Census.
We have learned in the past couple months that Mr. Hansen goal is twofold, “to build complete sets and have fun”. For Mr. Hansen, I am sure working with his team including John Brush, and with Dr. Charles Link to negotiate the purchase of the 16 coins was a lot of fun. Mr. Link wrote a few days ago: It was a pleasure to deal with Dell Loy and John Brush directly on finding a new home for my set. As you saw today, his set is right at home with the other Hansen Half Dollar sets. As for the future, there are several other exciting collections that will hit the market in the next few months. We will have to see if Mr. Hansen used all his fun up!
1794 Flowing Hair, MS61, Ex: Simpson / Link
This is the coin that started it all for the US Half Dollars. The Hansen Collection has a solid PCGS Condition Census example for this first coin in the denomination. Providing expert comments, Ron Guth wrote: 1794 was the first year for of the Half Dollar denomination (for some reason, no pattern Half Dollars were made in 1792 even though the Half Dollar was a part of the official, coinage scheme). The mintage reported for this inaugural year was only 23,464 pieces, which was less than a tenth of the following year. Because this was a high-denomination coin, few "man-on-the-street" types ever saw this coin, assuming they even knew it existed. Thus, very few ended being preserved for future generations. Of the five Mint State 1794 Half Dollars, the star is the PCGS MS64 from the D. Brent Pogue Collection that sold for $763,750 in 2015. The next best example appears to be the Reed Hawn coin that last sold as part of the Queller Family Collection in 2002 for $195,500. That coin was called Choice Brilliant Uncirculated in 2002 and has not reappeared at auction since then.
On the PCGS Condition Census report, the Simpson/Link/Hansen MS61 specimens is tied for third behind the Pogue and Hawn specimens. The Pogue MS64+ specimen is currently in the Jim O’Neal Collection. The other PCGS MS61 is the Ex: Eliasberg/Friend Specimen that last sold in a Jan-2019 Heritage Auction realizing $288,000. There may be a couple other non-PCGS mint states.
The Hansen/Link 1794 Specimen’s provenance atarted almost 65 years when first appearing in Stack's 11/1957 Sale of the Empire Collection. The coin realized $132,250 in the Jan-2004 Stack’s Americana Sale of the John R. Gregg, Jr. Collection. The coin showed up a few years later in the 8/2006 American Numismatic Rarities of The Old West & Franklinton Collections, Lot 544, realized $195,500. After this sale 16 years ago, the history is a little mysterious. Reportedly, the coin spent some time in the Bob Simpson Collection before finding the recent home in Dr. Charles Link’s collection.
I was able to locate my catalog of the Aug-2006 American Numismatic Rarities sale of The Old West & Franklinton Collections. Christine Karstedt and Q. David Bowers hosted some great sales back in that time. The highlights of The Old West Collection were Carson City $5 and $10. The Franklin Collection is a New England cabinet, and the highlights are not that clear. It is no mention who the consignor of the 1796 MS61 Half Dollar. Amazingly, no less than four 1794 Half Dollars were offered in this sale as follows: Lot 544 Link Hansen MS61 NGC, Lot 545 VG (PGI), Lot 546 VG8 (PCGS) and Lot 547 AU 58 PCGS bills as the Finest Known 1794 0-105, Ex: Eliasberg. The AU58 Eliasberg realized $253,000!
ANR’s cataloger description: A highly impressive specimen of our first half dollar issue, one of the very finest known of the variety or date. Lovely opalescent antique silver gray surfaces yield to subtle olive highlights and generous cartwheel luster. The eye appeal is magnificent, “boasting an incredibly original appearance” as the 2004 Stack’s catalogue put it. The strike is excellent on both sides, an important consideration for this sometimes unevenly impressed issue, and exemplary detail is seen in Liberty’s hair, the eagle’s head and wings, and the peripheries. It is cool going back in time and reading catalog descriptions from the past. Due to lack of great imagery, the long-lost art of describing a coin is refreshing.
The ANR’s cataloger continues the description highlighting overall quality: Some natural adjustment marks are seen on the obverse, but only under scrutiny, as the force of the strike mostly obliterated them; the diagonal vestiges are mostly notable in the high point of Liberty’s hair at the precise central obverse, with lesser lines seen on the cheek and in the field in front of Liberty’s chin. A few shorter adjustment marks are seen outside the stars on the right side of the obverse. A thin curved scratch runs from in front of Liberty’s nose to inside star 13, some minor scattered contact points, nothing serious. The overall quality is impressive, and the aesthetic appeal is grand. Some people refer to a specimen like this as “wholesome” though we prefer the rare-book term “unsophisticated” used to describe a book that has never been rebound, fixed, or otherwise tampered with. You don’t see this type of descriptions as much today. For me, this is a lot better description than overusing terms like WOW, monster, moon, etc.
The ANR’s cataloger completes the description with a discussion on rarity: A rarity in all grades, Mint State 1794 half dollars are a special and highly desirable breed. A handful of top-grade pieces exist, all from this Overton-101 die pair, including the lovely Eliasberg coin, the high-grade Reed Hawn-Queller specimen, the Jimmy Hayes coin that last sold in 1985, and the magnificent F.C.C. Boyd-Noblet coin (PCGS MS63) that sold in 1999 for $288,500. With only these few to satisfy all the connoisseurs of this popular denomination, the opportunity to purchase one is not to be taken lightly. Many great collections of half dollars have contained only circulated specimens of this date, even Pryor had only a VF from this die marriage. Ownership of any 1794 half dollar is a point of pride, but successfully purchasing a specimen like this could really define a world-class cabinet of this denomination.
Also 16 years later, this 1794 MS61 coin end up in a world-class cabinet of this denomination owned by Dell Loy Hansen along with 21 other magnificent early half dollars. The Hansen Specimen replaced was a 1794 PCGS AU53 CAC, purchased in a Mar-2019 Legend Auction described as “Multiple WOW factors here!” The coin realized $129,250. Is this world-class cabinet of Flowing Hair / Draped Bust half dollars completed? There is a little room of improvement, and we will have to watch and see if Mr. Hansen wants to have more fun with the set. Thanks for following along with this series.
Provenance: Ex: Empire Collection (Stack's 11/1957), Lot 1264; Americana Sale / John R. Gregg, Jr. Collection (Stack's 1/2004) Lot 3303, realized $132,250; Sale of The Old West & Franklinton Collections, (American Numismatic Rarities 8/2006 as MS61 NGC) Lot 544, realized $195,500; Simpson Collection; Dr. Charles Link’s Early Half Dollars sold 6/2022 in Private Transaction via David Lawrence Rare Coins; D.L. Hansen Collection
1794 Flowing Hair Half Dollar
PCGS POP 2/2
Certification #29596206, PCGS #6051
PCGS Price Guide $360,000 / Private Transaction
Ex: Gregg / Simpson (Dr. Charles Link Registry Set)
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Great write up. Mr. Hansen's prusuit of varities is awesome.
As some may now, I'm a big Virgil Brand fan and was delighted to run across Brand-Hansen coin!
1802 Draped Bust Dollar
PCGS PR64 POP 2/0
Certification #60087183, PCGS #6905
PCGS Price Guide $450,000
Ex: Virgil Brand
It would be great to see this coin with a Hansen insert that mentions Virgil Brand!
That 1861 DCAM is FANTASTIC!!!
One thing I love about @DLHansen's collecting is that he collects all eras of US coins.
Here are some interesting coins from @DLHansen's Ike set!
What's really interesting about these is that they look like they are from the same coin submission from their cert numbers, but they have 3 different generations of TrueViews!
Outstanding Wurt Collection of Morgan Dollars, Part 1
The Wurt Collection of Morgan Dollars of Major Varieties, Circulation Strikes (1878-1921) has been acquired by Mike's Coin Chest and will be sold piece by piece. This set is within the Morgan Dollars of Major Varieties, Circulation Strikes (1878-1921) category.– PCGS (August 17, 2022)
This story starts with the Stacks Bowers November 2020 Auction of The Larry H. Miller Collection of Morgan Dollars. Prior to this sale, The DL Hansen Collection of Morgan Dollars had an All-Time Finest Ranking of 18 in the PCGS registry. Mr. Hansen purchased eight Morgan Dollars in the sale, paying approx. $3.6 Million. The lowest price that he paid was $66,000 for the 1886-S MS67, PCGS POP 5/0, CAC. The other seven coins all realized six figures, as shown below:
1895-S, MS67DMPL, POP 1/0, CAC, Cert #04884182, Realized $336,000, Ex: Jack Lee
1893-O, MS65DMPL, POP 1/1, CAC, Cert #04884185, Realized $360,000, Ex: Jack Lee
1892-S, MS68, POP 1/0, Cert #07455547, Realized $630,000, Ex: Jack Lee
1897-O, MS67, POP 2/0, Cert #05700150, Realized $348,000, Ex: Jack Lee
1895-O, MS67, POP 1/0, Cert #07455561, Realized $528,000, Ex: Wayne Miller/ Jack Lee
1884-S, MS68, POP 1/0, Cert #07455496, Realized $750,000, Ex: Chuck Walanka / Jack Lee
1893-S, MS65, POP 5/1, CAC, Cert #03134219, Realized $600,000, Ex: Larry H. Miller Collection
If you can think of constructing a building, this purchase became the foundation of building the tallest building in town. To add some substance to this statement, I will bring in focus the key date, top thirteen coins based on PCGS weighting (8-10). There is only one coin weighted 10, the 1893-S. The remaining twelve is split down the middle with six weighted as nine, and six weighted at eight. Here are the twelve key date Morgan’s currently in the Hansen Collection plus the 1893-S.
PCGS Weight 10
1893-S (10.00) MS65 POP 5/1, From Larry H. Miller
PCGS Weighted 9
1884-S (9.00) MS68 POP 1/0, Finest certified by PCGS, From Larry H. Miller
1889-CC (9.00) MS64+DMPL POP 3/3, Finest PCGS certified DMPL, From 2016/2017
1895-O (9.00) MS67 POP 1/0, Finest certified by PCGS, From Larry H. Miller
1896-O (9.00) MS64 POP 32/3, From DLRC 2018
1901 (9.00) MS64 POP 33/3, From DLRC 2018
1901 DDR (9.00) MS62 POP 3/1, From Barry Stuppler, Mint State Gold (Late Jan 2021)
PCGS Weighted 8
1886-O (8.00) MS65 POP 6/2, From Wurt Collection (Aug 2022)
1892-S (8.00) MS68 1/0, Finest certified by PCGS, From Larry H. Miller
1893-CC (8.00) MS65 POP 13/4, From DLRC 2018
1893-O (8.00) MS65+ DMPL POP 3/1, Finest PCGS certified DMPL, From Larry H. Miller
1894 (8.00) MS66+, POP 1/0, Finest certified by PCGS, From Wurt Collection (Aug 2022)
1895-S (8.00) MS67DMPL 1/0, Finest certified by PCGS, From Larry H. Miller
With this current purchase all thirteen of the highest weighted coins are PCGS Census Condition Top Five, with five as PCGS POP 1/0 Sole Finest. Two other specimens are finest PCGS certified DMPL. This sets the stage for this Morgan Collection to reach great heights.
As we sometimes see, Mr. Hansen will follow-up a great purchase with a second punch. That is exactly what happened in late November 2020. The Illinois Morgan Collection was on the market. Barry Stuppler ‘s desire was to keep the set together and sell intact. The set contained 12 PCGS POP 1/0 specimens; with most all the sole finest Illinois coins are from the Coronet Collection. After an unsuccessful attempt to sell intact, Mr. Stuppler broke the set and stated to sell individually. Well, now Mr. Hansen second punch was the purchase of four of the PCGS POP 1/0 specimens.
1881 (4) MS67+, POP 1/0, Finest certified by PCGS
1883-S (7) MS67+PL, POP 1/0, Finest certified by PCGS
1898-O (1) MS68DMPL, POP 1/0, Finest certified by PCGS
1903-S (7) MS67+, POP 1/0, Finest certified by PCGS
These four upgrades provided enough of a bump, that the Hansen Collection hit #4 in the all-time ranking. This is a move up from #6 and the first time ever on the all-time leader board for the Basic Morgan Dollars. It also represents a move into first place in the current rankings. Today, the Hansen set still remains in #4 in the all-time BASIC ranking, although I no track the basic sets.
The second punch was really a combination, because he delivered another quick purchase of four additional Morgan Dollars a couple months later in January 2021. Three of the four coins were purchased from Barry Stuppler, (Illinois Collection). The other coin is from another source that Mr. Hansen frequently turns to, GreatCollections Auction. Here are the four 2020 upgrades and approximately when purchased.
GreatCollections Auction (1/24/2021)
1903-O, MS67+, CAC, POP 10/0, Tied Finest certified by PCGS
Barry Stuppler – Mint State Gold – Late January 2021
1878 7TF (Rev 79), MS67, POP 1/0, Finest certified by PCGS
1901 DDR, PCGS MS62, POP 3/1
1904-S, MS67 CAC, POP 2/0, Finest certified by PCGS
Mr. Hansen delivered couple addition punches in late May 2021. He picked a Morgan Dollar from Larry Shapiro Rare Coin. The 1883-O MS67+ CAC Approved (PCGS POP 20/1) coin is not that rare and expensive. The asked price on the website was $7,495. The coin sold in Heritage Central States US Coins Signature Auction in April 2021. Then, DLH purchased one additional coin from Barry Stuppler at Mint State Gold (MSG). The coin purchase was the 1894, MS65+ CAC (PCGS POP 6/6). The ask for the coin was $46,000. The coin replaced a MS64 with POP of 288/67. No question this was a nice and much needed upgrade, but it was not a PCGS Condition Census Top Five Specimen. After this purchase of the 1894 in late May 2021, Mr. Hansen completely dropped out of the fight for 15 months, until this week at the ANA World's Fair of Money. He replaced the last coin purchased.
1894 Morgan Dollar MS66+, CAC, Ex: Jack Lee 2 / Coronet / Wurt PCGS Registry Set
This is one of the top 13 weighted (Key Dates) in the 117-piece set. DLH replaces the MS65+, CAC, Ex: Illinois Set specimen purchased 15 months ago. This Wurt MS66+ CAC specimen is the superstar. The mintage for the coin is 110,000. Coin Facts estimates 8,990 survived in all grades with 6,490 in mint grade. Coin Facts estimate 125 is the survival for GEM. That sounds like a lot but is certainly not enough to cover the thirst of the Morgan Collectors. The basic PCGS registry has almost 1000 (978) sets in the registry. How many Morgan set collectors outside the registry is unknown and hard to imagine.
Expect Q. David Bowers stated: The 1894 dollar has the lowest circulation strike mintage of any Morgan dollar except the 1893-S (not including the 1895). As such, they have always been popular with collectors. Although quantities of Mint State coins existed in the 1950s and early 1960s, nearly all have been dispersed by now. Among Philadelphia Mint Morgan dollars, the 1894 is the second rarest (after 1901) in Mint State. Examples are offered for sale with regularity, but in the modern market it is seldom that even a small group is found. Most coins are in lower Mint State ranges. The demand for the latter is softened somewhat by the availability of high-grade Proofs. The striking quality of Mint State 1894 Morgan dollars ranges from average to sharp. The lustre on most well-struck pieces is frosty and attractive. On the other hand, average to below average coins are apt to have weak breast feathers on the eagle and have unsatisfactory lustre. Due this low availability, Expert Ron Guth warned: BEWARE OF ALTERED COINS WITH REMOVED MINTMARKS.
This MS66+ specimen is from the Jack Lee 2 Collection. The coin resided in Coronet Collection before being offered by Legend Rare Coin in 2015, the coin realized $152,750 (Auction Record). The coin was described as: We can't imagine a better coin to start Part II of the Coronet Collection of Morgan Dollars. Not only is this coin superior to every other 1894-P, at first glance it even looks like an 1879-S! Incredible surfaces are satin smooth and have faint traces of semi-prooflike mirrors. Marks, ticks, and lines are all held to a bare minimum, visible only through a strong glass. A full, booming luster shows off original, creamy white color. Miss Liberty and the details are frosty and sharply struck. The eye appeal is fantastic! This is the sole MS66+ graded by PCGS and it last brought $74,750.00 in a 2009 auction. If you're a gem Morgan collector, you know how exceedingly rare a true gem 1894 is and to have the opportunity to own the undisputed finest 1894 Morgan Dollar is an opportunity that cannot be missed! We expect this coin to start off Part II of the Coronet Collection with a record price. Good luck!
The coin was one of the centerpieces in the Wurt Collection (PCGS Set Registry). The Wurt Morgan Collection was on display at ANA World's Fair of Money and offered for sale be sold piece by piece by Mike's Coin Chest. This is one piece that was purchased to go into the D.L. Hansen Collection to replace the Illinois Set Specimen.
Provenance: Jack Lee 2 Collection; Coronet Collection, (Legend Rare Coin Auctions 10/2015) Lot 1, Realized $152,750; Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1894 Morgan Dollar MS66+
PCGS POP 1/0, Finest Certified by PCGS and finest CAC Approved
Certification #25635922, PCGS #7228
PCGS Value Guide: $200,000 / Purchased Shaun Bobb of Mike's Coin Chest
Ex: Jack Lee 2 / Coronet / Wurt PCGS Registry Set
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Outstanding Wurt Collection of Morgan Dollars, Part 2
Mike's Coin Chest Acquires the Outstanding Wurt Collection of Morgan Dollars, A PCGS Registry Set on Display at ANA World's Fair of Money– PCGS (August 17, 2022)
This story picks up where we left off a couple days ago. After an upgrade in late May 2021, Mr. Hansen did not purchase any additional Morgan Dollars, until this week at the ANA World's Fair of Money. The press release indicated: The Collection will be on display at the American Numismatic Association's World's Fair of Money at Table 1228 in a special display by Mike's Coin Chest (MCC). Also, MCC was offering the coins for purchase individually. On MCC’s website, The Wurt Collection of Morgan Silver Dollars is said to be the #1 Ranked PCGS / CAC Registry Set. The Hansen Collection published a new CAC set on 1/17/2022 has moved into the #1 spot. I assume this was accomplished with purchase of coins from the Wurt Collection, due to the fact, David Lawrence Rare Coins made a pretty large purchase of Wurt Collection of Morgan Dollars.
MCC described the 117-piece set as: The Wurt Collection of Morgan Silver Dollars is the current number 1 ranked PCGS / CAC Registry set With Major Varieties and the #1 PCGS / CAC Basic Morgan Dollar Set. The Wurt set contains some of the finest Morgan Silver Dollars in existence graded by PCGS and CAC. This collection has taken eighteen years to accomplish, and it shows by the overall quality and precision of the hand-picked coins. When looking through the set, you realize how incredible it really is. No coin was purchased simply for price or for the grade on the holder. Every coin in the collection is Premium Quality and, in my opinion, it is the most impressive set there is. In today’s market, coins don’t look like this. The coins have booming luster, near flawless surfaces, and incredible eye appeal. There are several finest known top pop coins and contains multiple pedigrees that have been in the hands of some of the most historic collectors of our time, as well as some of the top ranked collections of all time. Jack Lee, Gold River, Vanderbilt, and Coronet are some of the noted collections these coins have been a part of. To complete a Morgan Dollar set is an accomplishment in itself but, to have the finest known PCGS and 100% CAC (Basic and with Major Varieties) registry set is a masterpiece.
As read in the description, MCC offered a list of a dozen of coins they referred to as: “highlights in the set”.
1880-O MS66 CAC, POP 2/0, “pop 1 CAC”, Obtained by D.L. Hansen, PCGS: $200,000
1886-O MS65 CAC, POP 6/2, Obtained by D.L. Hansen, PCGS: $285,000
1887-O MS66+PL CAC POP 2/0, Obtained by D.L. Hansen, PCGS: $100,000
1889-CC MS64+ CAC, D.L. Hansen Specimen, MS64+ DMPL, POP 3/3
1892-S MS64+ CAC, D.L. Hansen Specimen, MS68 VCAC, POP 1/0
1893 MS66 CAC “Pop 1 CAC”, D.L. Hansen Specimen, MS66 CAC, POP 7/0
1893-S AU58+ CAC, D.L. Hansen Specimen, MS65 CAC, POP 5/1
1894 MS66+ “Pop 1/0”, Obtained by D.L. Hansen, PCGS: $200,000
1895-O MS64 CAC, D.L. Hansen Specimen, MS67 CAC, POP 1/0
1895-S MS66+PL CAC “Pop 1/0”, D.L. Hansen Specimen, MS67DMPL CAC, POP 1/0
1899-O (Micro O) MS66 CAC “Pop 1/0,” Obtained by D.L. Hansen, PCGS: $92,500
1902-S MS67+ CAC “Pop 1 / 0”, D.L. Hansen Specimen, Eliasberg/Sunnywood/Simpson???
The D.L. Hansen Collection acquired five of the 12 top highlights. The coins have a PCGS Price Guide Value of $877,500. Of the seven coins not purchased by DLH, the Hansen Collection has five specimens that are finer examples. For the 1893 date, both Collections have MS66 CAC example. It appears the 1902-S slipped away, or was it really needed. According to CoinFacts, Condition Census report, the Eliasberg/Sunnywood/Simpson MS67 example is in the Hansen Collection. The coin is currently not in the registry set, I cannot find it listed anywhere in the Collection. The Wurt MS67+ is finer, but Legends in a 2014 sale descried the Eliasberg/Sunnywood/Simpson MS67 coin as: “this is quite likely the finest surviving example of the issue”. I wondered if we will see the coin back in the collection in the future.
According to the revised set, there were 21 coins upgraded. Minus the five highlighted coins, there were 16 others. We will look at some of them next time. Now, let’s see the feature coin for today.
1887-O Morgan Dollar MS66+PL, CAC, Ex: Coronet / Wurt PCGS Registry Set
We’re not sure why this coin is not graded MS67PL. Incredible 6" deep mirrors are mark free and almost full DMPL status. A flashy, booming luster shows off undipped, problem free white surfaces. Miss Liberty and the details are fully struck and stand out with thick, snowy white frost. The cheek is amazingly clean, and the eye appeal is jaw dropping! Legend used this description in The Regency Auction XII June 2015.
Expect Q. David Bowers stated: On the coin market the 1887-O Morgan dollar seems to have always been available in Mint State, possibly from a supply augmented by occasional releases of mint-sealed bags, which are known to have occurred in 1938, 1953, 1957, and probably a few other years as well. In the 1962 emptying of the hoard of 10 million New Orleans coins from a sealed vault in Philadelphia, many 1887-Os turned up, but it was not one of the most plentiful dates. Bags from Treasury holdings were released by the government as late as March 1964 and were among the last issues paid out. Reminiscing in The Comprehensive Silver Dollar Encyclopedia, Dean Tavenner said that he obtained one bag of prooflike 1887-O dollars with bagmarks in April 1964 just at the time his bank in Deer Lodge, Montana was running out of silver dollars at face value. He also noted that EF and AU 1887-O dollars, as well as New Orleans dollars of certain other dates, were released in quantity in mint-sewn bags.
With plentiful availability for this date, one would think high grade examples could be easily found. That is not the case. With survival estimates of about half million specimens in mint state, and total survival is maybe a million 1887-O Dollars, an estimate that 1,175 GEMs may have survived. That is about 0.1%. Mr. Bowers wrote Mint State grades: The typical Mint State coin is heavily bagmarked, has dull lustre, and is poorly struck. As if that were not enough, it is apt to be in lower grade levels. Wayne Miller wrote: "In 1971 the author bought an original Uncirculated bag of 1887-O dollars which did not contain one fully struck coin." In grades MS-60 through MS-63 the 1887-O's common, and probably somewhere around 100,000 exist. At the MS-64 level it becomes scarce, with 3,000 to 6,000 surviving. Fully struck MS-65 coins are rare and number only in the hundreds.
At the top end, there are only two specimens graded MS66+. The first one is the Ex: JCS Collection specimen. The coin appeared in auction twice in the last couple years. In 2019 Heritage Auction for The Shucart Family (JCS) Collection of Morgan Silver Dollars, the coin realized $48,000. Appearing earlier this year, the coin again was offered in the 2022 Long Beach Expo US Coins Signature Auction. Heritage wrote: The 1887-O is the definition of a condition rarity. Including the possibility of duplicate submissions, PCGS has seen only 18 coins in MS66 across non-Prooflike, Prooflike, and Deep Mirror categories combined. Just two of these coins are Plus-graded -- one of the Prooflike pieces, and this frosty coin. None are finer (1/22). This time, the JCS MS66+ CAC coin realized $78,000 and currently resides in the Alan Gary Tyler (PCGS Registry Set). The Hansen/Wurt Specimen is the other MS66+ CAC specimen, and also the Prooflike piece referenced in the 2022 Heritage sale.
In recent history, the only time the Hansen/Wurt MS66+ CAC specimen appeared in auction was the Legend sale reference at the start of the posting. In addition, Legend wrote in the sale: We’ve never seen another 1887-O even remotely similar to this. In 2009 the lone 1887-O MS66 sold for a mere $38,815.00, but that was five years ago, and this coin is even nicer. The Coronet Collector bought this wild gem via private treaty for $75,000.00 and once you see this coin, you'll agree that it’s a record breaker! The coin realized $61,687.50.
Today’s featured coin is the second of the highlights in the Wurt Collection (PCGS Set Registry). I sure it was with mix emotions that Mr. Hansen made the decision to replace his existing 1887-O Specimen. The Collection has the MS66DMPL Cert #82122289 specimen. This coin is the finest certified DMPL and is a POP 1/0, PCGS Sole finest DMPL. The coin is an Ex: Miller/ Lee. I did a quick peek and can confirm the coin has been reassigned the D.L. Hansen #2 Set. The coin is still playing a major role in the Hansen specialty Morgan Dollars Prooflike set. It could be replaced with the MS66+PL. We will have to wait and see if the coin remains in the collection.
Provenance: Coronet Collection (Legend Rare Coin Auctions 6/2015), Lot 41, Realizing $61,687.50; Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1887-O Morgan Dollar MS66+PL, CAC
PCGS POP 2/0, Finest PCGS Certified PL/DMPL
Certification #25635852, PCGS #7177
PCGS Value Guide: $100,000 / Purchased Shaun Bobb of Mike's Coin Chest
Ex: Coronet / Wurt PCGS Registry Set
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
Outstanding Wurt Collection of Morgan Dollars, Part 3
This piece is a total headlight.– Mike’s Coin Chest, Inc. (August 2022)
This D.L. Hansen story of Morgan Dollars continues. The past couple posting, you saw two of the five highlights specimens that The D.L. Hansen Collection acquired from Outstanding Wurt Collection of Morgan Dollars. Today will be the third. But as I indicated earlier, I am not certain the total that the Hansen team acquired, but it seems in the 23-24 piece range. I found a couple coins upgraded in #2 set, but the bulk was top set upgrades. Along with the five highlights, there were 16 additional upgrades totaling 21 coins. I have included this chart to provide a visible perception.
There were 21 coins upgraded/switched on 8/17/29022. Actually, seeing the coins in this chart is difficult, but as you can see with the shading, two of the coins in bright yellow are PCGS POP 1/0 sole finest (1894 and 1899-O micro). In addition, six are tied for finest certified by PCGS. There are ten others that are PCGS Condition Census Top Five. Wrapping up the final three, they are non-condition census with the highest PCGS POP being the 1894-O MS64+ CAC, Cert #25635879, PCGS POP 75/17, valued at $13,000. The other two coins just missing the top five, 1880 PCGS/CAC MS65+ (VAM-9, 8/7 Stem) PCGS POP 6/5 and 1886-S PCGS/CAC MS66+ with PCGS POP 9/5. Also note, all of the Wurt coins are CAC Approved, even in the Hansen notes that is not shown to be 100%. My table below, show the sixteen upgrades.
I reported earlier, the top five upgrades have a total PCGS Price Guide Value of $877,500. The second grouping of 16 coins are PCGS valued at $351,250. This placed the total PCGS Price Guide Value of the 21-piece top set purchase somewhere around $1.2 Million. The grade gap is rapidly closing between the D.L. Hansen Sets and the PCGS Registry All-Time Finest Sets. Now, let’s see the feature coin for today.
1880-O Morgan Dollar MS66, CAC, Ex: Wurt PCGS Registry Set
On Mike’s Coin Chest, Inc. website, this coin is described as: This 1880-O PCGS MS66 CAC Morgan Dollar is incredible! It is POP 2 graded by PCGS and is the only CAC known. This piece is a total headlight. It has vibrant cartwheel luster that glows in the light and has sharply struck details. This 1880-O is a total standout and is one of the many Wurt set show pieces in the collection. This hand-picked coin is second to none and stands as the finest known for the date.
The current auction record for the date and mint is $54,625 for a PCGS MS65 Deep Mirror Prooflike specimen. The record was set in Heritage’s August 2009 US Coin Auction in Los Angeles, CA. The coin is an Ex: Jack Lee and from Carson Silver Collection. The finest graded Morgan that ever appeared in auction was a pair of MS65+ PCGS. The June 2021 Heritage appearance realized $36,000. The two top end specimens are graded PCGS MS66 have never appeared in auction. The other PCGS MS66 specimen is the Ex: R. Dier specimen. The coin currently resides in Gold River Set. In an interesting side twist, the owner of the Gold River Set gives credit providing the inspiration of the Morgan set to Mike Bobb, from Mike’s Coin Chest. He describes the assembling of the set as a long journey with Mike and his son, Shaun. I find it interesting that both the 1880-O PCGS MS66 specimens were assembled by Mike and Shaun. Their source for both coins is unknown.
Unfortunately, other than being sourced by Mike’s Coin Chest, there is not much other information of the PCGS MS66 coins. Interesting, there is not much written on the 1880-O in general. CoinFacts to do not provide any information. I did find this little nugget on Gainesville Coins website: Most of the 5.3 million Morgan dollars struck at the New Orleans Mint in 1880 went directly into circulation. The 1880-O Morgan dollar is a famous conditional rarity. It is one of the most expensive of all Morgan dollars at MS65. The finest known 1880-O Morgan at NGC is MS65. PCGS has graded eight at MS65+, and only two at MS66. This isn't caused by any weakness in strike, as is the case for many other New Orleans dates. It is due to most of the mintage going into circulation soon after they were made..
We do not know what the Hansen Team actually paid for this coin and may never will. I am not sure how two parties can come together on a price without any sales references. PCGS Price Guide valued this coin at $200,000. How do they determine that number? I am not sure. It is not any doubt that the Hansen Team did not waste any time picking up this coin in a private sale. In a deal that upgraded 21 coins in the Collection!
Provenance: Wurt Collection (PCGS Set Registry), David Lawrence acquired at American Numismatic Association's World's Fair of Money in offering by Mike's Coin Chest; D.L. Hansen Collection.
1880-O Morgan Dollar MS66
PCGS POP 2/0, CAC Approved
Certification #37785599, PCGS #7114
PCGS Value Guide: $200,000 / Purchased Shaun Bobb of Mike's Coin Chest
Ex: Wurt PCGS Registry Set
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
That 1880-O is spectacular!
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thank you for the updates! love the read