The Harry W. Bass, Jr. Collection - Part II

Scarce 1862/1 $2.50

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529     1862/1 Overdate. AU-55 (PCGS). Light yellow gold. Mark on reverse above eagle’s neck. A very attractive, high-grade example of this popular and very important piece. Writing in 1988, Walter Breen commented, "Possibly 12 known, none Uncirculated."

PCGS Population: 5; 4 finer (MS-61 finest).

This variety was unknown to numismatists until it was discovered by Aubrey E. Bebee, the Omaha numismatist, and published in the Numismatic Scrapbook Magazine, January 1963. As is often the case when a remarkable find is announced, the news coverage prompted just about any reader who had an 1862 quarter eagle to take a closer look to see if it was a prized overdate. At least several thousand 1862 quarter eagles exist–not at all a rare or even scarce date. The fact that by 1988 Walter Breen only knew of a dozen pieces tells much about the true rarity of the variety today.

From our sale of February 1975, Lot 580.

Lustrous 1862 Quarter Eagle

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530     1862 MS-64 (PCGS). Lustrous frosty surfaces and, as might be expected from the Type II hub, quite well struck overall. An excellent coin for variety or type.

PCGS Population: 2; none finer.

This represents the last year that Philadelphia Mint quarter eagles were struck for general circulation, until the late 1870s. There was a flurry of activity among the populace with regard to hoarding "hard" money, and although the Treasury Department did not pay out gold coins after late December 1861, it seems that many of the 1862 gold dollars and quarter eagles were distributed, no doubt to those caring to pay a small premium for them. In any event, high-grade business strikes of 1862 are seen with some frequency today.

The date logotype is excellently made, well spaced and the numeral size looks very attractive on the quarter eagle denomination. On the present die the positioning is well spaced. The obverse is lightly clashed, with some marks extending from both sides of Miss Liberty’s neck, reflective of the wing outlines on the reverse.

On the reverse a related clash is seen, outlining virtually the entire head of Miss Liberty.

Purchased from N.K.S. December 12, 1970.

High-Grade 1862 Quarter Eagle

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531     1862 MS-63 (PCGS). Prooflike. Light yellow gold. An attractive example of the variety and grade.

PCGS Population: 3; 2 finer (MS-64 finest).

Obverse with date well positioned. Evidences of clash marks before and after the head of Miss Liberty, including evidences transferred from the wing on the reverse.

Reverse with clash marks outlining Miss Liberty, which seems to have been clashed at least twice, possibly more.

Purchased from Stanley Kesselman, September 19, 1973.

532     1862 AU-55. Bright yellow gold. Highly lustrous.

Date very lightly entered in the die, giving it a delicate appearance. Placement slightly high. The reverse is of a new hub, as always for this date and for subsequent Philadelphia Mint issues. Some clash marks can be seen around the central motifs.

Purchased from Jack L. Klausen, June 19, 1968.

533     1862 AU-55. Brilliant and lustrous. Another attractive example.

Date deeply punched into die. Centered. Reverse marked in Harry Bass’ notes as "relapped," but this feature is not immediately evident (perhaps Harry Bass saw an earlier die state of this reverse elsewhere).

Purchased from N.K.S., August 21, 1968.

534     1862 AU-50. A further nice example.

Date slightly low. Reverse with some die finish lines at the border above and to the left of AM (AMERICA).

Purchased from John N. Rowe III, October 18, 1966.

Memorable 1862-S Quarter Eagle

Elusive Mint State

Bass: "Finest Known"

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535     1862-S MS-62 (PCGS). Warm rich yellow gold. Somewhat prooflike on both surfaces. An absolutely gorgeous coin, a memorable piece that will long linger in the mind of anyone who views it.

San Francisco Mint quarter eagles of this era are rare enough in such grades as AU or even MS-60, but at the MS-62 level they are so elusive that a span of years may elapse between our offerings of them. Such pieces were not used in large bullion shipments, as $20 pieces were easier to count. Rather, these saw extensive service in everyday commerce.

In Harry’s notes he commented all in capital letters: FINEST KNOWN. Harry was of a conservative turn of mind, and this notation certainly is exceptional.

PCGS Population: 1; none finer.

The date on the obverse is very deeply punched and well centered. On the reverse, the S is barely clear of the arrow feather. The high prooflike character of both obverse and reverse, together with some original die finish marks, suggests that this must have been an early impression from the pair. It would be interesting to surmise that this was purchased as a gift by someone who visited the San Francisco Mint, as the annals of mint history reveal that this was the most popular of all denominations for a holiday gift giving (such commentaries relate to the Philadelphia Mint early in the 20th century, but no doubt appropriate to other mints and times).

From Lester Merkin’s sale of March 1989, Lot 77.

Scarce 1862-S Quarter Eagle

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536     1862-S EF-45 (PCGS). Light yellow gold characteristic of California metal (containing a significant amount of silver as an impurity.) Type I hub from earlier days.

In 1862, while the Treasury Department was no longer paying out Philadelphia Mint quarter eagles at par, on the West Coast, in San Francisco, freshly minted coins were placed directly into commerce. As explained in some detail in the book, The Treasure Ship S.S. Brother Jonathan, the West Coast operated on an entirely different monetary system during the Civil War–with scarcely a Legal Tender note in circulation in San Francisco, but many gold coins in evidence. On the East Coast just the opposite was true: paper money abounded, and silver and gold coins were nowhere to be seen.

Purchased from Stanley Kesselman, May 21, 1968.

537     1862-S EF-40. A sharp and pleasing specimen from the same die pair as the earlier "finest known" landmark. Much mint lustre still remains in protected areas.

Purchased from John Smies, June 22, 1967.

"Special" 1863-S Quarter Eagle

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538     1863-S AU-55 (PCGS). Light yellow gold. Much lustre still remains in protected areas. Type I hub as normal for the issue. When seen, the 1863-S is typically well worn. In fact, Walter Breen knew of only two Mint State coins, an appropriate comment with regard to the value of Mint State coins. Even AU pieces are quite elusive.

For the advanced collector this is, indeed, a very "special" 1863-S. Few equivalent pieces have ever passed through our hands.

PCGS Population: 2; 2 finer (MS-64 finest).

Obverse with date logotype deeply impressed and well positioned. Reverse from the Type I hub as usual.

Purchased from N.K.S., September 16, 1970.

539     1863-S VF-30, or slightly finer. Bright yellow gold. Some mint lustre is still seen.

Date low and deeply punched. A tiny crack extends from the right tip of the neck truncation to the border and is scarcely visible. On the reverse the S mintmark is tilted at a rakish angle to the right. A curiosity in itself.

From Stack’s sale of the Davis Collection, February 1968, Lot 235.

Highly Important 1864 $2.50

Business Strike Rarity

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540     1864 Net EF-40; sharpness and appearance of AU-50 or finer, but with traces of tooling in the obverse and reverse fields. Lustrous honey gold with prooflike reflectivity in the fields. A very attractive piece despite its shortcomings. Only 2,824 business strikes were produced of the date, of which nearly all have disappeared, yielding perhaps a population of fewer than 100 in collectors’ hands today. Only at widely spaced intervals do pieces come on the market. The present piece represents an excellent opportunity for the budget-conscious buyer who wishes to acquire an American classic, a highly important rarity.

Date logotype on a horizontal plane in a centered position below Liberty’s bust. Proofs of this date have the date slanting down to the right.

From Lester Merkin’s sale of March 1969, Lot 79.

Important 1865 $2.50 Rarity

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541     1865 AU-53 (PCGS). A lovely high-grade business strike, and a rarity as such. Only 1,520 pieces were made for circulation, of which very few exist. Walter Breen poignantly observes: "Rarer than Proofs, unknown Uncirculated." As only a dozen or so Proofs are believed to exist, the rarity of the present business strike is equaled by relatively few other dates in the entire series.

Not only is the piece a rarity in an absolute sense, the coin is of great visual beauty, possessing rich gold surfaces with some hint of prooflike character.

Date logotype deeply punched into working die and quite high. Seemingly the only obverse die used for business strikes this year.

From Rarcoa’s ANA Sale, August 1970, Lot 1445.

Memorable 1865-S Quarter Eagle

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542     1865-S MS-62 (PCGS). Slightly above-average strike (recall that this is a Type I hub). Lustrous and frosty. A very elegant, indeed memorable specimen of the 1865-S, a variety that typically is found well worn, when it is found at all.

PCGS Population: 1; 1 finer (MS-63).

Obverse with date logotype deep into the die, well centered, but positioned to the left, as is typical for virtually all quarter eagle dies of the era. A few very delicate cracks are seen among the stars beginning with star 1 and continuing clockwise, irregularly through star 9. Whether these cracks are from die use or are artifacts of the hardening and annealing process can only be determined by studying multiple specimens and noting the progression.

The reverse is the expected Type I hub. The mintmark is tilted sharply to the right at about a 30° angle from the vertical, an interesting but not necessarily value-adding aspect.

Purchased from Julian Leidman, October 28, 1971

543     1865-S AU-55. Lustrous golden orange with some brilliance in the recessed areas. Obverse very faintly brushed long ago.

Purchased from Fred Sweeney, September 18, 1972.

544     1865-S EF-40. Honey gold with some lustre in the protected areas.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1865.

Impressive Mint State 1866 Quarter Eagle

Tied for Finest Certified by PCGS

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545     1866 MS-62 (PCGS). A very attractive example with light yellow gold surfaces. Somewhat prooflike. Nicely struck. A spectacular coin in every respect–rarity, quality, eye appeal. Few equivalent pieces exist in all of numismatics. Just 3,780 business strikes were made, and few, if any, were deliberately saved for numismatic purposes (the few collectors who desired such pieces typically acquired Proofs). Today not more than a couple hundred examples of this date are estimated to survive, the majority of those in VF. The quality of this specimen is virtually unimproveable for the grade.

PCGS Population: 2; none finer.

Minor repunching on the 1 in the date. Date logotype deeply punched into the die, slightly more heavily on the right, making the final digit appear slightly larger than the third digit.

Purchased from N.K.S., July 19, 1973.

1866 $2.50 Rarity

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546     1866 AU-55 (PCGS). Light yellow gold. A very pleasing specimen of a major rarity of the era. Interestingly, the dies of this piece are aligned in the same direction, medal-wise, in contrast to the normal 180° apart.

PCGS Population: 2; 3 finer (MS-62 finest).

Date logotype deeply punched into the die, slightly more heavily on the right, making the final digit appear slightly larger than the third digit. Wire rim around much of the reverse.

Purchased from Rarcoa, August 19, 1968.

High-Grade 1866-S $2.50

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547     1866-S MS-61 (PCGS). Lustrous and frosty. A decent strike as well, somewhat unusual considering the Type I reverse hub. One of the nicest examples we have seen of the 1866 issue.

PCGS Population: 1; none finer.

Although the mintage was a generous 38,960 pieces, the coins were made for strictly utilitarian purposes and were distributed in a combination of domestic commerce and the export trade. As a result, the 1866-S, quoting Breen, is "usually VF; prohibitively rare in AU."

Obverse with date logotype punched more deeply on the left, giving the first digit unusual boldness and rendering the last two digits with the same size appearance. Reverse with large S mintmark. Some trivial evidence of die clashing is seen above the eagle’s wing opposite the upper right corner of the shield, this being the first place that specialists look for evidence of such things.

Purchased from Jack L. Klausen, June 19, 1968.

548     1866-S EF-45. Honey gold with plenty of lustre in the recessed areas.

From Abe Kosoff’s sale of November 1968, Lot 776.

549     1866-S EF-45. A pleasing specimen, definitely above the average grade typically seen. On the reverse some original mint lustre is still visible. Obverse with planchet lamination or, possibly, foreign material adhering to the die–opposite bust point.

Date logotype deeply impressed and centered.

From Stack’s ANA Sale, August 1971, Lot 2011.

550     1866-S EF-40. Light yellow gold.

Date logotype high, twice as close to truncation as to dentils. Reverse with medium S mintmark barely clear of arrow feather. Walter Breen in his Encyclopedia notes that the arrow heads are usually light on this issue; however, this is not true of the specimen offered here.

From Stack’s sale of May 1968, Lot 756.

551     1866-S EF-40. Another nice example of this scarce San Francisco issue. Much if not most mint lustre still remains.

Date slightly low. Crack from border through space between stars 2 and 3 to chin, a rather unusual position for a crack on this denomination. Minor evidences of clashing behind Miss Liberty’s head. Reverse with S high and into arrow feather. Old style hub, as on other San Francisco quarter eagles of the decade.

From Quality Sales Corporation’s sale of January 1975, Lot 145.

552     1866-S VF-35. A final example of the issue. The present coin is about average, or slightly finer, relative to grades normally seen on the market.

Date slightly low. Reverse with S mintmark high and into arrow feather.

Purchased from Don Apte, September 21, 1972, to the Goliad Corporation, to Harry Bass.

Rare 1867 Business Strike $2.50

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553     1867 MS-63 (PCGS). Prooflike. A splendid coin, virtually as struck, save for some minor handling marks that may have been acquired within the Mint or in storage thereafter.

In business strike form only 3,200 quarter eagles were made. Exactly what happened to them is difficult to learn at this date, although it is known that the Treasury Department did not pay them out at par (but did sell gold coins at a significant profit in terms of paper money; an accounting of the procedure, and a register of total profits, is given in the book, The Treasure Ship S.S. Brother Jonathan). Alternative to being paid out at a premium, the coins could have been retained by the Treasury Department until 1879, at which time they again circulated at par. In any event, nearly all saw hand-to-hand use, prompting Walter Breen to note, "Usually EF; prohibitively rare AU or above."

PCGS Population: 2; 1 finer (MS-65).

Date logotype high on coin, and deeply impressed, situated to the left, with the first digit clear of the neck of Miss Liberty, but the upper right of the 7 nearly touching. Some light clash marks are seen behind Miss Liberty’s head, and diagonal die striae, can be seen under magnification. On the reverse die striae, mostly vertically oriented, can likewise be seen. The die seems to have been given a high degree of polish at the Mint.

From Paramount’s sale of February 1973, Lot 991.

Prooflike 1867 Quarter Eagle

Rare Business Strike

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554     1867 AU-55 PL. A splendid specimen of this notable rarity. "Prohibitively rare" in this grade Walter Breen notes, and we would not dare disagree. Often a very long span will elapse between the presentation of similar pieces in the auction forum. A true find for the advanced specialist and connoisseur.

Date logotype too far right, with corner of 7 touching neck truncation. Many die finish lines in various directions, indicating an early impression from the dies (which is almost by definition, as not many pieces were struck totally). Reverse from highly polished dies, also with die finish lines.

From Stack’s Metropolitan Sale, May 1968, Lot 757.

Astounding 1867-S Quarter Eagle

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555     1867-S MS-63 (PCGS). Lustrous and frosty. An outstanding, dazzling, breathtaking specimen of a variety which is usually encountered only in worn grades, and for which even an AU or an MS-60 would be a notable rarity! The pedigree, as noted below, traces the coin to the cabinet of Ambassador and Mrs. R. Henry Norweb, connoisseurs par excellence. Our offering in three parts of the Norweb Collection still echoes in the halls of the numismatic hobby. Off the market for over a decade, this piece now appears to delight a new circle of friends and specialists.

PCGS Population: 1; none finer.

Obverse with date logotype high, but with both digits clear of the neck truncation and each about the same distance from it. Some light clash marks can be seen before and after the visage of Miss Liberty.

The reverse is of the Type I die, as expected, these being produced years earlier. There is some lightness of strike at the eagle’s leg to the left. The mintmark is of medium size and is placed upright, compactly situated so as not to overlap any other design elements. Some minor traces of clashing can be seen, particularly above the eagle’s wing to the upper right of the shield.

From our sale of the Norweb Collection, March 1988, Lot 2062.

Lustrous 1867-S Quarter Eagle

Seldom Seen So Fine

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556     1867-S AU-55. Highly lustrous. A very beautiful example of a quarter eagle that when seen is apt to be in grades such as VF or EF, very seldom AU. For the specialist and connoisseur this represents yet another find in the Bass Collection. Breen notes significantly: "Extremely rare above EF."

Date very high with first and last digits very close to but not quite touching neck truncation. Logotype deep into die. Reverse with S mintmark barely touching arrow feather. Some evidences of clash marks around the eagle.

Purchased from N.K.S., December 21, 1971.

557     1867-S AU-50. Some surface marks consistent with the grade. Light yellow gold. Some mint lustre remains.

Date very high with first and last digits very close to but not quite touching neck truncation. Logotype deep into die. Reverse with S mintmark barely touching arrow feather.

From Stack’s sale of the Miles Collection, October 1968, Lot 199.

558     1867-S EF-40. Another example of an issue which is not often seen in high grades. As is mentioned here and there throughout the present catalogue, the word O-P-P-O-R-T-U-N-I-T-Y comes to the fore in the Bass Collection sale, perhaps more than in any other gold coin auction ever held.

Date very high with first and last digits very close to but not quite touching neck truncation. Logotype deep into die. Reverse with S mintmark barely touching arrow feather.

Purchased from D.W. Jensen, June 22, 1967.

Marvelous Mint State 1868 $2.50

Prooflike MS-64

Business Strike Landmark

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559     1868 MS-64 (PCGS). Prooflike on obverse and reverse. A marvelous specimen with rich warm gold surfaces. Well struck, beautiful, and exceedingly rare. Only a handful of examples exist in the entire numismatic world, these having survived by chance from a low business strike production of just 3,200 pieces. Needless to say, an important opportunity.

PCGS Population: 1; none finer.

Relating to these pieces, Walter Breen notes that business strikes were delivered on January 20, 1868, early in the year. Apparently there was no subsequent call for such pieces. All authentic business strikes have raised rust marks on the neck (as Breen observes). Production was from a single pair of dies. The date logotype is deeply punched in the die, positioned left, and very close to but not touching the truncation.

Purchased from the Goliad Corporation, presumably 1977; ex our sale of the Fairfield Collection, October 1977, Lot 1589.

560     1868 AU-50 PL. Bright and beautiful. Another specimen of this elusive issue. How curious it is that this coin has a market value (per conventional wisdom) of only slightly more than $500. In truth, the coin can be correctly described as a great rarity at the present level.

Die pair as preceding, including definitive rust marks on neck.

From Lester Merkin’s sale of September 1967, Lot 345.

Marvelous 1868-S Quarter Eagle

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561     1868-S MS-62 (PCGS). Lustrous and frosty. Typical reverse strike for the Type II hub. One of the very finest known specimens of a variety that is normally seen at the VF level (but for which a few Mint State pieces exist and come on the market now and then). Another find for the specialist.

PCGS Population: 4; 1 finer (MS-64).

Date logotype deeply impressed and well centered.

The reverse has some evidence of light clashing, particularly in the field above the right corner of the shield.

From our sale of the Fairfield Collection, October 1977, Lot 1591.

562     1868-S EF-45. Bright yellow gold. Much lustre is seen in protected areas. Lightly cleaned long ago, otherwise we would have graded it as AU-55.

Date logotype very deeply impressed into the die, well centered (as viewed by the position of the first digit). On the reverse the S mintmark barely touches the arrow feather.

Purchased from John Smies, June 10, 1967.

563     1869 AU-55 PL. Bright yellow gold. Highly mirrorlike surfaces on obverse and reverse, closely resembling a Proof strike. A rarity by any accounting, as only 4,320 business strikes were produced.

Date very high, about three times closer to the neck truncation than to the dentils, this being true of all business strikes–which, seemingly, were made from a single die pair. (In contrast, Proofs have the date logotype positioned low on the die.)

Reverse with some interesting die finish lines among the letters from D (UNITED) clockwise through STATE and again past the F.

Purchased from Stanley Kesselman, April 28, 1967.

564     1869 AU-50 PL. Another lovely specimen of this rare business strike issue. The market value is below $1,000, certainly an excellent value for the price paid–if indeed it actually sells in the range of its current listings. The true rarity and potential of many issues in this era are not recognized.

Die pair as preceding, including the interesting finish lines on the reverse.

From Lester Merkin’s sale of June 1972, Lot 388.

Breathtaking 1869-S Quarter Eagle

Choice Mint State

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565     1869-S MS-64 (PCGS). Deeply lustrous and frosty. Rich yellow-orange-gold surfaces. Somewhat typical strike for a San Francisco Mint issue of the era, with lightness at the center–this being true of all authentic pieces (cf. Breen).

When seen, the 1869-S is usually well worn, with VF being the norm, EF being unusual and, per Breen, "extremely rare in AU." Regarding Mint State pieces, the only ones specifically cited by Breen is the piece purchased by Harry Bass and now offered for sale! By any evaluation, the present coin is an American numismatic landmark, a coin for numismatic posterity, a piece that will be forever remembered in the annals of the denomination. In advance we congratulate the next owner.

PCGS Population: 3; 2 finer (MS-66 finest).

Date very high and almost touching neck truncation. Logotype deeply impressed into the die. Reverse with S barely touching arrow feather. Tiny crack from border to E (AMERICA). Some machine doubling is seen at STA (STATES), and resembles a doubled die.

From Paramount’s sale of August 1980, Lot 896.

566     1869-S AU-55. Brilliant and highly lustrous. Another splendid specimen of an issue which is seldom seen in high grades.

Date very high and almost touching neck truncation. Logotype deeply impressed into the die. Reverse with S barely touching arrow feather. Tiny crack from border to E (AMERICA). No evidence of machine doubling.

From Stack’s sale of the Shapero Collection, October 1971, Lot 852.

567     1869-S AU-50. Frosty and lustrous. A very attractive example in every respect.

Date very high and almost touching neck truncation. Logotype deeply impressed into the die. Earlier state of the reverse die than preceding, with some die finish lines visible at the border. No crack.

From Stack’s sale of the Miles Collection, October 1978, Lot 203.

Fantastic Gem 1870 $2.50

MS-65

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568     1870 MS-65 (PCGS). A fantastic gem, brilliant and bright with prooflike surfaces, a coin which cannot be much different from the day in which it was struck.

While the present piece will stand high and proud because of its grade and appearance, it is also a notable rarity. Only 4,520 business strikes were produced. Again quoting Breen, "Most survivors are EF, higher grade coins are extremely rare." Another memorable opportunity. Whatever the price paid the coin will be owned by the purchaser, while all others competing may have to wait a long time before getting one–possibly never reaching this goal.

PCGS Population: 1; none finer.

Date very high and close to the neck truncation, but not quite touching. The first and last digits are about equidistant from the dentils, conflicting with Walter Breen’s comment, "Business strikes, delivered January 17, have dates slanting down to the right." Actually, the date position tends to fool the eye, and if the neck truncation of Miss Liberty is used as the only focal point, the date does seem to slant down to the right–even if it does not. The portrait of Miss Liberty bears some interesting raised finish lines at the neck, before and after the curls, some of which are in an arc, sufficient enough that these can be called circular lathe marks–as discussed in modern times in certain places (the present writer’s A Buyer’s and Enthusiast’s Guide to Flying Eagle and Indian Cents). Across many different denominations, coins with circular lathe marks are very unusual in the federal series. Thus, while the presence of these will not add to the price, at least not measurably, we want the purchaser to know that here, indeed, is a numismatic curiosity and rarity.

On the reverse there are some minor clash marks and also raised die finish lines, indicating that light clashing must have occurred early in the life of the die.

From Lester Merkin’s sale of September 1967, Lot 349.

Marvelous 1870-S Quarter Eagle

Breen: "Prohibitively Rare"

Mint State

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569     1870-S MS-62 (PCGS). Lustrous and beautiful. Well struck. A landmark among quarter eagles of this date and mint, a gorgeous piece that will be long remembered.

Date logotype twice as close to the neck truncation as to the dentils. Deeply punched into die. Reverse with S mintmark high and surrounded by much of the motif above. Arrows and other features especially prominent, from the old hub as usual, but in this instance very deeply impressed into the working die.

From Stack’s sale of the Miles Collection, October 1968, Lot 205.

570     1871 AU-55. Somewhat prooflike. Light yellow gold. A very scarce coin, one of only 5,300 business strikes produced in an era which saw limited production at the Philadelphia Mint.

Date logotype about centered. Right serif of final 1 is unusually long and bold. Deeply impressed into die. Minute traces of crack at tip of the eagle’s wing at upper right of die.

Purchased from John Smies, June 10, 1967.

571     1871 AU-55. Some reddish toning around the rims. Partially prooflike. Another rare business strike example.

Obverse date and logotype as preceding. Traces of crack at tip of the eagle’s wing at upper right of die.

From Abe Kosoff’s sale of November 1968, Lot 1448.

Highly Important 1871-S $2.50

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572     1871-S MS-65 (PCGS). Brilliant and frosty with satiny lustre on both sides. About an average strike for a Type II hub. A dazzling coin from a visual viewpoint, as the 1861-S is usually seen only in lower grades. This particular specimen is cited in Breen’s Encyclopedia under his entry number 6281.

PCGS Population: 1; 1 finer (MS-66).

Date logotype large and deeply impressed, somewhat far left and thus close to the neck of Liberty, more so than to the dentils.

On the reverse the mintmark is high and overlaps part of the feather. Perfect obverse and reverse dies (no cracks).

From our sale of the Fairfield Collection, October 1977, Lot 1601.

573     1871-S AU-58. Light yellow gold. Highly lustrous surfaces. A splendid specimen that ranks among the finest we have seen. To be sure, there is a nick on the neck truncation, otherwise we would be tempted to call it MS-61 or MS-62 (as, indeed, a certification service might do). A splendid coin by any evaluation.

Date left and closely spaced both top and bottom, but equally in each instance. Reverse with S mintmark high and partly into the motif. Some machine doubling at UNITED.

Purchased from Douglas Weaver, August 18, 1972, via the Goliad Corporation.

574     1871-S AU-55. Much lustre remains. About average strike.

Date left and closely spaced both top and bottom, but equally in each instance. Reverse with S mintmark high and partly into the motif.

Purchased from Rowe & Brownlee, April 17, 1967.

575     1871-S AU-50. Highly prooflike on obverse and reverse. A particularly nice example.

Date left and closely spaced both top and bottom, but equally in each instance. Walter Breen notes that this reverse was also used to strike 1856-S quarter eagles.

From Abe Kosoff’s C.S.N.A. sale, October 1968, Lot 1449.

Wonderful Business Strike 1872 $2.50

Choice Mint State

Finest Certified by PCGS

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576     1872 MS-64 (PCGS). Prooflike surfaces. A wonderful specimen which is just about as nice as it must have been back in 1872, some 127 years ago! In this grade, the 1872 is significantly rarer than an equivalent Proof–and Proofs are rare. Another notable coin, an opportunity for the connoisseur.

PCGS Population: 1; none finer.

In the date logotype 2 slightly low and to the left. Very deeply impressed into the die–one of the deepest impressions we have seen on any die of this denomination. Under examination some light die finish lines can be seen connecting stars 4-5 and, separately, 5-6, and elsewhere, evidence that this was an early striking.

Reverse with die finish lines, indicating its early use. Business strikes, delivered on January 22, 1872, were made to the extent of only 3,000 pieces. At the time there was little practical call for such coins. The Treasury was not paying pieces out at par; in order to obtain them one had to pay a sharp premium in terms of paper money. When this was done, usually reserves of the higher denominations were tapped, for use in the export trade. Quarter eagles were virtually ignored. It might have been the case–no records survive–that such pieces were made, (along with gold dollars) in modest quantities, to have souvenirs available for those who cared to purchase them at a premium to use as gifts.

From Stack’s Metropolitan Sale, May 1968, Lot 767.

577     1872-S AU-55. Light yellow gold. Much mint lustre still remains.

Date logotype high. Reverse with upper right of mintmark embedded in arrow feather.

From Glendining’s sale of October 1970, Lot 895, through Rowe & Brownlee.

578     1872-S AU-53. Light yellow gold. Nearly all mint lustre is still present.

The final digit 2 is low on the logotype this year (this being true on all dies, as only one logotype was used for the various dies and mints for this denomination). Obverse with date deeply impressed into die, slightly high. Reverse with small S mintmark overlapping end of arrow. Some die finish lines indicate that this was an early striking.

Purchased from N.K.S., June 6, 1971.

Memorable 1873 Quarter Eagle

Closed 3, Choice Mint State

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579     1873 Closed 3. MS-64 (PCGS). Lustrous and frosty, a coin with a great deal of "life." The reverse is partially prooflike and similarly attractive. A memorable example of an issue which is by no means a great rarity, but certainly is not easy to find in this combination of high technical grade and aesthetic appeal.

Date slightly low. The date logotype for the 1873 Closed 3 is quite curious, as it is shallow across the center and deep at the top and bottom, this being true of all quarter eagle dies at the two mints (Philadelphia and San Francisco). This is caused by "rocking" the numerals to the matrix that produced the four-digit logotype punch.

From Rarcoa’s sale of April 1972, Lot 625.

580     1873 Closed 3. MS-63. Highly lustrous and, on the obverse, somewhat prooflike. A nice example of one of the early strikings from this year.

Date slightly low. Reverse with light crack through tops of OF to wing on right.

From Quality Sales Corporation’s sale of September 1973, Lot 1067.

581     1873 Closed 3. MS-62. Brilliant and lustrous.

Date slightly low. Reverse with light crack through top of OF to wing at right, additional tiny crack from same wing tip to border.

Purchased from Stanley Kesselman, May 1, 1967.

Lovely 1873 Open 3 $2.50

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582     1873 Open 3. MS-64. Much prooflike surface on the obverse. A very attractive coin from all aspects.

Date slightly high. Deeply impressed into die.

Purchased from N.K.S., April 28, 1967.

583     1873-S Closed 3. AU-50. A splendid specimen of the date, variety, and grade.

Date very low and about three times closer to the dentils than to the neck truncation above. Reverse with S high and into the motif.

Purchased from Jack L. Klausen, June 24, 1968.

584     1873-S Closed 3. AU-50. Light yellow gold. Obverse somewhat prooflike.

Date low. On the reverse the upper right of the S mintmark is embedded in the arrow feather.

Purchased by Harry Bass from the Goliad Corporation. Earlier from our sale of the Fairfield Collection, 1977, Lot 1609.

585     1873-S Closed 3. EF-45. A very attractive example of the variety and grade.

Date very low, about three times closer to the dentil than to the truncation above. Reverse with mintmark very high and into the motif.

From Abe Kosoff’s sale of the Shuford Collection, April 1968, Lot 1874.

Impressive Mint State 1874 $2.50

Extreme Rarity

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586     1874 MS-64 (PCGS). Nearly fully prooflike. A very impressive coin, a glittering cameo that closely resembles a Proof, but was made for circulation. Very few equivalent pieces exist in all of numismatics. The present piece is one of the great prizes in this section of the present sale.

PCGS Population: 3; 1 finer (MS-65).

Date logotype slightly low and deeply punched into die. Some evidence of rust pits at earlobe, as is true of all authentic business strikes (cf. Breen Encyclopedia No. 6287).

The survival of a business strike in this grade is a matter of remote chance, as such pieces were not deliberately saved by numismatists. Those few collectors who were assembling quarter eagles by date sequence were apt to order Proofs. It does not strain credulity to suggest that this piece may have been struck as a Proof, although the dies do not conform. On the reverse there is a small lint mark, characteristic of certain Proofs of the era, but only infrequently seen on business strikes. Further, in the absence of knowledge concerning technical die information, probably more than just a few experts would call this a Proof 1874 quarter eagle.

From Stack’s sale of the Stewart Collection, May 1972, Lot 1671.

Famous 1875 $2.50 Rarity

A Key to the Series

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587     1875 MS-62 (PCGS). A beautiful specimen with warm rich gold, a lovely cameo. Were it not for the knowledge of technical die information, this would be called a Proof by many.

As it is, business strikes at this level may be even rarer than Proofs–and Proofs themselves are famous rarities. Here is a numismatic landmark, one that will create a great deal of attention.

The mintage of the 1875 quarter eagle amounted to just 420 coins totally–the same mintage as for gold dollars this year–divided into 400 business strikes and 20 Proofs. Business strikes were not saved deliberately by numismatists, while Proofs were. In his study of the quarter eagle series in 1975, David Akers was able to find 24 appearances of business strikes over a long period of years–no doubt this included duplicate appearances of the same specimens. Just two of these were described as Uncirculated. One of those coins is the identical piece offered here. As the die differences between Proofs and business strikes are quite dramatic, the connoisseur may well wish to have two varieties for the 1875 year. It seems quite obvious that while Proofs are wonderful rarities and are seldom seen, Mint State business strikes are rarer yet!

PCGS Population: 1; none finer.

On business strikes, such as this, the date is high and far to the left. At the upper right, the 5 is distant from the neck truncation. In contrast–and the Akers book gives a nice illustration–on Proofs the date is farther to the right, and the upper right of the 5 nearly touches the truncation. Both obverse and reverse have some minute die finish lines, as by definition this and other business strikes are among the first few hundred pieces made.

As noted under our description of the prooflike 1874 quarter eagle, this piece so closely resembles a Proof that if one did not have knowledge of the date position, it could be easily be called such. Could it have actually been struck as a Proof? Suffice it to say that the possibility is not as remote as it might seem. John Dannreuther has been studying the gold dollar series very carefully, and is making changes and additions to certain conventional wisdom regarding Proofs vs. prooflike business strikes. It could be that if the same expert, or someone with his equivalent knowledge (admittedly a rare talent), were to study quarter eagles, new conclusions could be drawn.

588     1875-S AU-58. A lustrous, attractive example of this scarce and quite popular San Francisco issue. When seen, pieces are apt to be VF. At the AU level the coin is a definite rarity.

Date logotype shallowly impressed into the die, and high and to the left. Reverse with upper right of S mintmark embedded in arrow feather.

The 1875-S is scarce in its own right, but as Philadelphia Mint quarter eagles of this date are virtually uncollectible, there is even a further demand for 1875-S pieces by those who collect simply by date.

From Lester Merkin’s sale of March 1969, Lot 99.

Outstanding 1876 Quarter Eagle

Choice Business Strike

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589     1876 MS-64 (PCGS). Brilliant and satiny, somewhat prooflike surfaces. Some staining at the back of Miss Liberty’s hair and nearby star. Overall an outstanding specimen of a great rarity in business strike form. Even an MS-60 would be elusive. Another find for the specialist.

PCGS Population: 1; none finer.

Date logotype extremely deeply impressed into the die, so much that the surrounding field has been slightly distorted (very interesting to view under magnification). Date fairly well centered. Miss Liberty has a raised area or "bar" on her jaw, diagnostic for authentic business strikes. Interestingly, the same bar appears on San Francisco issues of the same year, indicating that it was on the master die, not the working die.

From our sale of the Garrett Collection, Part II, March 1980, Lot 770.

Attractive AU 1876 $2.50

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590     1876 AU-55. An attractive specimen in light yellow gold. Somewhat prooflike.

Date very deeply impressed into the die, slightly high and fairly well centered left to right. Same die as preceding, with "bar," on portrait.

Purchased from Stanley Kesselman, February 1, 1972.

Landmark 1876-S Quarter Eagle

Choice Mint State

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591     1876-S MS-63 (PCGS). A landmark specimen, one of the finest known. Deep, rich lustre. Some darker areas at right and also on reverse. Very sharply struck. An outstanding coin that will attract and enchant the specialist.

PCGS Population: 4; none finer.

Date logotype very high and to the left. Shallowly impressed into the die. Bar on portrait, as with all business strike dies this year, regardless of mint. Reverse with mintmark high and into motif.

Purchased from Kevin Lipton, December 1978, this being very early in the career of a dealer who was later to become quite well known (and retains this status today).

592     1876-S AU-50. Light yellow gold. Much mint lustre is still evident.

Date logotype high. Impressed into the die at medium depth. Bar on the neck, as is true of all authentic quarter eagles of this year, regardless of mint. On the reverse the S mintmark is high and into the motif. This represents the last use in the San Francisco series of the old-style or "Type I" reverse. Hence forth, Type II reverses were used at the San Francisco Mint, but not for long, as quarter eagle mintage did not extend later than 1879.

From Abe Kosoff’s C.S.N.A. Sale, November 1968, Lot 789.

Important Mint State 1877 $2.50

A Rarity in This Format

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593     1877 MS-63 (PCGS). Nearly fully prooflike surfaces of such a quality that many would mistake it for a Proof. Rich golden surfaces. A lovely cameo coin.

The 1877 represents yet another rarity in the quarter eagle series. Only 1,632 business strikes were produced in an era in which little numismatic attention was paid to them. The present coin will be a treasure to its next owner.

PCGS Population: 1; 2 finer (MS-64).

Date well centered (with regard to the first digit), but far right, with the 7 being quite close to the neck tip. A tiny die line is seen from the border through star 3 and another near star 5, interesting "markers" to note from a technical viewpoint, but not visible except under magnification.

Purchased from Kevin Lipton, March 13, 1978.

594     1877 AU-55 (PCGS). A Proof striking that has seen sufficient handling to exhibit friction in the fields, although mirror surfaces still remain in some protected areas. One of just 20 Proofs struck, of which perhaps 10 to 12 can be traced today. In addition, the 1877 is a famous rarity in business strike form, with a paltry mintage of only 1,632 examples.

From Superior’s sale of February 1973, Lot 235.

595     1877-S MS-62. Light yellow gold. Satiny surfaces. A beautiful specimen.

Date high (as measured by the 1), but quite well centered under truncation. Logotype somewhat shallowly impressed into working die. On the reverse the small S mintmark is clear in the field and does not touch any part of the motif.

Purchased from Julian Leidman, July 28, 1972.

Wonderful 1878 Quarter Eagle

Superb Lustrous Gem

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596     1878 MS-66. A wonderful specimen with lustrous, satiny surfaces on obverse and reverse–virtually a definition of a memorable Mint State coin! Competition should be strong for this piece, justifiably so.

PCGS Population: 3; 1 finer (MS-67).

Date logotype very deeply impressed into die. Nicely centered.

Purchased from Julian Leidman, July 28, 1972.

597     1878 MS-62. Light yellow gold. Highly lustrous.

Date centered. Deeply impressed into working die.

From Abe Kosoff’s C.S.N.A. Sale, November 1968, Lot 789.

Beautiful 1878-S $2.50

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598     1878-S MS-63. Highly lustrous. Beautiful golden orange surfaces. A lovely example of this late San Francisco issue.

PCGS Population: 10; 2 finer (MS-64 finest).

Date logotype deep into die. Well centered. Reverse with small mintmark clear of motif. Under very high magnification (we almost missed) a hairline crack is seen from the tip of the center arrow to the nearby I.

From Stack’s sale of the Bartle Collection, October 1984, Lot 983.

Sparkling 1879 Quarter Eagle

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599     1879 MS-64 PL. Bright yellow gold. Copper toning area at lower reverse. A very lovely example of this issue.

Date logotype fairly deep into die. Positioned high and to the left.

From Abe Kosoff’s ANA sale, August 1968, Lot 843/3.

600     1879 MS-63 (PCGS). A blazing prooflike gem business strike specimen of seldom equaled beauty–all one could ask for, and possibly even more!

From Stack’s Metropolitan Sale, May 1968, Lot 780.

Amazing 1879-S Quarter Eagle

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601     1879-S MS-63 (PCGS). Prooflike. A memorable striking of the last San Francisco quarter eagle in the Liberty Head series, the end of a long string of illustrious coins. Although the 1879-S is not a great rarity in circulated grades, and although Mint State pieces come on the market from time to time, very few can hold a candle to the coin offered here. The specialist and connoisseur will wish to bid very liberally.

PCGS Population: 2; 1 finer (MS-64).

From Stack’s sale of the Scanlon Collection, October 1983, Lot 2122.

602     1879-S AU-53. Light yellow gold. Last San Francisco Mint quarter eagle.

Date low and deeply punched into die, the logotype being deeper at the bottom of the figures than at the top, indicating that the punch was not held vertically when the working die was finessed. Reverse with small mintmark clear of motif.

From Lester Merkin’s sale of March 1969, Lot 107.

603     1879-S AU-50. Light yellow gold. San Francisco swan song specimen.

Date low and deeply punched into die, the logotype being deeper at the bottom of the figures than at the top, indicating that the punch was not held vertically when the working die was finessed. Reverse with small wide S mintmark, distinctly different from that on the preceding lot; close to or barely grazing feather tip.

From Abe Kosoff’s C.S.N.A. Sale, November 1968, Lot 789.

Cameo Gem 1880 Quarter Eagle

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604     1880 MS-65 PL. A little cameo of rare beauty and, for that matter, rare everything else as well–as this is a very low-mintage issue. A prize coin for the connoisseur and specialist. Only 2,960 business strikes were made.

Date logotype deeply impressed, seemingly more so to the left than to the right side. Well centered. A virtual paradigm of excellent die preparation.

Purchased by Harry Bass from the Goliad Corporation. Earlier from our sale of the Fairfield Collection, October 1977, Lot 1629.

Important Proof 1881 $2.50

Key Date in the Series

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605     1881 Proof-64 (PCGS), possibly a candidate for Proof-65–certainly as nice as some we have seen attributed to that latter number. A splendid specimen with bright golden color, cameo surfaces against deep mirror fields, and all the other requisites that one expects in a particularly high-quality Proof of this era.

The mintage of the Proof 1881 quarter eagle was 51 pieces, which on its own makes it rare enough; perhaps two dozen or so can be accounted for today. However, only 640 related business strikes were produced, with these being rarities as well. Thus, when both business strikes and Proofs are combined, it is seen that perhaps no more than 50 or 60 coins exist in all of numismatics. Another rare and beautiful prize.

PCGS Population: 9; 5 finer (MS-66 finest).

Date logotype deeply punched into die, and about centered. Some light die polish areas at BER and near and below ear, as Breen notes are markers to authentic Proofs.

Purchased from N.K.S., May 19, 1972.

Dazzling 1882 Quarter Eagle

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606     1882 MS-63 (PCGS). Prooflike. A dazzling specimen of this popular low-mintage date. One of just 4,000 business strikes produced.

The logotype of this issue features the last digit, 2, too low and leaning to the right.

An interesting pursuit would be the building of a date sequence of Liberty quarter eagles from 1880 through the last year of issue, 1907, a continuous span punctuated by many low-mintage dates, featuring varieties produced only at Philadelphia–with no branch mint pieces. The present sale offers many interesting opportunities in this regard.

From Lester Merkin’s sale of September 1967, Lot 363.

607     1883 AU-58. Warm orange-gold surfaces. A very nice example of this elusive date. Just 1,920 business strikes were produced.

Date logotype fairly high with 1 closer to the truncation than to the dentils. Not from the low date Proof obverse, as mentioned by Breen, and also as illustrated in David Aker’s text. Apparently the Breen text is not complete, for the following lot also is from this die.

Purchased from N.K.S., February 21, 1971.

608     1883 AU-50. Bright yellow gold. Somewhat prooflike. Another example of this low-mintage date, an opportunity (see note).

Date logotype as preceding, high on the die, and not from the same die from which Proofs were struck.

Attention is drawn to many dates and varieties in the present sale that are from greatly restricted original mintages, in the present instance the business strike production being a mere 1,920 pieces. While in recent decades certain overseas hoards of gold coins have come on the market, nearly always these have involved double eagles and high denominations, never to our knowledge a significant group of gold dollars, quarter eagles, or $3 pieces. Thus, it is reasonable to say that an 1883 $2.50 such as offered here is as rare in numismatic circles today in 1999 as it was 10 years ago, or 20 years ago, or 50 years ago. Probably no more than a few hundred pieces exist, a small number indeed when compared to hundreds or thousands or even millions of people interested in the rare coin field. The market value for the present piece, generally given as a bit less than $1,000, would seem to us to represent an excellent basic value.

From Abe Kosoff’s C.S.N.A. Sale, November 1968, Lot 795.

Glittering Gem Proof 1884 $2.50

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609     1884 Proof-65 (PCGS). A glittering gem specimen from an original coinage of just 73 Proofs (and an enticingly low related business strike mintage of 1,750 pieces). Probably no more than 50 or so Proofs exist today, of which this is certainly one of the finer examples.

From Harmer, Rooke’s sale of October 1970, Lot 3104.

Gorgeous Business Strike 1884 $2.50

Low-mintage Rarity

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610     1884 MS-64 (PCGS). Prooflike. A dazzling and very impressive business strike example of this low-mintage date. Only 1,950 pieces were struck for circulation.

PCGS Population: 6; 2 finer (MS-65 finest).

Date position about the same as on the Proofs of this year, but from a different die.

Purchased from N.K.S., April 28, 1967.

Gem Mint State 1885 $2.50

Mintage: Just 800

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611     1885 MS-65 (PCGS). A prooflike cameo gem of amazing quality and elegant beauty. Add to this the incredibly low mintage of only 800 business strikes, and a first class numismatic object of desire confronts prospective bidders. A very appealing coin, one that should attract a lot of attention.

PCGS Population: 2; none finer.

Date high and close to but not touching neck truncation; also somewhat close, but less so, to the dentils–the logotype being large, deeply punched, and fit into a relatively small space provided for it. Whether this same die was used to strike Proofs is not known; there are slight differences between this and the Proof die pair described by Breen. Breen mentions that business strikes have a "raised center dot within the circle and ear," but the present piece does not; on the other hand, it does have a raised stripe or bar occupying most of the right side of that center dot.

On the reverse there are no die finish lines near the stripes in the shield (such finish lines said by Breen to be characteristic of Proofs). Such technicalities are perhaps moot with regard to the market value of the coin, but are interesting to observe.

Purchased by Harry Bass from Rowe & Brownlee on November 19, 1970. Earlier from Glendining’s sale of October 1970, Lot 900.

Lustrous Gem 1886 Quarter Eagle

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612     1886 MS-65 (PCGS). Frosty, lustrous, and beautiful. Another splendid business strike from this low-mintage era. In the present instance just 4,000 circulation pieces were made.

PCGS Population: 2; 1 finer (MS-67).

On this die the numerals in the logotype were entered more deeply at their bases than at their tops, giving the bases an unusual aspect.

From Stack’s sale of the Bartel Collection, October 1984, Lot 1106.

Another Splendid Gem 1886 $2.50

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613     1886 MS-65 (PCGS). Another lovely business strike from the same dies as preceding. Lustrous and frosty. Small toning spot in right obverse field. An object of rare beauty and desirability.

From Lester Merkin’s sale of September 1967, Lot 367.

Beautiful Business Strike 1887 $2.50

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614     1887 MS-63 (PCGS). Satiny lustre. Light gold surfaces. Another lovely coin in this date lineup of generally low-mintage pieces. In the present instance just 6,160 business strikes were made.

PCGS Population: 8; 4 finer (MS-64 finest).

Date logotype large and boldly impressed, perhaps better suited for a larger denomination.

From Abe Kosoff’s sale of the Shuford Collection, April 1968, Lot 1773.

Gem 1888 Quarter Eagle

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615     1888 MS-65 (PCGS). Lustrous and frosty, virtually as nice as the day it was struck. The mintage for this year was a fairly generous (for the time) 16,006 pieces, the odd six pieces being reserved for the Assay Commission.

PCGS Population: 3; none finer.

Date logotype slightly smaller than on the 1887 and thus better positioned. On the present die the numerals were deeply punched in.

The reverse shows signs of die clashing.

Purchased from N.K.S., April 30, 1967

616     1888 MS-62 PL. Bright yellow gold. Mirror surfaces on most of the obverse and reverse, except for the area within the shield stripes. A definite business strike, not a Proof, but certainly a kissing cousin to a Proof. The date 1888 is fairly scarce.

Date very deeply punched into die and centered.

From Abe Kosoff’s C.S.N.A. Sale, October 1968, Lot 800.

Lustrous 1889 Quarter Eagle

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617     1889 MS-64. Frosty and lustrous. A very attractive coin.

Fairly scarce at this grade level as the relatively low mintage of 17,600 pieces suggests.

Date logotype more than twice as close to dentil as to neck truncation.

From New Netherlands Coin Company’s sale of June 1967, Lot 546.

Gem 1890 Quarter Eagle

Low-Mintage Issue

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618     1890 MS-65. Brilliant and lustrous with some satiny and somewhat prooflike characteristics. A very nice business strike example from an original low mintage of 8,720 pieces.

PCGS Population: 4; none finer.

Date deeply punched and centered.

At the upper right of the field area within the shield there is a raised die scratch which looks like an after-the-fact scratch except that it is characteristic of all specimens seen (including the following lot). Interesting!

From Lester Merkin’s sale of June 1978, Lot 438.

Another Notable 1890 $2.50

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619     1890 MS-63 PL. Bright yellow gold. Another attractive example of this variety.

Die pair as preceding.

Purchased from Michael G. Brownlee, April 17, 1967.

Lustrous 1891 Quarter Eagle

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620     1891 Breen-6310. Doubled Die Reverse. MS-64. Brilliant and highly lustrous. An outstanding example of this somewhat scarce date. Seldom seen so fine.

Date logotype about centered. Deeply impressed into the working die. Reverse die sharply doubled at right. Listed as Breen-6310.

Purchased from Bob Hughes, March 13, 1978.

Blazing Gem 1892 $2.50

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621     1892 MS-65 (PCGS). Lustrous and frosty, as the French say, fleur de coin. This year only 2,400 were struck. All business strikes are somewhat scarce, and in the present grade the term rare is appropriate.

PCGS Population: 3; 5 finer (MS-66 finest).

From Lester Merkin’s sale of March 1969, Lot 120.

622     1893 MS-64. Lustrous and frosty. A few rim marks at upper right of the reverse keep this from the MS-65 category.

Date deeply punched and very high, not quite touching the neck truncation.

From Stack’s sale of the Shapero Collection, October 1971, Lot 883.

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623     1894 MS-63. A lustrous, sparkling coin, all one could hope for at this grade level. Some marks are evident, to be sure, but that’s what grading numbers are all about. Only 4,000 business strikes were minted, a very low production which, as events would prove, would be smaller than any succeeding issues in the quarter eagle denomination from this point onward.

Date logotype widely spaced this year. Deeply punched into die. About centered at the left, but a tight fit.

Purchased from John N. Rowe, III, October 21, 1966.

Lustrous Gem 1895 $2.50

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624     1895 MS-65. Lustrous, frosty surfaces. Virtual perfection. Mintage: just 6,000 pieces.

PCGS Population: 8; 5 finer (MS-66 finest).

From Stack’s sale of the Miles Collection, October 1968, Lot 275.

625     1896 MS-63 (PCGS). Lustrous and frosty. Warm medium gold surfaces. A lovely example of the quarter eagle of this year.

From Abe Kosoff’s C.S.N.A. Sale, October 1968, Lot 808.

Beautiful 1897 Quarter Eagle

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626     1897 MS-65 (PCGS). Satiny, lustrous surfaces of rare beauty. A remarkably fine example of the issue.

Purchased from N.K.S., October 21, 1971. Formerly from Stack’s sale of December 1966, Lot 1563.

627     1898 MS-64. Bright, lustrous, and frosty. A delightful quarter eagle!

Date logotype widely spaced this year. Well centered on die. Under magnification some curious artifacts of striking, seemingly a form of machine doubling, are seen at the date numerals.

From Lester Merkin’s sale of September 1967, Lot 381.

Gem Proof 1900 $2.50

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628     1900 Proof-65 (PCGS). A glittering gem specimen. Frosted devices are set against a deep mirror background creating an elegant cameo. As pretty as the proverbial picture. Quality such as this is seldom seen.

The Proof mintage of this year amounted to 205 pieces, of which perhaps a third survive today. Certainly this is one of the finest of those.

Date logotype deeply entered into the die and well centered. Some microscopic doubling at the first two date digits is mentioned by Breen and is scarcely noticeable. Raised die line from base of T (LIBERTY) in headband.

From Stack’s sale of the Scanlon Collection, Lot 2160, earlier from the Dines sale, Lot 808, later from Stanley Kesselman via trade on November 1, 1973.

Gem Mint State 1901 $2.50

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629     1901 MS-66 (PCGS). Lustrous with satiny frost. Some light areas of toning.

On the reverse a crack is seen from the border to the A (STATES), such cracks being unusual on 20th-century quarter eagles.

Purchased from a Mr. Houser, September 26, 1966.

630     1901 MS-64. Lustrous and frosty. A splendid specimen.

Date logotype very low. Last digit slightly repunched at bottom.

Purchased from James Cohen, August 24, 1966.

Gem Mint State 1902 $2.50

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631     1902 MS-66 (PCGS). Lustrous, satiny surfaces in keeping with the general aspect of gem specimens of this era. Lovely to behold, even nicer to own!

Purchased from the Goliad Corporation, August 8, 1972.

Gem Proof 1903 Quarter Eagle

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632     1903 Proof-65 (PCGS). A splendid gem specimen of this scarce and very interesting Proof issue. Of the 197 Proofs struck, probably no more than a third exist today.

In this year the person finishing the Proof dies at the Philadelphia Mint decided to lightly polish the portraits on the dies, a practice not engaged in earlier in the gold Proof series (but rather standard on Proofs of years later, particularly 1936 onward). Thus, Proof gold coins of all denominations have a slightly different appearance in 1903 than do Proofs of earlier dates.

The date logotype is boldly entered into the die and low, almost touching a dentil to the left. On the quarter eagle logotype punch the 0 leans ever so slightly to the right, this being true of all dies–Proofs as well as business strikes–from this punch.

From Quality Sales Corporation’s sale of November 1973, Lot 1115.

Gem Mint State 1903 Quarter Eagle

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633     1903 MS-66 (PCGS). Brilliant and lustrous. Particularly flashy (rather than satiny). A lovely coin.

Purchased from James Cohen, August 24, 1966.

634     1903 MS-64. A lustrous, frosty business strike. An ideal coin for a type set or date collection.

In contrast to the position on the Proof of this year, the date logotype of the business strike is well centered with ample room above and below the first 1.

Purchased from Julian Leidman, August 28, 1972.

Gem Mint State 1904 Quarter Eagle

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635     1904 MS-66 (PCGS). Lustrous surfaces with some splashes of copper toning. One of the more popular (and more available) dates of the era.

From Paramount’s sale of May 1966, Lot 523.

636     1904 MS-64. A splendid specimen with full lustre and frost. Not at all rare, but certainly beautiful. An ideal possibility for a high-quality type set.

Date logotype slightly low and punched into the die in medium depth.

Purchased from Rowe & Brownlee, April 17, 1967.

Gem Mint State 1905 Quarter Eagle

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637     1905 MS-67 (PCGS). Brilliant, lustrous, and beautiful. It would be difficult to envision, even in theory, what a nicer piece would look like!

Purchased from Steve Tebo, August 24, 1966.

Gem Mint State 1906 Quarter Eagle

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638     1906 MS-65 (PCGS). Lustrous with a few hints of copper toning. Somewhat satiny surfaces on both sides.

From Abe Kosoff’s sale of the Shuford Collection, April 1968, Lot 1792.

Gem Mint State 1907 Quarter Eagle

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639     1907 MS-64 (PCGS). Lustrous warm gold surfaces. Last year of the design.

Reverse with several light cracks including from border to E (UNITED) through STATES OF, and from border through MER (AMERICA).

This represents the last year of the long-lived Liberty Head, or Coronet, motif first instituted in the quarter eagle series in 1840. The general design was continued uninterrupted, with no major changes–the longest reach of any unmodified coin design in American numismatic history.

Quality 1907 $2.50

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640     1907 MS-64. Lustrous and frosty. A lovely specimen of the last year of issue.

Date logotype low. Punched into the working die more deeply at the bottom of the date than at the top.

From Paramount’s sale of May 19, 1966, Lot 525.

Frosty 1907 Quarter Eagle

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641     1907 MS-64. Lustrous and frosty. Another beautiful example.

Date logotype quite low. Deeply punched into the die, the bottom of the date more so than the top. Obvious repunching at the base of the 7.

Purchased from "G", November 3, 1971.

Another 1907 $2.50

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642     1907 MS-64. Brilliant and lustrous. Another nice example.

Date extremely low and almost touching a dentil. Lower part of the date entered more deeply into the dies, seemingly a process used across several dies of this denomination and year.

Purchased from Abe Kosoff, September 28, 1973.

Landmark 1911-D Quarter Eagle

Gem Mint State

The Norweb Coin

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643     1911-D MS-65 (PCGS). It seems like only yesterday, but it was in 1987 that we catalogued this identical coin as part of the fabulous collection formed by Ambassador and Mrs. R. Henry Norweb, which crossed the auction block in several notable events, the presently offered coin on March 25, 1988. At the time we commented as follows:

"A glittering gem specimen of the most highly prized branch mint Indian quarter eagle. Not only is this coin in outstanding condition, it is also sharply struck, with the D mintmark being particularly well defined, more so than usual.

"In this outstanding condition, here is a great rarity, a coin which should attract a great deal of attention and which will probably result in a new record being set. We have never seen a finer specimen."

At the time we graded it MS-64, which was quite conservative in terms of grading evaluations. Now it has been certified by PCGS as MS-65, and we agree with this–grading has been evolving, and all dealers, collectors, and everyone else have to march in step with such evolution. However, it is fair to say, and quite important, that today on the market there are a number of other pieces described as "MS-65." We have seen some of these, and we unhesitatingly state that few can hold a candle to the Norweb-Bass coin. Accordingly, numbers aside–you are welcome to pick your own grading number if you wish–this coin ranks very high in terms of combined desirability –high grading number plus sharpness of strike plus excellent aesthetic appeal.

Further, the 1911-D stands alone as the scarce issue among Indian Head quarter eagles of the 1908-1929 era. Thus, whenever a high quality piece comes on the market it deservedly attracts much attention.

PCGS Population: 9; 2 finer (MS-66 finest).

From our sale of the Norweb Collection, March 1988, Lot 2122.

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644     1925-D MS-64. Lustrous and beautiful. A very attractive example of the last Denver Mint quarter eagle issue.

Purchased from Robert Medlar, November 5, 1971.

645     1926 MS-63. Lustrous and frosty. A very nice example of this plentiful date.

Purchased from Don Apte, September 21, 1972, to the Goliad Corporation, to Harry Bass.

[End of Quarter Eagles]


End of Section One