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

Incredible 1876 Proof $20 Rarity

None Finer Graded by PCGS

Enlarge Enlarge

1850     1876 Proof-64 (PCGS). A splendid specimen of exquisite quality and unquestioned rarity. Although 45 Proofs were struck–perhaps in anticipation that visitors to the Centennial Exhibition of American Independence held in nearby Fairmount Park would sally over to the Philadelphia Mint–today only eight to 10 pieces are believed to exist (Walter Breen’s estimate). Only at widely spaced intervals does an example appear on the market, and even then the coin is not apt to be in the grade offered here. For the double eagle specialist this represents a coin in the same general league rarity-wise as the earlier-discussed 1875, although the mantle of fame has not descended upon the 1876 to the same extent. Here, indeed, is a tremendously important opportunity.

PCGS Population: 4; none finer.

How many different specimens this number represents we have no clue.

1851     1876 MS-61. Lustrous and attractive. A nice example of the grade.

Old-style hub (see note under Lot 1853).

1852     1876 MS-60. Lustrous and frosty.

Date centered. Reverse from old-style hub. Delicate cracks link many of the letters beginning with U (UNITED) continuing clockwise through R (AMERICA).

Purchased from N.K.S., July 8, 1968.

1853     1876 AU-58. Lustrous and attractive. Reverse somewhat prooflike. From the new "Light Motto" reverse hub used only in this year and at this mint, a great curiosity that is very easy to discern, but mention of which seems to be virtually unknown (if we are wrong, a letter from reader will result in a prompt credit in a future issue of the Rare Coin Review). Every double eagle collection should have one!

Obverse with date slightly right and fairly low. This issue displays a new hub for the reverse, with notable differences over that used earlier, including those dated 1876. This was late in the game, for in the next year the hub would be redesigned again (to change the spelling of the denomination). Thus, the hub described here was used only briefly.

Old "heavy" hub: Seven thin rays between eagle’s wing at upper left and thick ray below first S (STATES). Center of thick ray is about below the left edge of the serif at the upright of the second T (STATES). IN GOD WE in heavy letters and close to the word TRUST below it. For purposes of convenience, the old type hub could be called "Heavy Motto."

New "light motto" hub: Six thin rays between eagle’s wing at upper left and thick ray below first S (STATES). Center of thick ray is between the AT (STATES) and more under the A. IN GOD WE in light letters and farther from TRUST. For purposes of convenience the new styled hub could be called "Light Motto."

From Rarcoa, February 1972.

1854     1876 AU-58. Somewhat prooflike on the obverse. Lustrous reverse. A very special coin that we expect to bring a "MS-60 price," as it stands high above what one normally sees for this date.

Date slightly low.

Reverse from new "Light Motto" hub.

1855     1876 AU-55. Brilliant and lustrous.

Date slightly low. Die crack through base of date numerals. Another crack links stars one and two. Still another crack is seen at star 13.

Reverse from new hub. Die cracked through top of letters from first S (STATES) clockwise through C (AMERICA).

Purchased from Leo A. Young, April 14, 1967.

1856     1876-CC AU-58. Highly prooflike. A splendid specimen at this grade level. A very popular date, the 1876-CC was made in large quantities and thus is eminently affordable.

Date slightly high. Reverse of the old-type (Heavy Motto) hub, apparently as always for the mintmarked varieties (Carson City and San Francisco). Mintmark letters closely spaced. Light cracks at top of rays from about the 11:00 to 12:00 position.

Purchased from Stanley Kesselman, July 8, 1968.

1857     1876-CC AU-55. Highly lustrous. Another specimen of this popular Carson City issue.

Date slightly high. Reverse with delicate and quite irregular crack through UNITED S, so minute as to be virtually invisible.

From Quality Sales Corporation’s sale of November 1971, Lot 1250.

1858     1876-CC AU-53. Another nice example.

Date slightly high. Reverse with cracks through tops of rays from 11:00 to 12:00. Delicate cracks through MERIC (AMERICA).

Purchased from Stanley Kesselman, August 5, 1968.

1859     Pair of branch mint double eagles: I 1876-CC AU-50. A final example of this Carson City issue, last of the design type I 1876-S AU-55. Bright and lustrous, particularly on the reverse. (Total: 2 pieces)

1860     1876-S MS-60. Especially brilliant, lustrous, and frosty. A very attractive coin.

Date centered. Reverse with mintmark centered over left edge of second T (TWENTY). Cracks join letters from U (UNITED) clockwise to second S (STATES). Another extends to the border to the left side of O (OF), while still another crack extends from F to the right. Yet another crack, or possibly the continuation of the one just mentioned, joins the letters AMER.

From Stack’s sale of the Bartle Collection, October 1984, Lot 1091.

1861     1876-S AU-58. Lustrous and frosty. Somewhat prooflike.

Date slightly low. Reverse with mintmark to the right of its usual position, centered over the left side of the upright of the second T (TWENTY).

From Parke-Bernet Galleries’ sale of May 1968, Lot 57.

San Francisco $20 Group

1862     Offering of San Francisco Mint double eagles: I 1876-S EF-40, lightly cleaned I 1877-S AU-55 I 1878-S AU-50 I 1882-S VF-20, lightly cleaned I 1883-S AU-58 I 1884-S MS-60 I 1885-S AU-53 I 1887-S AU-55. All are attractive for the grade assigned unless otherwise noted. At the time, the San Francisco Mint was the primary American depot for the coinage of gold, most metal coming from the Sierras. By this time the era of the individual miner was gone, and most activities were conducted by corporations. Double eagles were used in commerce in the American West, as well as for exports, particularly to South America and Europe (rarely to the Orient). How grateful we must all be today for the export trade of years ago. Otherwise, probably most of the coins in the present lot would have been called in by the United States government 1933-1934 and melted! (Total: 8 pieces)

Enlarge

1863     1877 MS-62. Brilliant and lustrous. A handsome example of the first year of the new reverse type with the denomination spelled out as TWENTY DOLLARS.

Beginning in 1877, the head of Miss Liberty was repositioned on the hub. The truncation is now at a considerably higher angle, permitting much more room between the neck and the dentils. Thus, after this point, date placement variations are not as noticeable. As a quick point of reference between the old style and new style, the old style had the point of Miss Liberty’s coronet very close to star 7, while the new hub has the coronet tip centered between stars six and seven. Other differences could be mentioned.

The new reverse hub is a hybrid between the old style and new style hubs discussed under 1876. The motto is light on the 1877 die, and the words IN GOD WE are significantly above TRUST. However, on the new die there are seven thin rays between the eagle’s wing at the upper left and first thick ray, somewhat reminiscent of the old style hub used in early 1876 and before, but differently cut. On the new hub the letters in E PLURIBUS UNUM are much larger than those used earlier. Other differences could be mentioned. To fully appreciate them is a simple procedure to place an 1876 "Light Motto" hub of the new hub alongside the 1877 and make comparisons.

Purchased from Stanley Kesselman, December 17, 1971.

Popular 1877-CC $20

Enlarge

1864     1877-CC AU-55 (PCGS). Especially brilliant. Somewhat prooflike surfaces, notably on the obverse. A nice example of this popular date and a somewhat scarce issue; only 42,565 were minted.

Purchased from Douglas G. Weaver, August 29, 1973.

1865     1877-CC VF-35. Light yellow gold.

Relevant to Carson City issues after 1876, the Winter-Cutler reference comments: "One of the features of the Type III Liberty Head double eagles is the fact that the hair detail on the obverse is much sharper than on Type II coins. This can be quickly seen by comparing, say, 1870-CC then 1876-CC…"

Purchased from the Goliad Corporation, May 5, 1973.

Selection of San Francisco $20’s

1866     Selection of San Francisco Mint double eagles, all different dates: I 1877-S EF-45 I 1878-S EF-45 I 1881-S EF-40 I 1883-S AU-55 I 1884-S AU-58 I 1885-S AU-50 I 1887-S AU-53 I 1888-S AU-58. All brilliant with an abundance of mint lustre. (Total: 8 pieces)

San Francisco $20 Selection

1867     Selection of San Francisco Mint double eagles: I 1877-S EF-40 I 1878-S EF-40 I 1883-S EF-45 I 1884-S AU-55 I 1887-S AU-50, brushed I 1888-S AU-50 I 1889-S AU-58 I 1890-S AU-58. All with varying degrees of mint lustre. (Total: 8 pieces)

Exceedingly Important 1878 Proof $20

Condition Census


Enlarge Enlarge

1868     1878 Proof-63 (PCGS). The present 1878 brings to the auction forum another formidable rarity in the Proof double eagle series. The mintage was but 20 examples, from which number only eight to 10 are believed to exist today–placing the 1878 in the same league rarity-wise as the earlier discussed 1875 and 1876. The present coin is the finest obtained by Harry Bass over many years of searching.

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

Date logotype low.

Acquired from Stack’s, in trade for "common $20s," June 6, 1973.

1869     1878 MS-61. Brilliant and lustrous. A very attractive coin.

Under magnification the last digit shows a sharp doubling. Apparently the 8 in the logotype first touched the working die at a higher position, but then was finally punched slightly lower.

Purchased from Jack L. Klausen, June 17, 1968. When acquiring the piece, Harry Bass noted that it was a "rare grade" for the 1878 year.

Elusive 1878-CC $20

Enlarge

1870     1878-CC AU-53 (PCGS). One of the more elusive issues from the era, reflective of a relatively low mintage of 13,180 pieces. Difficult to find in all grades.

Purchased from Douglas Weaver, August 29, 1973.

1879 Proof $20 Rarity

None Finer Graded


Enlarge Enlarge

1871     1879 Proof-63 (PCGS). Although 30 Proofs were reported to have been minted of the 1879 double eagle, the number of pieces known today is about the same as for the earlier-mentioned 1875, 1876 and 1878–perhaps eight to 10 totally, this being the estimate of Walter Breen. In the 1870s there was negligible interest in saving double eagles by date, as the high face value was equal to a month’s pay for the typical factory worker. Those few numismatists who could afford to own them usually found–or their administrators did–that the resale market for Proof double eagles was only slightly over face value. The late B. Max Mehl reported that in the early 1920s, Proof double eagles of the late 19th and early 20th centuries had virtually no resale value, and an owner might say something such as, "Would you like to buy this, or should I spend it?"

Today, any Proof double eagle is a rarity, and Proofs of the 1860s and 1870s are incredibly so. Starting with the Bass sale in 1999, and given an unlimited bank account, the most dedicated numismatist will probably not be able to complete a set of such pieces within the next 10 to 20 years. In a way, this is just fine–or at least we would consider it fine if we were a Internet or computer mogul. The thrill of the hunt is part of the game, and just as Harry Bass in some 30 years of collecting was not able to acquire certain Proofs, today’s buyer will not be able to either–unless the American Numismatic Society wants to sell its collection (heaven forbid!). Returning to reality, such coins are at once wonderful, exciting, and rare. Just to catalogue and gaze upon them in the Bass Collection as they pass through our hands is a thrilling experience. Ownership provides the ultimate excitement. Our congratulations to the successful bidders for this and other treasures.

PCGS Population: 3; none finer.

Date logotype centered.

1872     1879 MS-61. Brilliant and lustrous.

Purchased from Stanley Kesselman, December 16, 1971.

Lustrous Double Eagle Trio

1873     Trio of double eagles, all AU: I 1879 AU-55 I 1879-S AU-55 I 1881-S AU-58. All brilliant and lustrous. (Total: 3 pieces)

Key 1879-CC $20

Enlarge

1874     1879-CC AU-50 (PCGS). Light yellow gold. Much mint lustre is still seen in protected areas on the obverse and in many areas on the reverse, the latter being somewhat prooflike. For a long time the 1879-CC, with a mintage of 10,708, has been regarded as a key date. Significantly, Walter Breen notes: "Usually in low grades, prohibitively rare Uncirculated."

Purchased from Ed Shapiro, December 16, 1971.

Important 1879-O $20

Enlarge

1875     1879-O EF-40. Sharply struck and very attractive. Much mint lustre still remains, particularly on the reverse.

Among branch mint $20 coins of this era, the 1879-O stands out for its remarkably low mintage of 2,325 pieces. Further, it is the last coin of this denomination struck at New Orleans. From a viewpoint of comparable mintages, only the 1856-O registers a lower number. Any appearance of an 1879-O is a numismatic event.

Purchased from Rowe & Brownlee, October 7, 1968, in a transaction involving another coin plus a cash differential. As the 1879-O is a scarce date, Harry Bass noted that Mike Brownlee had acquired another piece from a Mr. Rann several years later in August 1973, this other coin being "15 points less." In an era in which not everyone used numbers to describe coins, Harry was ahead of his time, as he used a numerical system for all of his gold issues. This way he could easily keep track of them on his computer–another field in which Harry was ahead of his time, being attracted to these electronic devices years before the typical coin collector or dealer took advantage of thestorage and calculating power of such devices.

Lustrous 1879-S $20

Enlarge

1876     1879-S MS-62 (PCGS). A lustrous, attractive specimen which in this grade is fairly scarce.

PCGS Population: 15; none finer.

Purchased from Stanley Kesselman, February 7, 1972.

Attractive $20 Trio

1877     Trio of double eagles: I 1879-S AU-55. Light color gold. Lustrous, particularly on the reverse I 1880 AU-55. Brilliant I 1881-S AU-58. Brilliant and lustrous. (Total: 3 pieces)

Impressive and Rare 1880 Proof $20

None Finer Graded

Enlarge Enlarge

1878     1880 Proof-64 (PCGS). An impressive and beautiful specimen of the rare Proof 1880 double eagle, a coin of which 36 Proofs were struck but–again–only eight to 10 are known today. Many of the finest collections of double eagles ever assembled lacked a Proof striking of this date. Among the relatively few that remain today, the present coin is of a quality that no finer pieces have been graded by PCGS. Again, a truly formidable rarity comes to auction. Be there!

PCGS Population: 4; none finer.

Concerning the number of different specimens we have no idea, except to say that it is a very popular procedure for holders of gold rarities to resubmit pieces for grading.

Purchased from Stanley Kesselman, August 16, 1971.

Key 1881 Double Eagle

Elusive Business Strike

Condition Census

Enlarge

1879     1881 AU-55 (PCGS). For many years the 1881 has been regarded as one of the key issues among double eagles in an era in which Philadelphia Mint coins are sometimes awesome. Just 2,200 business strikes were made, most of which have disappeared. Walter Breen estimates that only 16 to 20 survive in all grades. Perhaps lending further radiance to the desirability of the present piece it is a fact that Harry Bass was never able to obtain a Proof of this date in a quality which pleased him.

PCGS Population: 2; 3 finer (MS-60 finest).

Purchased from Frank Sternberg, Zurich, November 24, 1967.

Remarkable 1882 Proof $20 Rarity

Condition Census


Enlarge Enlarge

1880     1882 Proof-63 (PCGS). Of this date 59 pieces were struck, but probably no more than half that number found buyers. Today the population is variously estimated as between a dozen and 20 pieces, of which the present coin is certainly in the top 50% quality-wise.

The decade of the 1880s represents an incredible era combining the rarity of Proofs with, in many instances, extremely elusive related business strikes. Concerning the latter, just 590 business strikes were made of the 1882 year–with fewer than eight survivors reported, according to Walter Breen. Thus, while the present 1882 is not a Proof-only date, the number of business strikes filling demand for the year is insignificant.

PCGS Population: 2; 5 finer (Proof-65 finest).

From Stack’s sale of May 1974, Lot 527; previously from the Miles Collection, October 1968, Lot 907.

Attractive 1882-CC $20

Enlarge

1881     1882-CC MS-60. Brilliant, lustrous, and quite attractive. An excellent representative of the date, variety, and grade designation. Ever popular due to the mintmark.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 2501.

Relatively High-Grade 1882-CC $20

1882     1882-CC AU-55 (PCGS). Brilliant and lustrous. A relatively high-grade example of this Carson City issue. Frosty surfaces overall.

From Lester Merkin’s sale of October 1966, Lot 444.

1883     1882-CC AU-53 (PCGS). This piece must have been dazzling at the moment of its mintage, and must have challenged in appearance a full Philadelphia Mint Proof! On the reverse a scratch is seen in the motto, somewhat hidden, but visible readily enough upon inspection, perhaps prompting the AU-53 designation in the PCGS laboratory, rather than, say, AU-58. Another example of this popular Carson City issue.

From Stack’s sale of the Alto Collection, December 1970, Lot 450.

Legendary Proof 1883 $20 Rarity

Condition Census

Enlarge Enlarge

1884     1883 Proof-64 (PCGS). A coin of breathtaking quality, in rich yellow gold–as you like it–with frosted cameo devices set against deep mirror fields. By any reckoning–and we have certainly seen our share of gold rarities and are qualified to make this comment–this is one of the most awesome, most incredible examples of the issue ever to come to market.

The fame of the 1883 is long-enduring and is traced to its status as a Proof-only issue in the $20 series. In this year no business strikes were made for circulation. Mint records seem to suggest that 92 were struck, but this is not at all certain, and for a long time the figure of 40 reached print. The point is perhaps moot, for not even 40 were sold, and today the population is far fewer. Walter Breen has suggested "possibly 18 to 24 survive, several impaired," while David Akers checks in with a comment, "the exact number still in existence is impossible to know with certainty due to overlapping and unclear pedigrees. However, a reasonable estimate would be 15 to 18." The Smithsonian Institution has two examples, and the American Numismatic Society has one. Certain other pieces are impaired. Thus, is readily seen that in terms of market availability there may be no more than a dozen coins to match the quality and beauty of the Bass Collection specimen. One can readily imagine that this will be a centerpiece in the cabinet of its next owner.

PCGS Population: 5; 2 finer (Proof-65 finest).

The position of the date logotype on this Proof is not as important as on earlier issues, as beginning in 1877 the position of the head of Miss Liberty was altered, providing a larger area. Thus, virtually all issues have good positioning.

From Stack’s Garrett sale, March 1976, Lot 476.

1885     1883-CC AU-55. Light yellow gold. A very nice example of this popular Carson City issue.

Purchased from Stanley Kesselman, November 11, 1969.

1886     1883-CC AU-50. Lustrous and frosty. A very affordable Carson City coin–a nice addition to a date or type set.

From Abner Kreisberg’s sale of September 1971, Lot 1256.

1887     1883-CC VF-35. A final example of the issue.

From Abe Kosoff’s sale of the Sanford Collection, May 1968, Lot 2502.

Mint State 1883-S $20

Enlarge

1888     1883-S MS-62 (PCGS). Somewhat prooflike on both sides. A far above average example of a date that is quite common in lesser grades, but is usually heavily bagmarked. The present piece escaped such a fate and is one of the finest we have seen.

Reverse with tiny, somewhat filled mintmark S.

Purchased from Stanley Kesselman, February 4, 1972.

1889     1883-S MS-62. Lustrous and frosty.

While date variations are not as noticeable among double eagles of the Type III design (1877-1907), occasionally a notable example is seen. On the present piece the date logotype is more than twice as close to the neck truncation as to the dentils, whereas on most other issues, the date is reasonably centered.

From Stack’s sale of December 1972, Lot 945.

Octette of Type III $20s

San Francisco Origin

1890     Eight different of San Francisco Type III $20s: I 1883- EF-45 I 1884-S VF-35 I 1887-S AU-50 I 1888-S EF-40 I 1889-S AU-58 I 1890-S AU-58 I 1891-S AU-58 I 1892-S AU-55. A very attractive lustrous group. (Total: 8 pieces)

Famous 1884 $20 Rarity

Another Legendary Proof-Only Date

Condition Census


Enlarge Enlarge

1891     1884 Proof-63 (PCGS). A splendid specimen of a rich gold hue. Somewhat cameo-like in its overall appearance. A few marks are seen in the obverse field, otherwise this piece might well be called Proof-64 or even Proof-65 (perhaps with the "grade inflation" that seems to be occurring, even with these marks it would not be surprising to see it reholdered at a higher grade later). Call it as you will, and certainly the PCGS attribution of Proof-63 is conservative and satisfying, although our call would have been "Proof-64."

Similar to the 1883, the 1884 is a Proof-only date. The mintage is recorded as 71 pieces, from which, per Walter Breen, "possibly 16 to 20 survive, some impaired." We also mention that the Smithsonian Institution has two and the American Numismatic Society has one. Thus, again the number of truly choice pieces in private hands is likely fewer than a dozen, and in any event is somewhat fewer than the 1883.

In our sale of the Eliasberg Collection specimen in 1982 we quoted Walter Breen’s comment, "This date has been subject to hysterical trumpetings of rarity since the fact came out in 1946 that the extraordinary F.C.C. Boyd Collection lacked an 1884." Of course, Breen could have easily said that just about every other important American collection also lacked an 1884! As one of many examples, the William Forrester Dunham sale, conducted by B. Max Mehl in 1941, had no 1884 Proof $20, but filled the date by having an 1884-CC (in VF preservation).

Among Philadelphia Mint Proofs of the Liberty Head design, the two most famous dates are the 1883 and 1884, offered in the present sale, a bridesmaid being the 1887. This trio constitutes the full panorama of Proof-only issues of the largest regular American gold denomination. While the 1887 is eminently desirable and wonderful to own, the limelight has always focused more intensely on the 1883 and 1884.

PCGS Population: 3; 5 finer (Proof-65 finest).

From Stack’s Garrett sale, March 1976, Lot 482.

1892     1884-CC AU-55. Bright yellow gold. Highly lustrous, particularly on the reverse. Some iridescent stains and carbon marks are seen on the neck, netting the value to the equivalent of, say, 10 or 15 points below the technical grade.

Purchased from the Goliad Corporation, May 3, 1973.

Brilliant 1884-S $20

Enlarge

1893     1884-S MS-62 (PCGS). Brilliant and lustrous, a very beautiful coin which shows some bagmarks, as might be expected, but far fewer than normally encountered for this particular issue. As such, it is just as much a find for the buyer today as it was when Harry W. Bass acquired it 28 years ago.

Purchased from Stanley Kesselman, February 24, 1971.

Lovely 1884-S $20

Enlarge

1894     1884-S MS-62 (PCGS). Brilliant with semi-prooflike obverse. A high-grade example of an issue, which, when seen, is apt to be very worn.

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