Greatest US Coins - My Quest Obtain 32 - 39th Coin Added

NEW COIN: 1792 Half Disme
GOAL 32 of 100 Greatest Coins – NEW Total 22

This coin is #18 on the PCGS 100 greatest list. The 1792 Half Disme has moved to #10 on the 5th edition of the famous book. I bought this coin in at the most recent Heritage auction for $84,000. The PCGS guide value is $85000. The Heritage description of this lot is below:

“When the authors of 1792: Birth of America's Coinage studied the die states of surviving examples, they determined the coins were struck in three different striking periods, with the second striking taking place in October 1792 and the third sometime after that. The later strikings were probably accomplished at the Philadelphia Mint, rather than Harper's sawmill. The total mintage is estimated at 1,500-2,000 examples and the surviving population numbers about 250 examples in all grades.

The present coin is an attractive Fine 15 example, with deep lavender-gray toning and highlights of golden-brown. Old scratches are evident on both sides and there is a planchet void between the eagle's head and F in OF on the reverse. Moderate wear shows on the design elements, but all lettering and the date remain legible and much interior detail remains intact. The 1792 half disme has traditionally been collected with the pattern series and this example was the plate coin in United States Pattern, Trial, and Experimental Pieces by Edgar Adams and William Woodin.
Ex: Martin Kortjohn, exhibited 11/28/1944 at the Bronx Coin Club; Kortjohn Collection (Stack's, 10/1979), lot 1190; Pullen & Hanks (1982), lot 1; Auction '84 (Stack's, 7/1984), lot 1037; Gore/Long Collections (Bowers and Merena, 1/1990), lot 99; Auction '90 (Stack's, 8/1990), lot 80; Dennis Mendelson Collection (Superior, 2/1991), lot 1203; offered on eBay (7/26/2007); the present consignor.(Registry values: P9)”

NEW COIN: 1796 50c 15 Stars – F12
GOAL 32 of 100 Greatest Coins – NEW Total 24

This coin is #72 on the PCGS 100 greatest list. It has moved to #65 on the 5th edition of the famous book. I bought this coin at the most recent Great Collections auction for $48,600. The PCGS guide value is $55000.

There are about 75 surviving examples of this coin. Most examples are well circulated and many are repaired. The finest known MS66 example sold for $822,500 in 2015.

1907HR – MS64
GOAL 32 of 100 Greatest Coins – Current Total 24

This coin is #25 on the PCGS 100 greatest list. It remains #25 on the 5th edition list. I bought this coin from Heritage in early 2020 for $19,000. The PCGS guide value is $30,000.

According to David Ackers:
"The 1907 High Relief Double Eagle is, in my opinion, the most beautiful coin the United States ever issued for normal circulation. Unfortunately, it was not as practical as it was beautiful; the high relief of the standing figure of Liberty and the eagle made the coin impossible to stack properly and thus unpopular and unsuitable for commercial purposes. Minting was also impractical since it reportedly required five blows of the minting press to fully bring up the design making high speed, mass production impossible.

Of the 11,250 High Reliefs minted, it is my estimate that 2/3 to 3/4 of this total were the Wire Rim variety since the Flat Rim is at least two to three times as rare as the Wire Rim. The difference between the two varieties was unintentional, i.e. the Mint did not purposely set out to make one variety and then alter the design to make a second variety. (In this regard, the Wire Rim and Flat Rim Double Eagles are not analogous to the Wire Edge and Rolled Edge Eagles which were totally different coins.) The Wire Rim and Flat Rim Double Eagle varieties resulted from the use of different collars. in the case of the Wire Rim variety, the collar was not sufficiently tight and the pressure of the repeated blows forced metal up where the edge of the coin meets the collar to form a very thin wire rim. On most Wire Rims, this raised metal encircles the whole coin, both obverse and reverse, while on the Flat Rim variety, the edge is flat, if not beveled.

The 1907 High relief is much more common than its low mintage (the lowest of the entre Saint-Gaudens series) would imply. Obviously, many specimens were saved due to both the coins' novelty and their beauty. Most existing High Reliefs (both Wire Rim and Flat Rim varieties) are uncirculated and many of them are gem and even superb quality. The circulated examples are almost always high grade and many, if not most, received their wear from being used as jewelry or pocket pieces rather than from commercial use. The plentiful auction records for the Wire Rim would seem to indicate that it is one of the half dozen most common issues in the entire series. In my view, it is not that common, but I do think that one interesting claim can be made for it, namely the 1907 Wire Rim High Relief is the highest priced U.S. coin for its rarity. (The 1895 Proof Morgan Dollar and 1879 Flowing Hair Stella are two other candidates for this distinction, but I think the High Relief is the easy winner with respect to ratio of its high price to low rarity.)"

NEW COIN: 1796 No Stars $2.5 AU 50
GOAL 32 of 100 Greatest Coins – NEW Total 26

This coin is #67 on the PCGS 100 greatest list. It is #62 on the 5th edition list. I bought this coin at the most recent DLRC auction for $124,500. The PCGS guide value is $150,000.

According to Ron Guth:

"The 1796 Quarter Eagle with No Stars on the obverse is one of the most historic and important U.S. gold coins. The mintage is a mere 963 pieces, which is exceedingly small by any standard. Estimates of the number of surviving examples has ranged all over the place. David Akers claimed 30 to 40, refuting earlier claims of 15 to 20 known. The cataloger at Heritage estimated 80 to 100 in their January 2007 sale. PCGS experts estimate a surviving population of 100 to 125 pieces. To put a finer spin on things, we have images of 28 different examples, all in AU or better. Eleven of those examples are Mint State 60 or better. At the top of the condition census is the incredible PCGS MS65 (finest by two full points) that sold for $1,725,000 in January 2008.

It is very difficult to locate a "perfect" 1796 No Stars Quarter Eagle. Many show lintmarks of various sizes. Some show adjustment marks, usually in the center of the obverse. The Bass:261 coin (now in an NGC MS60 holder) shows three different, mint-caused defects: a diagonal fissure running from the turban to Liberty's temple; vertical adjustment marks on the obverse; and a heavy lintmark on the right side of the reverse (yet, it is still a nice, six-figure coin). Though there are numerically finer examples, my personal favorite is Bob Simpson's PCGS MS62+ -- it is well-struck, has great color, and is free of any distracting problems."

1915-S $50 AU53
GOAL 32 of 100 Greatest Coins – Current Total 26

This coin is #26 on the PCGS 100 greatest list. It is #29 on the 5th edition list. I bought this coin at a 2020 Great Collections auction for $52,800. The PCGS guide value is $52,500.

According to Ron Guth:
"In 1915, San Francisco hosted the Panama-Pacific Exposition, a massive celebration of the opening of the Panama Canal. To record the event, the U.S. Mint produced a variety of commemorative coins, including a Half Dollar, a Gold Dollar, a Quarter Eagle, and two versions of a $50 gold piece (one round and one octagonal). Attendees at the Exposition could purchase the coins singly or in a variety of combinations. The most extreme combination was a double set (two of each coin) housed in a specially made copper and glass frame. Because of the high face value of the $50 coins, sales failed to meet expectations, resulting in hundreds of unsold coins. These were eventually melted down, resulting in a net mintage figure of only 645 pieces.

The $50 Panama-Pacific gold coins are massive, heavy coins made of a relatively soft metal. As a result, the coins are susceptible to wear and damage, making it difficult to find exceptional examples. The vast majority of survivors are Mint State, usually in MS63. Gems are very rare, and the best examples top out at MS66."

@chesterb said:
Are you working with an expert who can view and provide an opinion on the coins before you acquire them? These are very nice but expensive coins. Hopefully you have someone on your side to consult with before making the purchase.

I do. But these coins are mostly rare and don't come around everyday and in my price range I can't always obtain high grade examples. These are not investments for me but hobby purchases.

$50 XF 40
GOAL 32 of 100 Greatest Coins – Current Total 26

This coin is #35 on the PCGS 100 greatest list. It is #68 on the 5th edition list. I bought this coin at a 2020 DLRC auction for $33,500. The PCGS guide value is $40,000. The coin appears worn in the trueview image. It is much nicer and very impressive in hand.

According to Ron Guth:
"The $50 gold pieces issued by the United States Assay Office of Gold in San Francisco in the early 1850's were not actually coins per se. Rather, they were called "ingots" at the time; today, we know them as "Slugs." Their real value, besides that stated on their face, was in standardizing the jumble of over-valued, underweight, and off-purity private issues prevalent at the time. Nowadays, the $50 slugs are among the most popular of all California gold pieces.

High-grade examples are very difficult to locate. Because of their high intrinsic value, the large majority of them have been melted down over the years. Those that entered circulation were subject to all the injuries that a heavy gold coin might receive, especially bumps and bruises on the corners. Because of their high numismatic value, many have been repaired or otherwise "improved" over the years. Finding an example with original "skin" and that crusty, old-gold look is well-nigh impossible. In our search for coins for the PCGS CoinFacts Condition Census, we've come across a few (these all refer to the 1851 $5 Humbert Reeded Edge, 887 THOUS variety). In 2016, an NGC MS65 was offered for sale at a fixed price of $625,000. In January 2017k, a PCGS MS63 example sold for $352,500. An NGC MS63 example sold for $176,250 inm 2014. A PCGS MS62 example sold for $223,250 in 2014, then failed to sell when it reappeared in 2015. At least four or five additonal, lower-level Unc. examples are known."

1857-S $20 BOLD S S.S. CENTRAL AMERICA #1 GOLD FOIL MS66 CERTIFICATION #05752909, PCGS #70001

GOAL 32 of 100 Greatest Coins – Current Total 26

This coin is #75 on the PCGS 100 greatest list. I bought this coin at a 2020 Great Collections auction for $24,750. The PCGS guide value is $30,000.

AUCTION RECORD: $282,000.00 • PCGS MS67 • 05/16/2019 • LEGEND RARE COIN AUCTIONS

NEW COIN: 1792 10C J-10, BN SP25BN CERTIFICATION #01003139, PCGS #11026
GOAL 32 of 100 Greatest Coins – NEW Total 27

This coin is #29 on the PCGS 100 greatest list. It is #20 on the 5th edition list. I bought this coin at a recent Heritage auction for $138,000. The PCGS guide value is $200,000.

This is a very rare coin. The current PCGS POP is 13 with 9 graded higher.

AUCTION RECORD: $705,000.00 • PCGS SP64BN • 04/27/2016 • HERITAGE AUCTIONS

1776 $1 CURENCY, PEWTER AU50 CERTIFICATION #02572657, PCGS #791
GOAL 32 of 100 Greatest Coins – Current Total 27

This coin is #12 on the PCGS 100 greatest list. It is #30 on the 5th edition list. I bought this coin from Heritage for $36,850. The PCGS guide value is $50,000.

AUCTION RECORD: $246,750 • MS65 • 01-07-2015 • Heritage Auctions

COIN FACTS:
P. Scott Rubin: The 1776 Pewter Continental Currency Dollar is a very mysterious issue, as there is no documentation known authorizing its issue. This particular variety is known for its incorrect spelling of the word currency on the obverse die. Eric Newman has three different die combinations for this variety all using the same obverse die and, in fact, using the same reverse die. However, the reverse die was modified twice during its usage to strike coins in three different metals, Pewter, Brass and Silver.

While the Pewter coins are the most common of the three metals used for this issue, they also contain some of the rarest die varieties. The Curency (with one R) coins represent three Newman variety numbers N-1-A, N-1-B and N-1-C. The A reverse has small dots surrounding the colonies’ names.. The B reverse is the same die as A only the die has been re-engraved, adding solid lines through the dots for a more solid chain. Finally the die was lapped and the dots virtually removed and new, thicker solid lines used to create the chains on the C reverse.

While the N-1-C Pewter Continental Curency Dollar is a scarce coin, with maybe as many as a few hundred or more known, the other two varieties N-1-A and N-1-B are extremely rare. The N-1-A at the current time (Feb., 2015) is known by only one Pewter specimen. The N-1-B Pewter variety is known by seven examples, of which five are believed to be in grades of About Uncirculated or better.

The Pewter N-1-A Pewter Continental Curency Dollar was only discovered in late 2014 and offered for sale in Heritage’s 2015 FUN Platinum Night Sale as lot 4004. PCGS graded the coin as Genuine with Edge or Rim Damage, while Heritage gives the coin a grade of Very Fine Details. This unique discovery coin realized $117,500. At the same Heritage 2015 FUN Sale, the Donald Partrick Collection contained the finest currently graded Pewter N-1-B Pewter Continental Curency Dollar, graded MS-64 by NGC and sold as lot 5837 for $199,750. At the same auction, an N-1-C Pewter Continental Curency Dollar, graded MS-65 by NGC as lot 5839 sold for $246,750.

Analyzing these sales, it appears that grade trumps rarity for the Pewter Continental Curency Dollars.