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

Quarter Eagles

Welcome to the quarter eagles in the Harry W. Bass, Jr., Part III catalogue. Our presentation begins with a 1796 die variety so rare that the most accomplished of 1796 specialists—John Whitney Walter—was not able to find one during the long period of years in which he endeavored to assemble each and every die variety of 1796, half cents to eagles. Just this single variety was missing!

And then there is the Little Princess, as the 1841 has been affectionately called. This is not just any Little Princess, although even the most worn example would be of incredible significance. Rather, it is a beautiful glittering Proof which traces its pedigree to the Eliasberg Collection and stands high as one of America’s most famous gold rarities. Moreover, this particular coin was the last gold issue that Louis E. Eliasberg, Sr., acquired during his long quest which led to an accomplishment no one ever did before and will probably never do again: the acquisition of one of each known date and mintmark of United States coin from the 1793 half cent to the 1933 double eagle.

In betwixt and between such landmarks as the 1796 and 1841 are choice, interesting, and rare early quarter eagles, notable specimens from the Charlotte, Dahlonega, New Orleans, and San Francisco mints, interesting "types," rare varieties, curious die states, and a generous share of landmarks. Proofs abound and are complete by date from 1859 through the end of the series in 1907, the solitary exception being the 1881—perhaps compensated by the Proof 1841 just mentioned. Only in a few instances in American numismatic history has such a glittering array been offered for auction competition. And, not only are such Proofs rare, the quality is simply extraordinary. What a pleasure it has been to catalogue the delightful and famous 1863, the equally rare Proofs of 1864, 1865k and a few other years, which are not as famous, but which are every bit as difficult to find. All told, this is a quarter eagle sale to be remembered.

Coins of the $2.50 denomination were first struck in 1796, after which issuance was intermittent to the 1820s, then continuous through 1915, plus a few scattered issues of the 1920s. Along the way many different designs were made, die varieties were created, and other aspects changed and evolved, creating a series that ranks high in collectible interests with numismatists. Harry W. Bass, Jr. enjoyed quarter eagles and collected them not only by basic type, date and mint sequence, but by interesting die varieties and states as well. His personal notes plus the observations of the cataloguer (Frank Van Valen) and the editor (QDB) are combined to give much technical information that has not reached print elsewhere. Hopefully, the notes will be of interest to prospective bidders as well as to established specialists. One thing is for certain: the entire cataloguing experience was highly enjoyable, and spending weeks, indeed months with these pieces has made them dear friends. Off the market for several decades in some instances, the Bass Collection coins now come forth to delight a new generation of enthusiasts.

Highly Important 1796 $2.50 Variety

No Stars

Unlisted in Breen’s First Monograph

Only Variety Missing from the Walter Collection

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80     1796 Breen-6113, Breen-3, Hilt-2A. Rarity-7+. No Stars. Net VF-20; sharpness of EF-45 with heavy horizontal and vertical scratches, primarily on the obverse. The rims appear to be lightly filed. Light greenish yellow gold with a slightly polished appearance. An arc-shaped depression on the reverse appears to be the remnant of an incomplete planchet punch, where the planchet cutter failed to fully cut through the metal.

This is an extremely rare variety with just four to six examples currently known to exist, including a second example collected by Harry W. Bass, Jr. and retained by the Bass Foundation. John Whitney Walter, known as "Mr. 1796," aspired to assemble a complete die variety collection of 1796 coinage from half cent to eagle—certainly a formidable task. However, Mr. Walter almost succeeded, the "almost" being with the exception of one coin—the variety offered here. An example of this eluded him for years.

At the time his great collection was consigned for sale and beautifully presented by Stack’s (May 4, 1999), Mr. Walter was not aware that the present coin would be available. No doubt, had this coin appeared on the market two years ago rather than today, he would have paid any price to have obtained it!

To relate another circumstance, when Robert Hilt III acquired an example of the present variety from Auction ’82 he was aware of just four coins—including the two pieces owned by Harry W. Bass, Jr., the piece he purchased at Auction ‘82, and a fourth coin owned at the time by dealer Ben Levin. This same lineup constitutes the pieces known to us today.

This die variety, Breen-3, represents the very first 1796 quarter eagle minted—effectively the first variety of the first year of one of America’s favorite numismatic series. The cataloguer (Mark Borckardt) believes that there is a strong possibility that the 66 coins included in the first delivery of quarter eagles, September 1796, were of the Breen-3 variety. This would follow quite closely with an estimated 10% survival rate for the entire production of 1796 quarter eagles (covering all varieties).

Currently, we are aware of the following varieties of the 1796 Breen-3:

1. Harry W. Bass, Jr. Research Foundation.

2. Harry W. Bass, Jr. Collection. The coin presently offered for sale.

3. Auction ’82:332; Robert P. Hilt, III.

4. Ben Levin.

For the specialist or would-be specialist this is an offering of incredible importance. The early quarter eagle series, defined as the varieties minted from 1796 through 1807, or, more expansively, 1796 through 1834 With Motto, are very collectible by die varieties, sometimes but a single combination for a given year, other times multiples. The "stopper" in the collection is the coin offered here—which handily shades such better known die varieties as the 1804 with 13 stars on the reverse. One can readily imagine that the purchaser of this coin will have fairly clear sailing for the rest of the quarter eagle series, this piece, an example of which eluded the foremost collector of 1796 coinage (John Whitney Walter, as noted), being the Holy Grail of the quarter eagle variety lineup.

The obverse die is not lapped, the lowest curls fully defined. Examples of the other die variety are known in various states from lightly lapped to extensively lapped, with progressively weakening lower curls, eventually with little or no detail present. Faint evidence of a die crack through bases of LIBER with a die scratch from the lower right serif of E to the upright of R.

The reverse has several cracks, including a major crack from the border through center of E in STATES, to a cloud, stars 4 and 12, to back of the eagle’s neck, following the neck to ribbon, across eagle’s breast and horizontal shield lines, to vertical stripe 3, continuing through this stripe, following left edge of eagle’s tail, and to the border. Another crack from the border passes between ST to cloud 1 and stars 1 and 8.

Purchased from World Wide Coin, October 11, 1972.

Lustrous 1802 Quarter Eagle

So-Called Overdate

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81     1802 Breen-6118, Breen-1,3. "Overdate." AU-55 (PCGS). Lustrous bright yellow gold with a hint of orange and green toning. Several very minor surface abrasions are noted, and probably shouldn’t be mentioned at all, for that is what grading numbers are all about—one expects certain things at certain grade levels. All told, this piece is a truly outstanding example of the 1802 quarter eagle—consistent with the general tenor of the Bass Collection.

Historically, the 1802 quarter eagle has been catalogued as 1802/1, an overdate, but we see no reason to attribute it as such—as there is absolutely no trace of a 1 under the 2 on this piece or any other 1802 quarter eagle that has come under our view.

This variety was included in Breen’s quarter eagle monograph under two different varieties, Breen-1 and Breen-3. It is now recognized that both were struck from the same die pair. This is the least rare of three known 1802 quarter eagle varieties.

The bust of Liberty is surrounded by light clash marks, including a nearly complete star at base of neck and shield stripes above the cap. A thin reverse die crack from the inner curve of C passes to the right lower point of this letter, through the center of final A, to the border. Minor clash marks are visible. A die scratch, diagnostic for this reverse die, from the left corner of the shield extends left to center of the wing. A faint die scratch from tip of second feather at right, joins left diagonal of first A, just above center.

Purchased from Paramount, December 3, 1969.

Important 1826 Quarter Eagle Rarity

Rarest Date of the 1821-1834 Type

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82     1826 Breen-6130, Breen-1. Rarity-5+. "Overdate." EF-45. Light greenish gold with very minor hairlines resulting from an old cleaning. Slightly reflective fields are noted. Just 760 quarter eagles were struck in 1826, all delivered on February 19, with approximately 30 to 40 survivors known today, making it the rarest of all quarter eagles of the general design used from 1821 through 1834 With Motto. This entire span of quarter eagles is rarity laden, so, justifiably, the 1826 can be called the rarest of the rare.

The mintage total is not known, and it is probably the case that in addition to the small quantity made in calendar year 1826, a few more were struck in 1827, possibly yielding a total production figure of 1,700.

For a long time and in many publications this has been called the 1826/5 overdate, but we see no traces of a 5 under the final digit—either on this coin or any other that we have examined—and therefore consider that it should be called simply an 1826.

A survey of auction sales from the 1990s reveals the rarity of this issue. Only the 1797, 1804 13 Stars, and 1806/5 have fewer auction appearances for the decade.

Light clash marks are visible on the obverse

Purchased from Rowe and Brownlee, October 18, 1966.

Choice Mint State 1834 Classic Head $2.50

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83     1834 Breen-6140. No Motto, Large or Booby Head. MS-64 (PCGS). This is quite possibly the finest known example from these dies. Very sharply struck with exceptional aesthetic appeal. Prooflike fields and lightly frosted devices. Possibly the finest known example of this die variety, per notes below. An example from the first year of issue among Classic Head gold .

This is the Second Head style, which would continue through 1835 into 1836.

Variety C as noted in Part II of the Bass Collection. Same dies as Lot 276 in that sale, and of finer quality.

Light clash marks are visible within the vertical shield elements.

Technical notes are not repeated from the catalogue offering Part II of the Bass Collection. For seriously interested numismatists, we recommend obtaining a copy of that catalogue.

From Stack’s sale of April 1978, Lot 792.

84     1834 Breen-6140. No Motto, Large or Booby Head. AU-58. Bass variety B and extremely rare as such. Sharply struck with rich greenish yellow gold surfaces and considerable reflectivity. A few minor to moderate surface marks are noted.

From Abe Kosoff"s sale of October 1968, Lot 1424.

85     Quartette of Classic Head quarter eagles: I 1834 No Motto. VF-25 I 1836 VF-25 I 1836 Net VF-20; sharpness of EF-40, brushed I 1839-O VF-20. (Total: 4 pieces)

Choice Mint State 1835 Quarter Eagle

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86     1835 Breen-6141. MS-63 (PCGS). Brilliant and lustrous light yellow gold. Sharply struck although the central details are slightly weak. A few very minor surface abrasions are typical of the grade. This is one of three die varieties of 1835 quarter eagles currently known.

Bass variety 1 with AM in AMERICA widely spaced. Same dies as Lot 280 in Part II of the Bass Collection, and of similar quality.

Purchase from John Rowe, October 7, 1966.

87     Pair of early quarter eagles: I 1835 EF-45. Yellow gold surfaces I 1836 AU-50. Frosty surfaces. (Total: 2 pieces)

Scarce Mint State 1836 Quarter Eagle

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88     1836 Breen-6142. Head of 1834. MS-63 (PCGS). Frosty and brilliant yellow gold with scattered surface marks. Extremely sharp strike with full details at center of obverse and reverse, a quality seldom seen among Classic Head quarter eagles. This is a scarcer variety and the present example is among the finer we have seen.

Variety B for 1836. Same dies and of similar quality to Lot 287 of Part II.

Purchased from Superior, March 1978.

Mint State 1836 Quarter Eagle

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89     1836 Breen-6142. Head of 1834. MS-61 (PCGS). Very sharply struck with brilliant, slightly reflective yellow gold surfaces. Minor surface marks and hairlines are noted. Another example of this scarce variety for the specialist. Indeed, the present offering of the Bass Collection—taking all sales cumulatively—is an opportunity unprecedented in numismatic history. Whether you would like some nice "types," or interesting varieties, or simply some very attractive, hand-selected coins, many opportunities beckon.

Variety B for 1836. Same dies and of similar quality to Lot 288 of Part II.

Purchased from the Goliad Corporation, April 11, 1972.

Lustrous Mint State 1836 Quarter Eagle

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90     1836 Breen-6143. Head of 1835. MS-62 (PCGS). A lovely example with bright greenish yellow gold lustre and very minor surface marks as expected for the grade. Slightly reflective prooflike fields. Die striae and polish lines are noted, along with minimal hairlines. Slightly soft at the central features.

Variety D for 1836 quarter eagles.

An early die state without visible cracks or clash marks. A faint remnant of the otherwise missing berry in the olive branch can be discerned, but some imagination is required.

Purchased from Mal Varner, February 24, 1972.

91     1836 Breen-6143. Head of 1835. AU-50. A lovely example with reflective fields and minor hairlines, perhaps cleaned at some past time. Very slightly weak at the centers, typical of most Classic Head gold coins. A rare variety.

Variety G for 1836 and not represented in Part II of the Bass sale.

The obverse has a heavy bisecting crack from the border through star 6, across the bust, to the border between stars 12 and 13. Reverse die crumbling fills top half of the space between vertical stripes 5 and 6.

Purchased from Superior, August 12, 1969.

Choice Proof 1836 Quarter Eagle

From the Eliasberg Collection

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92     1836 Breen-6144. Head of 1837. Proof-64 (PCGS). A wonderful cameo Proof with lustrous bright yellow gold devices and mirrored greenish gold fields. Slight discoloration appears on the obverse rim at 3:00. As with most other Classic Head gold coins, even this Proof has slight weakness at the centers.

The offering of a Proof quarter eagle of any variety is a landmark numismatic event. Major collections have been formed and dispersed without having a Proof example of this date or, for that matter, a Proof example of any Classic Head quarter eagle. During the catalogue processing here at Bowers and Merena we all agreed that this is a truly exciting coin to behold—one that evokes a double-take, as Proof Classic Head coins are so seldom seen.

From the Eliasberg Collection with the following catalogue description: "Some indications of light striking at the highest part of the obverse, as normal (due to the characteristics of the design); otherwise sharply struck and well defined. Only three or four Proofs are known to exist. Another potentially once-in-a-lifetime opportunity for the gold coin specialist. Once sold, another 1836 Proof of this quality may not appear on the market again for many decades." Today, in 2000, six Proofs have been identified.

The last 1836 Proof quarter eagle offered for sale was the Pittman Collection specimen, sold in May 1998 by David Akers. In that catalogue, he presented a roster of known examples, which we include here, with permission.

1. National Numismatic Collection, Smithsonian Institution. Head of 1835.

2. John Jay Pittman Collection, David Akers, May 1998, Lot 1720; "Memorable" Collection, Numismatic Gallery, March 1948, Lot 97; "World’s Greatest Collection," Numismatic Gallery, 1946, Lot 103. Head of 1834.

3. Harry W. Bass, Jr. Collection. See pedigree below. Head of 1837.

4. Brian Hendelson. Part of an original 1836 Proof set which included two gold coins. Owned by the same family in the Philadelphia area since the year of issue. Head of 1835.

5. New Jersey dealer. Note: David Akers listed this as the same as the following, however, later was informed that they are two distinct coins.

6. Stack’s 55th Anniversary Sale, Lot 1674; Abe Kosoff; Jerome Kern Collection, B. Max Mehl, 1950, Lot 26; Col. E.H.R. Green. Head of 1835.

It is quite interesting to note that Proof 1836 quarter eagles exist with all three different head styles.

It would be difficult to envision a finer pedigree than this. The lineup includes some of the most important names in the annals of gold coin collecting.

Variety C for 1836. Block 8 in date. With berry in branch. Head of 1837, hair over coronet sweeps back to form first curl below star 7.

From our sale of the Louis E. Eliasberg, Sr. Collection, October 1982, Lot 103. Earlier from the John H. Clapp Collection, 1942; William H. Woodin Collection, 1911; John G. Mills Collection, 1904; Harlan P. Smith, privately; Lorin G. Parmelee Collection, 1890.

93     1836 Breen-6144. Head of 1837. AU-58. Lustrous and frosty orange-gold surfaces with minor surface marks. Quite weak at center of obverse and reverse. Otherwise, an aesthetically pleasing example.

Variety C for 1836. Perfect dies.

Purchased from Bowers and Ruddy Galleries, March 11, 1971.

Gem Proof 1837 Quarter Eagle

Only Collectible Proof 1837 $2.50

A Truly Sensational Coin!

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94     1837 Breen-6145. Repunched 8 and 7. Proof-65 (PCGS). An intense cameo Proof in bright yellow gold with deeply reflective fields. Only a few very minor surface marks and planchet flakes must be mentioned, however, these are virtually invisible. A small spot is attached to the border outside star 4.

This is an incredible, fantastic quarter eagle—combining high quality and beautiful appearance together with extreme rarity. As if these characteristics were not enough, the piece is quite interesting from a variety, die state, and technical viewpoint as well—all in all a "package" that will delight and forever hold the attention and interest of the successful bidder.

From the Eliasberg Collection with the following description:

"Some obverse striking characteristics similar to the preceding [1836 Proof]. Otherwise sharply and deeply struck. A hairline die crack bisects the obverse from the eighth star through the center of the portrait ending at the serif of the 7. Another brilliant star in the present galaxy of numismatic rarities. It is possible that just three specimens exist. David Akers places the number at two to three. One of these is permanently impounded in the Smithsonian Institution. It is significant to mention that not a solitary example of a Proof 1837 quarter eagles has appeared at public auction during the past half century. The importance of this opportunity does not have to be reiterated. Suffice it to say that this opportunity, if missed, may not recur during the lifetime of anyone reading this catalogue."

The above words are just as important today as they were when we first wrote them in 1982. In a way, it seems as though we catalogued the Eliasberg gold coin collection yesterday, but in reality an entire new generation of buyers has emerged on the market since that time. The present coin is the only example from these dies available to collectors.

Only two Proof 1837 quarter eagles have been identified, both the same variety. The other Proof is in the Smithsonian Institution. Furthermore, no circulation strikes of this variety are known, thus the present coin is the only example from these dies available to collectors.

Variety A for 1837. The obverse has a bisecting die crack from the rim at 12:30 through star 8, passing through the upper hair curls, TY, the lower hair curls, to the left top of digit 7. Both digits 7 and 8 are repunched, the 7 most prominently at upper right. Star 8 is sharply recut, stars 9 and 10 slightly recut.

From our sale of the Louis E. Eliasberg, Sr. Collection, October 1982, Lot 104. Earlier pedigree is very similar to the 1836 offered above: From the John H. Clapp Collection, 1942; John G. Mills Collection, 1904; Lorin G. Parmelee Collection, 1890. These two Proofs have spent much of their lives side by side in various cabinets. Perhaps the new owner will keep the pair together for future generations.

95     1838-C EF-40. The reverse, graded separately, is just F-12. Greenish yellow gold and very lightly cleaned. There is just one variety of 1838-C quarter eagle.

In this year the Charlotte Mint began coinage, and quarter eagles and half eagles were struck.

Purchased from Donald Apte, June 6, 1969.

96     1839/8 Breen-6148. "Overdate." AU-55. Sharply struck and lustrous with bright orange-gold surfaces. Minor hairlines and abrasions are noted, along with a few light file marks on the obverse rim, especially at 9:00. Only one variety of 1839 quarter eagle is known.

Walter Breen describes this as an overdate, but it most certainly is not (attribution of this statement: editor, QDB) as the repunching under the 9 in no way resembles the digit 8. There is no such thing as an overdate for any 1839 quarter eagle—this being confirmed by recent studies and, in our opinion, negating any earlier listings of overdates, including in our own catalogues and just about everywhere else.

Purchased from SERO Coins, March 10, 1969.

97     1839-C Net VF-20; sharpness of EF-45, burnished. Light yellow gold surfaces with moderate abrasions. Still a pleasing example of this scarce issue. This is variety B of 1839-C quarter eagles. Only the second Charlotte Mint issue and one of just two such issues representing the Classic Head design.

98     1839-O Low Date, Close Fraction. AU-58. Rotated reverse with medallic alignment, a curious and very interesting feature, but not unusual for the 1839-O—as, apparently, an entire production run was made in this manner. Brilliant and lustrous yellow gold with minor hairlines, having been cleaned in the past. This Close Fraction variety is considerably scarcer than the Wide Fraction reverse. Only these two varieties are known.

Perfect obverse die. The reverse has several die cracks and is similar to Lot 317 from Part II of the Bass Collection.

From Lester Merkin’s sale of April 1969, Lot 11.

Mint State 1840 Quarter Eagle

First Year of the Type

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99     1840 MS-60 (PCGS). Lustrous yellow gold with plenty of brilliance on both sides. Some central striking weakness is noted. Considerably rarer in Mint State than even its low business strike mintage of 18,859 pieces indicates. Typically seen in low grades, VF or so being the usual condition. Highly respected for many years as a rarity in high grades. As far back as 1975, David Akers noted he had never seen a Mint State example of the date. Only a few specimens of the date in Uncirculated have surfaced since the Akers comments, with perhaps fewer than a dozen specimens currently known. What better way to begin the offering of Coronet quarter eagles from the Harry W. Bass, Jr. Collection than with a Mint State rarity?

Not only is the 1840 quarter eagle rare in an absolute basis—taking its place in the sequence of date and mint varieties—but it is also especially important as the first year of the design. Thus, anyone seeking to build a very high-grade type set of quarter eagles will want to bid especially aggressively for this coin, secure in the knowledge that few equals exist anywhere.

PCGS Population: 1; 5 finer (MS-64 finest).

Obverse with date centered between dentils and truncation, 8 and 4 of date closer than other numerals. Light repunching is noted around the 4 and within the bottom of the 0 in the date; this no doubt later faded from the die. Left edge of bottom serif of 1 over the center of a dentil. Lowest curl on Liberty’s neck centered directly over 0 in date. Reverse with three prominent die cracks, the first of which runs from the bottom of the right upright of the M in AMERICA to the tip of the uppermost arrow. A second crack runs from the rim at 6:00 directly upward, directly between the numerator and the denominator in the fraction, ending in the arrow feather above. The third crack connects the junction of the eagle’s right leg and the closest olive leaf to the wing above. This is an advanced state of the reverse as compared to Bass:320 (October 1999), where just the crack at 6:00 was noted.

From New England Rare Coin Auctions’ (NERCA) sale of November 1977, Lot 851.

100     1840 EF-40. Bright yellow gold. A very nice example of this grade level, another prime candidate for a type set.

From a different obverse die than the preceding lot (see Bass:321, October 1999); date slightly closer to the truncation than the dentils, lower left serif of 1 in date over left edge of dentil, curl on Liberty’s neck slightly to left of 0 in date.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1730.

101     1840-C AU-55. Lightly cleaned on the obverse, but with a nice appearance, and not particularly different than the quality normally seen for a Charlotte Mint quarter eagle in this grade and from this era. A tiny reverse edge bruise is seen at 2:00. Variety with circular raised lathe lines on the obverse. Despite the aforementioned blemishes, the coin actually has substantial eye appeal. As specialists know well, Charlotte Mint coinage was used extensively and intensively in circulation, and pieces in everyday commerce were not handled with care. Perhaps our catalogue descriptions are a bit more detailed than the norm, but be assured that many historical listings catalogued as "AU-55" and nothing else were not necessarily pieces any finer than the lovely example offered here.

A thin line projects from the left side of the 1 in the date just above the serif, probably the remnants of a previously punched 1; none of the other numerals show any traces of repunching. Dies essentially as described at Bass:326 (October 1999), save for the reverse. On the present specimen, a die crack runs across the rim and a dentil at 7:00, then through the left upright of the U in UNITED, and from there to the highest of the innermost olive leaves.

Under high magnification many circular raised lathe lines are seen in the portrait of Miss Liberty, these being particularly evident among the words LIBERTY and on the neck. This phenomenon is very rare in American coinage, although in the course of cataloguing the Liberty Head pieces in the Bass sale we have come across two different dies with it. The interested reader is referred to the dissertation relating to circular lathe lines beginning on page 64 of A Buyer’s and Enthusiast’s Guide to Flying Eagle and Indian Cents, by Q. David Bowers, where an 1864 Indian cent with circular lathe lines is illustrated. Further information on the subject can also be found at Lot 326 of the Harry W. Bass, Jr. Collection, Part II, October 1999.

From Pine Tree Rare Coin Auctions’ sale of March 1974, Lot 65.

Impressive 1840-D $2.50 Rarity

A Desirable Low-Mintage Date

The Eliasberg Specimen

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102     1840-D EF-45 (PCGS). Lustrous honey gold with traces of orange. A popular rarity from the first year of the design type, a date struck to the tune of just 3,532 pieces. We estimate that perhaps just four or five dozen examples of the date exist in all circulated grades—the Mint State population is but a tiny fraction of that number!

From an early obverse state, without a die crack from the rim to the field between the fourth and fifth stars; this date is typically seen with an obverse die crack. In Gold Coins of the Dahlonega Mint 1838-1861, Douglas Winter noted that "a few exist with a perfect obverse die and they are extremely rare." David Akers called this date "One of the dozen rarest Coronet Head quarter eagles," that statement based on auction appearances of the date. Some lightness of strike is seen near the centers, typical for the date. Winter further noted: "The 1840-D is among the most poorly struck Dahlonega quarter eagles." He also notes that "on all examples, the stars are flat." The specimen offered here exhibits strong central radials on all of the obverse stars save for one, and the details on the eagle are quite strong also; not full, but certainly closer than typically seen. Seldom seen in finer grades than that offered here, and nearly certain to cause a stir among fanciers of Dahlonega Mint issues.

All of this said, we must of course mention the Eliasberg Collection pedigree—no finer association can be imagined for any United States gold coin. Increasingly, numismatists are coming to appreciate pedigree connections when they are available, these adding a quintessential element to the ownership of a coin. One can imagine this piece and its journey from the Chapman brothers to John M. Clapp, then in 1906 to his son John H. Clapp, then in 1942 to Louis E. Eliasberg, after which it became part of the most extensive collection of United States coins ever formed. This particular coin—along with others in the collection—was viewed by over a million people at the Smithsonian Institution in 1976, and was widely admired elsewhere. In October 1982 we were privileged to offer the Eliasberg gold coins at auction, an event which still echoes today in the halls of American numismatics.

Date logotype deeply punched into die and slightly high; one obverse being used for all known coins.

On the reverse the D mintmark is deeply embedded in the bottom of the arrow feather. Previously this was the only reverse die known for 1840-D quarter eagle coinage, but a new variety has recently been discovered. The horizontal shield lines are pierced by multiple extensions of the vertical stripes, as is the bottom outline of the shield, an interesting but not necessarily unusual phenomenon of the era.

From our sale of the Louis E. Eliasberg, Sr. Collection, October 1982, Lot 114; earlier from the Chapman brothers’ sale of October 1894; John M. Clapp; John H. Clapp.

103     1840-O Small O. EF-45. Lustrous honey gold with warmer orange-gold in the protected areas. Lightly brushed long ago, but still entirely worthy of the assigned grade. In fact, this is one of the very finest 1840-O quarter eagles we have ever seen at this grade level. Check it out during the lot viewing and I’m sure you will agree that it is at the very least a nice EF-45 and can even challenge the AU-50 level.

Douglas Winter called this date "one of the rarest and most underrated of all New Orleans quarter eagles," that despite a fairly generous mintage of 33,580 coins. Some faint scratches noted on both sides, perhaps we should say faint lines, as the scratches are indeed, faint. A very nice specimen with a pleasing overall aspect—one that is about on par with others of the date, mint, and grade.

Date logotype deeply impressed into the die and quite high, about three times closer to the neck truncation than to the dentils.

Reverse with small O mintmark, as usually seen, the mintmark being embedded in the tip of the tail feather.

From Stack’s sale of May 1971, Lot 1216.

104     1840-O Small O. EF-40. Lustrous yellow gold. Some faint scratches noted on both sides.

Date logotype deeply impressed into the die and quite high, about three times closer to the neck truncation than to the dentils.

Reverse with small O mintmark, as usually seen, the mintmark being embedded in the tip of the tail feather.

From Abe Kosoff’s sale of October 1968, Lot 733.

Choice Proof 1841 $2.50 Rarity

The Fabled "Little Princess"

The Eliasberg Specimen

Tied for Finest Certified by PCGS

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105     1841 "Little Princess." Proof-64 (PCGS). A lovely Proof example of one of the most prized gold coin issues in all of American numismatics. Bright yellow gold with hints of orange on the high points. Full cameo contrast on each side adds greatly to the overall appeal. Some faint hairlines on each side—visible mainly under low magnification—are all that keep this rarity from the gem category. We estimate fewer than 20 examples of this date are known in all grades, making it the rarest and most coveted dates of the design type—and certainly the most famous. Other royalty seen in the Court of the Little Princess include the 1854-S (typically encountered only in well worn grades) and the Proof-only 1863, both worthy of noblesse oblige, but neither is as well known.

Relevant to the presently offered coin, and as a commentary just as true today as when we wrote it in 1982, the following observation is made in our Eliasberg Collection catalogue:

"This coin proved to be the most difficult gold issue for the former owner to obtain. The acquisition of the specimen offered here made the present collection of regularly issued United States gold coins complete as to denomination and mintmark variety. Of course, it was pure luck that such rarities as the 1822 half eagle and the unique 1870-S $3 were obtained earlier, but the fact that the 1841 quarter eagle was the last coin needed for the collection points up its extreme rarity."

It is not known precisely how many 1841 quarter eagles exist, and no doubt the comment that "fewer than 20" is generous, as others have suggested such numbers as 10 to 12. In 1977 when we offered the Fairfield Collection specimen (recently graded as Proof-40 by PCGS), we noted that at the time Walter Breen believed there were eight different specimens in existence, one of which was of questionable authenticity and two of which were in museums—leaving just five available genuine pieces. In our 1977 offering we noted that David Akers had traced 13 different auction appearances, including duplicate offerings of certain specimens. We concluded by stating that it was our estimate at the time that about seven to nine coins were known in collectors’ hands or estates. In 1988 in Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins the most ambitious roster ever attempted was presented on page 494 and listed 12 specimens, some of which may have overlapped, and at least one of which was "not verified." In addition, Breen noted "others reported, mostly VF to EF."

Fast forward to 1998, when Mark Borckardt of our staff catalogued the Fairfield coin, again consigned to us, graded as Proof-40 as noted. He spent hours checking references in print and doing other studies, creating a listing that was the most comprehensive published up to that time. This information is incorporated in the notes below, along with comments by Q. David Bowers and other staff members, some of which will be included in the multi-volume coin reference now being created.

The present 1841 Little Princess quarter eagle, a glittering Proof of simply exquisite quality, is the finest that Harry W. Bass, Jr., was able to locate in several decades of connoisseurship. In terms of quality, importance, and visual appearance it handily eclipses just about every example in existence. Here, indeed, is a center point of the Bass Collection, a center point of American numismatics, a truly royal princess that will forever be a treasure in the cabinet of its next owner—just as it was for Harry W. Bass, Jr. and, before him, Louis E. Eliasberg, Sr.

PCGS Population: 2; none finer.

History and Appreciation of the 1841 Quarter Eagle

By Mark Borckardt and Q. David Bowers

Although the existence of the 1841 quarter eagle was known almost immediately after it was struck, and a Proof was placed in the Mint Cabinet, very little was discussed in numismatic circles until these coins were a century old. The first substantive essay appeared in Lot 1324 in B. Max Mehl’s 1940 sale of the Frank A. Baldwin and Charles A. Spencer Collection, in which Mehl gave some technical details, noting in part that the Philadelphia coin had a "finely milled edge and not the coarse milling as found of Charlotte Mint pieces." Further, Mehl informed prospective bidders that the coin, "according to the best of my knowledge, is the first specimen ever to have been offered at auction."

In June 1941 Mehl presented the W.F. Dunham Collection, drawing upon his 1940 description and expanding it slightly. Prior to these two sales, only a handful of auction appearances have been located (these will be detailed in the forthcoming study on gold coins).

An early offering was in William Harvey Strobridge’s catalogue of the George Francis Seavey Collection in 1873. Seavey, of Cambridge, Massachusetts, was one of the most prominent numismatist in the American scene during the 1860s and 1870s. Many of the pieces in his cabinet became part of the foundation of the famous Parmelee Collection. In October 1875, the collection of Mendes I. Cohen, Baltimore, Maryland, was offered at auction through a catalogue prepared by Edward Cogan. That piece was described "but little circulated" and perhaps was equivalent to today’s EF or AU grade. Somewhat similarly, in W. Elliot Woodward’s sale of his own personal collection in October 1884, under Lot 1958, a related coin was offered as: "1841 Good impression; very little circulation, scarce." At the time the word good referred to "nice" or "choice," not to a specific grade. Indeed, at the time there were no grading standards in effect—it was every person on his own.

The 1841 quarter eagle, which may have been struck only in Proof format, was not recorded in the Annual Report of the Director of the Mint, or other Mint records, at the time of issue. While unusual, this is by no means a unique circumstance. For example, the famous 1870-S Liberty Seated silver dollar, so highly acclaimed as a rarity today, and of which perhaps no more than 10 are known, is similarly not listed, nor is the 1845-O quarter eagle (apparently the mintage for that particular coin was combined with 1846-O)—and other examples could be cited. Notwithstanding the lack of official recording, there was a modest coinage of 1841 quarter eagles including pieces which eventually found their way into circulation. As Proofs (such as the Eliasberg-Bass specimen here offered) and circulated pieces are from the same die pair, it is not known whether all pieces were originally struck as Proofs, and some were later spent—or whether a few were struck in Proof format, and the others were made from the same dies for business or commercial purposes. This point has been debated from time to time.

A year after the coinage, in 1842, Jacob Reese Eckfeldt and William E. Dubois recorded the existence of an example in the Mint Cabinet in their book, A Manual of Gold and Silver Coins of All Nations, Struck Within the Past Century. The 1841 was illustrated on Plate I from an engraving taken from a medal-ruling machine, somewhat of an innovation at the time. This device, which may have been invented by Christian Gobrecht, but was credited to others, made it possible for a stylus to trace over the surface of a three-dimensional medal and render a two-dimensional engraving of it. The Eckfeldt-Dubois volume was not primarily intended as a numismatic reference, but seems to have been sold mainly to bullion dealers and banks. Thus, no information was given concerning the rarity of the 1841 quarter eagle (if, indeed, it was considered rare at the time), nor was the rarity of other coins highlighted. This book did not even mention that the illustrated 1804 silver dollar was unusual or rare. It does fix in time the issuance of the 1841 quarter eagle, making it a virtual certainty that it was struck in the year dated.

In 1860, James Ross Snowden’s A Description of Ancient and Modern Coins in the Cabinet Collection at the Mint of the United States, referred to the issue as a "pattern" coinage. Between pages 128 and 129 is a fold-out "Statement, Exhibiting the Number of Pieces Coined at the Mint of the United States." This statement described the 1841 quarter eagles as "patterns" and noted "only a few specimens were struck, one of which is now in the Mint Cabinet." Snowden, who became director of the Mint in 1853 and who had a strong interest in numismatics, probably consulted Dubois, who at the time was the Mint historian, on the subject of the 1841 quarter eagle. Sometimes the term "pattern" was used interchangeably with "Proof," and referred to limited-production pieces made for cabinet purposes, not necessarily to experimental designs (the definitions are different from what we use today). Snowden, although he was an accomplished numismatist (the first Mint director to be such), probably assumed that the 1841 was a pattern as there was no circulation strike quantity given in older reports. Although the book in question bore his name on the title page, it included much work done by others, among whom was William E. Dubois—semiofficial Mint historian and apologist, the disseminator of much valuable information and, not identified here and there, misinformation as well. Some further comments concerning Dubois will be found in the recently released book, The Rare Silver Dollars Dated 1804 and the Exciting Adventures of Edmund Roberts, by Q. David Bowers.

In 1890 the spotlight was on the Lorin G. Parmelee Collection catalogued by David Proskey and offered at auction by the New York Coin & Stamp Company (Proskey and his partner H.P. Smith). Lot 1822 in the sale was an 1841 quarter eagle, graded as "Very Good," no doubt meaning "very nice—no relation to the technical Very Good grade we know today. This coin is the 1841 listed as part of the Seavey Collection in the 1870s. The story of Parmelee would make a very nice book on its own, but again there is extensive mention of him in many modern references, including the aforementioned Bowers book on the 1804 dollar. The auction of the Parmelee sale in 1890 can best be described as a offering, as Parmelee could not bear to part with many of the rarities, and simply bid them back for his own account—retaining many of the highlights of the collection for several years thereafter.

Nineteen years passed with little mention of this issue until Edgar Adams issued his Official Premium List of United States, Private and Territorial Gold Coins in 1909. He noted the existence of two examples: the specimen in the Mint Cabinet and an example owned by Joseph C. Mitchelson of Connecticut (although Mitchelson was not mentioned by name). Two years later, in 1911, Mitchelson passed away and his collection went to the State of Connecticut through terms of his will. Mitchelson’s collection is now housed in a special room and vault at the Connecticut State Library in Hartford. Adams wrote: "Only two of these coins are known to be in existence. One is owned by a private collector in Connecticut, and the other specimen is in the United States Mint Collection at Philadelphia. The mint records, however, do not mention the issue of a quarter eagle in this year at the parent mint."

Virtually nothing new was mentioned about the 1841 quarter eagle until the earlier noted 1940 Mehl sale of the Baldwin and Spencer collections, which served as a springboard for his comments in the offering of another example in the Dunham Collection, June 1941. Today in 2000, Mehl is viewed with mixed emotions. Some consider him to be a numismatic showman with little serious knowledge, while others credit him as being the most important rare coin dealer of the early 20th century. The truth is actually a combination of both. While Mehl is not particularly remembered for his technical numismatic knowledge, he certainly handled his share of rarities, and today his catalogues are highly esteemed for the collections they showcased. And, among his descriptions are some that are of excellent value to researchers today, including the Dunham description of an 1841 quarter eagle:

"1841 quarter eagle or $2.50 gold of the Philadelphia Mint. Finely milled edge, typical of the Philadelphia Mint gold coinage of these years, and not the coarse milling of the Charlotte Mint. This rarity was originally struck as a Proof and still maintains quite a bit of Proof lustre around the stars and legend, but has seen some circulation. It can easily be classed as Extremely Fine and only a shade from Uncirculated. I doubt if more than six specimens are known to exist."

As noted, there is no record of the 1841 Philadelphia Mint quarter eagle coinage in government documents. This ties in nicely with the policy that Proofs were not recorded in the mintage figures, although business strikes usually were. Continuing the Mehl description:

"To the best of my knowledge the only other specimen ever to have been offered at auction in this country was the one sold in my sale March 26th of last year [1940]. The coin was fine, and it sold for $605.00. As mentioned in my catalog of that sale, Mr. Adams, in his ‘Official List,’ published in 1909, stated that only two specimens of this coin were then known to exist, one in the Mitchelson Collection, now owned by the State of Connecticut, and the other in the United States Mint Collection, both specimens of which, of course, are out of the market for all time. Four or five specimens have been discovered since Mr. Adams’ work appeared in 1909. The first of these specimens, discovered about 11 years ago, was sold at private sale for over $3,000.00. Since then other specimens have sold for less, but above $1,000.00. The last specimen offered, as mentioned above, brought $605.00. I consider it probably the rarest quarter eagle and one of our very rarest gold coins."

Mehl the showman provided much text concerning United States rarities—the 1841 quarter eagle and others—that provides very entertaining reading today, often with much information included. Mehl had a joie de vivre that made the writing of most of his competitors staid by comparison. Today, anyone wanting an hour of enjoyable reading has but to take from the shelf the easily available Dunham catalogue and spend some time leafing through its text housed in gold-foil covers.

The 1841 quarter eagle has been nicknamed the "Little Princess" for many years, a royal designation popularized by the late Abe Kosoff. However, in doing a lot of looking through historical text on the 1841 quarter eagle, it seems that the Oscar for the creation should go to none other than Norman Stack, who used it in his description of the piece in the Davis-Graves Collection sold by his family firm, Stack’s, in 1954, noting:

"This 1841 quarter eagle is the only one available today and we like to call it the ‘Little Princess’ in the coin rarities."

The tenor of this discussion seems to indicate that Norman Stack had been calling this variety the Little Princess before writing this catalogue—perhaps on the observation of earlier pieces. Perhaps the designation was derived from or inspired by the earlier comparison made in 1946 by Abe Kosoff in the Numismatic Gallery sale of the World’s Greatest Collection (F.C.C. Boyd). In that sale, Kosoff compared this rarity to the 1822 half eagle:

"While it is not quite as rare as the ‘King of American Gold,’ namely the 1822 half eagle, it is just as beautiful and this specimen in Proof condition is just as difficult to obtain."

All examples of the 1841 quarter eagle were struck from a single pair of dies. However, it is not known whether after the Proofs were made, it was the intention of the Mint to produce circulation strikes, or whether any circulation strikes were actually made. In his Complete Encyclopedia of U.S. and Colonial Coins, Walter Breen noted that these were only struck in Proof. Earlier, in his 1975 auction survey of quarter eagles, David W. Akers was not convinced that all were struck as Proofs.

Especially significant to the discussion, an offering of an 1841 quarter eagle in the Mid-American sale of May 1985 has a comment originating from John Dannreuther indicating that the 1841 and 1846 Proof quarter eagles in the Eliasberg Collection sale were struck from the same reverse die. This provides additional evidence for those who believe all examples of the Little Princess were intended as Proofs.

In his Analysis of Auction Records, David Akers discussed this coin in detail:

"The 1841 is generally considered to be the most desirable of all Liberty Head quarter eagles. There is no official record of this date having been struck, but obviously a small number were minted. Most numismatists and cataloguers feel that this is a Proof-only date and that all known specimens were originally struck in Proof for inclusion in presentation sets. This seems unlikely to me and I am not convinced that the 1841 is a Proof-only date.

"First of all, there are far too many specimens known when compared to other Proof quarter eagles (or Proof gold of any other denomination) of the same period. Less than five Proofs are known of every other quarter eagle from 1840 to 1848, and yet I would estimate that at least 12 and possibly as many as 15 1841s are known. Only a few of them are clearly and unequivocally Proofs, such as the coin in the Smithsonian Institution, the piece in Louis Eliasberg’s collection, the Davis/Graves coin, and perhaps one or two others. Most of the others are well circulated and, in fact, grade from VG to EF. More importantly, the supposedly ‘impaired Proofs’ just don’t look like impaired Proofs. Consider for example the Wolfson specimen, which was subsequently in the Shuford Sale and then in the 1974 NASC Sale conducted by the American Auction Association. Although barely circulated, it has almost no trace of a Proof surface and few of the other characteristics of a genuine Proof (such as a square edge), although it does appear to have been struck from the same dies as the Proofs.

"If indeed the 1841 is a Proof-only date, it would be an interesting research project for someone to determine why such a large number (relatively speaking, of course) were struck. Certainly it was not for presentation sets since such sets would have included a half eagle and eagle as well. Or would they? Could there have been presentation sets that contained the minor coins and just the quarter eagle without the other two gold coins? Was there something special about the year 1841 that justified altering the normal pattern of making gold Proofs? On the other hand, if the 1841 quarter eagle is not a Proof-only date, as I believe, then why were so few struck and why was there no record of the mintage?

"As you can see, this coin poses many interesting questions and, for that reason, it is for me one of the most intriguing and enigmatic of all United States gold coins.

"All known specimens of the 1841 were apparently struck from the same dies. Since some pieces are obviously Proofs, this would normally indicate that they were all struck as Proofs since I know of no other non-Proof gold coins of any denomination or date that were struck from the same dies as the Proofs of the same year."

Today, in 2000, some questions have been answered, but others remain. It is now known that there are multiple instances in which dies used to strike Proof gold (and other) coins were, indeed, used to make business strikes. However, we still do not know whether this took place with the 1841 quarter eagle dies.

No record of the coinage of this issue has been found in contemporary government documents, as noted in the introduction to this article. However, it was not customary to keep records of Proofs struck, although business strikes were usually accounted for. Per contra, there are a number of authentic United States coins known which, obviously, were made as business strikes, but were not recorded in government records, notably the 1870-S half dime (presently unique) and, as we noted in an earlier paragraph, the 1870-S Liberty Seated silver dollar (about 10 known); both of these issues have no indication of ever having been struck from Proof dies, but are strictly circulation strikes.

If all 1841 quarter eagles were struck in Proof format, perhaps the output was partially for collectors and partially for presentation or some other purpose, perhaps for some long-forgotten ceremony. In 1841 the quarter eagle was the smallest gold coin produced by the United States (the gold dollar did not make its debut until 1849). Thus, a civic, political, commercial, or other ceremony requiring gold coins as an honorarium or gift would find the quarter eagle to be convenient. For example, 1841 was the year of the inauguration of President William Henry Harrison, and if congressmen or other dignitaries were given a gold memento, a quarter eagle would be a likely candidate—just as the quarter eagle denomination was selected later in the decade to showcase California gold, in the form of the well-known 1848 "CAL." issues.

If circulation strikes were made for general commerce, they were made from dies that had a full Proof finish.

To summarize the preceding, all known 1841 quarter eagles are from the same Proof dies. A number of pieces show signs of circulation and were "spent," which seems logical if some were used for presentation purposes in ceremonies and not sold directly to numismatists. If any coins were made for general circulation, they appeared as Proofs when first issued.

Relating to the numismatic aspects of the 1841 quarter eagle, as with any rarity, the authentication of any "new" specimen is mandatory. In the chronicles of numismatics there have been a few instances of "1841" quarter eagles being offered that were created by removing a C or D mintmark from an 1841-dated Charlotte or Dahlonega coin. Numismatists are more sophisticated now, and a piece that might have fooled an earlier generation would not likely pass muster today, especially if a simple test is made concerning the vertical edge reeding. The Little Princess has a very fine, closely spaced reeding in comparison to its Charlotte and Dahlonega counterparts. In Stack’s offering of the Samuel Wolfson Collection of United States gold coins, October 1962, under Lot 114 are excellent photographs of the edge reeding on coins from all three mints. The branch mint coins have edge reeding with rather wide spaces between each reed, described by Breen as coarse reeding. The Philadelphia Mint coin, however, has very narrow spaces between each reed, Breen’s fine reeding. B. Max Mehl noticed this difference in his catalogues of 1940-1941.

Registry of 1841 Quarter Eagles

Today in 2000, the 1841 Little Princess quarter eagle is recognized as a highlight of any cabinet fortunate enough to possess an example of this classic rarity. The following listing, revised from earlier presentations, includes the Harry W. Bass, Jr. specimens and represents the pieces presently known to Mark Borckardt.

This list is based on the roster in Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins, 1988, to which certain corrections have been made and pieces added. The author is also deeply indebted to Philip Scott Rubin for providing much information regarding auction citations and for verifying certain information below. Rubin keeps an auction appearance record of many rarities covering the entire spectrum of United States coinage. Without his research, pedigree tracking would be much less complete. It is believed that no more than 16 to 18 different examples survive today, some of which are in institutional collections as noted.

1. Smithsonian Collection. Proof. National Numismatic Collection; Smithsonian Institution. This example was undoubtedly placed in the Mint Cabinet (which had been formed in June 1838) at the time of striking, 1841. • This specimen was illustrated in the Eckfeldt-Dubois Manual published in 1842, the first time the existence of this date reached print, as it was not included in the Annual Report of the Director of the Mint.

2. Eliasberg Collection. Proof-63. (now in a Proof-64 PCGS holder, the present specimen). Earlier pedigree: A.H. Baldwin; B.G. Johnson; Wayte Raymond; Waldo Newcomer; Col. E.H.R. Green; F.C.C. Boyd; Numismatic Gallery, World’s Greatest Collection (name given to the Boyd Collection), January 1946, Lot 108, $6,000; "J.F. Bell" (pseudonym of Jake Shapiro, Chicago financier); Numismatic Gallery, Memorable Collection (Bell Collection), March 1948, Lot 101, $5,750, later privately to Louis E. Eliasberg, Sr.; Bowers and Ruddy Galleries, United States Gold Coin Collection, October 1982, Lot 117, $82,500. "Some scattered marks, but overall quite beautiful." This was the last regular-issue gold coin to be acquired by Mr. Eliasberg on his journey to a complete set of United States coinage. • The story of this prominent Baltimore numismatist was told by Q. David Bowers in the 1996 book, Louis E. Eliasberg, Sr.: King of Coins. Relative to other owners, A.H. Baldwin was and is a leading London numismatic firm; B.G. Johnson (who acquired this coin as part of a full gold Proof set of the year 1841 including the quarter eagle, half eagle and eagle; Wayte Raymond acquired the set from Johnson for $1,000 and sold the present single piece from the set to the Newcomer for the same amount, representing a neat profit!); Waldo Newcomer hailed from Baltimore and put together a marvelous cabinet of American coins that was later consigned to B. Max Mehl for private sale; Col. E.H.R. Green was a well-known eccentric millionaire, who collected everything from railroads, to all 100 of the 1918 24¢ inverted airmail stamps, to all five 1913 Liberty Head nickels; Boyd was a prominent executive, coin dealer, and numismatic connoisseur; Numismatic Gallery was the partnership of Abe Kosoff and Abner Kreisberg.

3. Harry W. Bass, Jr. Collection. Proof-60 (PCGS). From World Wide Coins, February 1974. One of several important American rarities (others being the 1913 Liberty Head nickel and 1804 silver dollar) acquired by World Wide during that era. Harry Bass often liked to get nice things in pairs—perhaps proving the old-time adage that particularly fine things are found that way! This piece was offered in our Bass II Collection, October 1999, as Lot 335.

4. Mitchelson Collection. Impaired Proof. Joseph C. Mitchelson; Connecticut State Library. • Mitchelson was in the tobacco business in Tariffville, Connecticut. In connection with his trade he traveled widely, coast to coast, in an era in which most people tended to stay in their home region. Not only did Mitchelson acquire pieces for his own cabinet, he also scouted for other collectors and handled many rarities. The new study of gold coins will mention Mitchelson frequently and a number of the pieces that passed through his hands.

5. Menjou Collection. Proof-60. Numismatic Gallery, Adolphe Menjou Sale, June 1950, Lot 1189, $5,100; R.F. Schermerhorn; Robert Friedberg; H.P. Graves; Stack’s, Davis-Graves Sale, May 1954, Lot 691, $6,000; Grant Pierce (not in the 1965 sale of his collection); Stack’s, August 1976, ANA, Lot 2787, $41,000; Superior Galleries, February 1991, Lot 2664, $66,000. "Full Proof surfaces and delicate contrast between devices and fields. Light signs of handling fail to detract from the coin’s overall appeal." • Menjou was well known as a movie actor in secondary parts; Schermerhorn was a well-known Dallas numismatist, rare coin dealer, and paper money and gold coin collector who, among other things, attended the King Farouk sale in Cairo in 1954; Friedberg formed the Capitol Coin Company and at one time had several dozen leased coin departments in various retail stores including Gimbel’s; the Davis-Graves sale contained many rarities including a notable 1804 silver dollar; Pierce was a Midwestern numismatist.

6. Norweb Collection. AU-55. Mrs. R. Henry Norweb; Bowers and Merena, March 1988, Lot 1970, $30,800; Superior Galleries, July 1989, Auction ’89, Lot 844, $30,800. • The story of Emery May Holden Norweb, and other family members and their fabulous collection was told by Michael Hodder and Q. David Bowers in The Norweb Collection: An American Legacy, published in 1987. This cabinet had its beginnings with Albert Fairchild Holden in the 1890s, and was capably continued and vastly expanded by his daughter, Emery May, who cut her teeth in numismatics before she was a teenager, by classifying colonial coins to Crosby’s Early Coins of America book!

7. Wolfson Collection. AU-50. Samuel Wolfson, Stack’s, October 1962, Lot 114 $15,000; Alex Shuford; A. Kosoff, May 1968, Lot 1731, $18,000; Stanislaw Herstal Collection; American Auction Association, February 1974, Lot 739A, $26,000. • Wolfson, an industrialist, lived in Florida, and began his numismatic interest when he looked over his son’s shoulder while the youth was collecting Lincoln cents; Shuford manufactured various products including adhesive tape and lived in North Carolina, many of his coins were cleaned or processed, while others, fortunately, were not "improved"; Herstal was a well-known Polish exile who lived in South America, whose collection was auctioned in a catalogue bearing his name, although the 1841 quarter eagle was consigned from another source.

8. Peters auction. Impaired Proof. Jess Peters, August 1973, ANA, Lot 821, $26,000. • Jess Peters, an Illinois professional numismatist, was prominent on the American collecting scene for many years and conducted several notable auctions containing not only American rarities, but more important to his specialty, coins of Central and South America and other countries.

9. Mid-American auction. EF-45. Mid-American Rare Coin Auctions (Jeff Garrett and Ron Guth, photography by Tom Mulvaney), May 1985, Lot 1223, $21,000; Superior Galleries, Heifetz Collection, October 1989, Lot 3995, $25,300; David W. Akers, August 1990, Auction ’90, Lot 1841, $23,000. Spot inside dentils over final S. • The Heifetz Collection was formed by violinist Jascha Heifetz. Akers was earlier general manager of Paramount International Coin Corporation, later to form David W. Akers, Inc., and in 1997-1999 to auction the John J. Pittman Collection. In the present context, his six-volume set covering denominations of gold coins from dollars to double eagles, published sequentially from 1975 to 1992, is just as valuable today as ever—this despite publication in the meantime of certification service population reports and a lot of new data.

10. Superior auction. EF-45. Superior Galleries, July 1986, Auction ’86, Lot 1345, $18,700. Superior Galleries was formed by the Goldberg family in Los Angeles in the 1930s, and in the 1980s was conducted by the sons of the founders, Mark, Ira, and Larry Goldberg. The company brought to the auction forum many important coins and private collections.

11. Stack Collection. EF-40. James A. Stack, Sr.; Stack’s, October 1994, Lot 865 $66,000. Bright yellow gold with some mirror surface on the obverse around the stars. • James A. Stack, no relation to the coin firm of the same name, lived in Plandome, New York, and over a long period of years formed a very impressive cabinet, today remembered for not only its rarities but for the high overall quality of just about everything in it.

12. Fairfield Collection. EF-40. Stephen Baer; Q. David Bowers; Arthur Lamborn; Bowers and Ruddy, Fairfield Collection, October 1977, Lot 1481, $19,000; Abner Kreisberg, Windsor Collection, November 1981, Lot 254, $19,500; Stack’s and Superior Galleries, Kramer Collection, November 1988, Lot 115, $25,300; Superior Galleries May 1989, Lot 1751, $25,300; Superior Galleries, Heifetz Collection (one of two specimens in that sale), October 1989, Lot 3996, $20,350; Bowers and Merena Galleries; Columbia Collection; Bowers and Merena, November 1998. Rim nicks at upper obverse and on reverse. Breen Encyclopedia plate coin. • The Fairfield Collection was an illustrious gathering primarily of rarities, by a New England collector who enjoyed quality and rarity and liked it even better if two, three, or four pieces could be had rather than a single coin. Auctioned by Bowers and Ruddy in 1977, the multimillion dollar sale achieved the highest price to that date ever recorded for a single coin auction event.

13. Dunham Collection. EF-40. William F. Dunham; B. Max Mehl, June 1941, Lot 1932, $525; "J.F. Bell"; RARCOA, April 1963, Lot 108 $13,500; Rare Coin Company of America; stolen in December 1964 at the GENA Convention in New York. See Coin World, 12/30/1964, p. 76 for notice and illustration. The various photos of this coin are not sufficiently clear for further identification, however, this does not appear to be any of the others listed here. Walter Breen noted that this coin has field marks left of eighth star, before lower lip, and between the wing and base of D. • Dunham was a Chicago pharmacist. The era of his greatest activity seems to have been circa 1905-1920, during which time he published an easy finding list for Hard Times tokens, gave a prize for the person attracting the most members to the American Numismatic Association, exhibited widely, and did many other things. His collection was purchased outright by Mehl in the late 1930s, and certain pieces were privately sold from it, although this information was not generally known until published by Q. David Bowers in The History of United States Coinage as Illustrated by the Garrett Collection, 1979. Certain items that were sold by Mehl earlier were allowed to remain in the Dunham catalogue, and appeared later in the "prices realized" list, although the coins had long since departed Mehl’s ownership by the time that the Dunham sale was held.

14. Herdman Collection. EF-40. Herdman Collection; Bowers and Ruddy, December 1977, Lot 6406, $17,500. Walter Breen, in his Complete Encyclopedia, noted that this is the same as the Empire Coin, however, the illustrations do not match. Donald Herdman, an avocado rancher, collected coins for many decades and was a participant in the Atwater, Menjou, and other "name" sales of the 1940s, having begun his interest when he acquired as a birthday gift a gold quarter eagle (This must be a magical way to begin to enter numismatics, for Amon Carter began collecting when B. Max Mehl gave him an 1879 quarter eagle, representing the year of his birth).

15. Empire inventory. VF-30. New York non-collector; Empire Coins (Q. David Bowers and James F. Ruddy); Empire Review, number 14, August-September 1961, p. 31; private collection; Arthur Lamborn (duplicate); Paramount, July 1985, Auction ’85, Lot 1419, $12,650. Note tiny nick at 9:00 on O in OF. Short diagonal field scrape below M in AMERICA. • Dave Bowers recalled that this piece literally "walked in" to Empire Coin Company, at the time located at 252 Main Street, Johnson City, New York, and was owned by a lady who lived in a town to the north, in whose family it had descended. She had no collection or, for that matter, any other old coins at all. How fortunate it was that this single piece was one of the most famous of all American rarities!

16. Robison Collection. VF-30. Lester Merkin February 1972, Lot 368A, $11,000; Terrell Collection; American Auction Association, May 1973, Lot 1009, $10,050; Robison Collection; Stack’s, February 1979, Lot 115 $13,000. Small nick just left of star 7. Rim nicks above first S and A of STATES, above right wing tip, and below stop after final A. • Ellis Robison managed a large wholesale medicine and drug firm in Troy, New York, for many years, and built his collection primarily through the office of Charles and Arline French in the same city, with Harvey G. Stack often acting as an advisor. Terrell was a pseudonym for Julian Terrell Hathaway, a southern California collector, friend, and onetime business associate of Dave Bowers; he was and is known to his friends as Terry Hathaway.

17. Hydeman Collection. VG-8. B. Max Mehl, March 1940, Lot 1324, $605; A. Kosoff, Hydeman Collection, March 1961, Lot 548, $600; RARCOA, Saslow Collection, January 1969, Lot 399, $3,100; Abner Kreisberg, June 1970, Lot 1497. • Edwin Hydeman was a York (PA) department store owner who formed a fine collection, primarily through Abe Kosoff and Abner Kreisberg.

The following appearances have not been identified among coins listed above and most likely represent duplication.

Spellman. Proof. Waldo Newcomer; Col. E.H.R. Green; Charles M. Williams; "J.F. Bell"; Clifford T. Weihman; Cardinal Spellman; Archdiocese of New York. This coin is described in various literature, including the catalogue. In the present connection, Mark Borckardt has not seen a photograph of this particular piece and would be interested in learning more about it; could this be a candidate for No. 3 in the above list—the Bass Collection duplicate earlier offered?

Seavey. W.H. Strobridge, Seavey Collection, 1873, Lot 612. This is probably the same as the Parmelee coin described as Very Good. The catalogue does not include a plate of this coin. This catalogue used a simple numerical grading system with the coin assigned a number equivalent to Uncirculated, possibly through typographical error. It seems unlikely that Parmelee, who bought the entire collection before the sale took place, would sell a high-grade coin and keep a lower grade duplicate. In the late 1800s, this issue was not recognized as a rarity, as indicated by the price realized at the Parmelee auction, just 40 cents over face value!

Parmelee. Very Good. New York Coin and Stamp Co., Lorin G. Parmelee Collection, June 1890, Lot 1122, $2.90. Possibly the Hydeman coin, however, not illustrated in the Parmelee catalogue.

Christie’s. EF-40. Christie’s, April 1985, Lot 937. According to the catalogue, this coin was "hidden for many years in a safety deposit box." No previous pedigree has been established. Possibly the same as the Superior specimen, No. 10 above.

From our sale of the Louis E. Eliasberg, Sr. Collection. Previously from A.H. Baldwin; B.G. Johnson; Wayte Raymond; Waldo Newcomer; Colonel E.H.R. Green; F.C.C. Boyd; Numismatic Gallery, "World’s Greatest Collection" (Boyd Collection); "J.F. Bell" (pseudonym of Jake Shapiro, a Chicago coin dealer); Numismatic Gallery, "Memorable Collection" (Bell Collection); bought in by the owner, J.F. Bell, but later sold privately to Louis E. Eliasberg, Sr.

Elusive 1841-D Quarter Eagle

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106     1841-D EF-40. Medium yellow gold. Lightly cleaned with some scattered marks present as well. However, an inspection of the piece will reveal that it is fairly attractive overall, and is not particularly different from what one might expect from an 1841-D at this grade level. From a small mintage of just 4,164 pieces, and considered to be the scarcest Dahlonega Mint quarter eagle of the decade. We estimate fewer than 100 pieces from that mintage are accounted for today in all grades. Struck from a very rare die combination, one that Harry Bass recognized as such (his notes are incorporated into the commentary below).

In his Gold Coins of the Dahlonega Mint 1838-1861, Douglas Winter noted three distinct reverse die varieties for this date. The variety offered here, designated as 2-C, in the Winter reference, displays the following details: "Obverse with first 1 in the date spaced equally between the bust and the dentils while the second 1 is closer to the dentils."

The specimen offered here is an early die state of the obverse, which is frequently found with a bisecting horizontal crack; no crack is present on this specimen.

The description for the reverse of variety 2-C reads: "On the reverse, which was used in 1841 and possibly again in 1843, the shaft of the arrow ends over the left edge of the upright of the mintmark. The fraction bar ends to the left side of the opening in the D. The 1 in the fraction is entirely to the left of the mintmark. No die breaks are seen on this use of reverse C. Only one example of this die pair has been seen on the 1841-D quarter eagle (1993 Heritage ANA sale, Lot 5508) and it appears to be extremely rare."

The Bass Collection specimen offered here shows a faint die crack on the reverse, an unrecorded state. The crack extends from the top of the 1 in the fraction upward into the arrow feathers above.

Purchased from Stanley Kesselman, April 30, 1968.

1842-D Quarter Eagle Rarity

Lovely, Lustrous AU

Unknown in Mint State

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107     1842-D Repunched 184. AU-55 (PCGS). Lustrous orange-gold. A greatly prized rarity from Dahlonega, notable for its low mintage of 4,643 pieces, as well as for the fact that Mint State examples of the date are unknown to today’s collecting community. PCGS has only certified two examples of this date at a higher grade, both of those AU-58, with one of those specimens being the coin offered as Lot 342 in our sale of Part II of the Harry W. Bass, Jr. Collection (October 1999). David Akers makes the eye-opening comment that the "1842-D is generally appreciated for its real rarity; it is every bit as rare as the 1854-D, 1855-D, and 1856-D, and certainly more rare than the latter two in grades better than EF." Walter Breen echoes a similar sentiment stating "usually in low grades; prohibitively rare above EF." The present specimen is among the finest known for the date, and probably a shoo-in for Condition Census honors. One of many treasures from the Harry W. Bass, Jr. Collection that will see extensive bidding activity when it crosses the auction block.

PCGS Population: 6; 2 finer (AU-58).

Date logotype high and more deeply impressed at the top of the date than at the bottom, indicating that the logotype punch was not driven in a true vertical alignment. Very obvious repunching under first three date digits; probably the earliest obverse state. Reverse with D mintmark overlapping feather, with part of the feather visible at the center of the letter and a tiny part of the feather extending from the left of the upright.

From Abe Kosoff’s sale of October 1968, Lot 735.

108     1842-O EF-40. Medium orange-gold with some lustre in the protected areas. Somewhat lightly struck at the centers, typical for the date and mint. Much rarer than its mintage of 19,800 pieces indicates; we estimate that perhaps as few as 100 to 150 examples of the date are now known in all grades. Early in our studies of quarter eagles it became quite evident that while Charlotte and Dahlonega Mint coins were saved to some degree, particularly during the eve of the Civil War, most New Orleans issues tended to be widely scattered and were saved in smaller proportionate quantities.

This issue usually exhibits die cracks of varying degrees, although the present specimen is free of same; perhaps the time spent in circulation makes the cracks less obvious. On the ticket that accompanies this lot, Harry Bass wrote "No cracks?"

Date logotype deeply punched into the die and well centered.

On the reverse the O mintmark is high with its upper right embedded in the arrow feather.

From Lester Merkin’s sale of June 1970, Lot 428.

109     1843 Large Date. MS-61. Lustrous honey gold with bright yellow highlights in the recessed areas. A rarity in Mint State despite a sizeable mintage of 100,546 business strikes; perhaps a dozen or so examples are known, mostly at the low end of the Mint State range. Raised vertical die striae are plainly seen in the obverse field, indicative that this specimen was among the first of the date struck; these lines would fade from the die with use. A major opportunity for the quarter eagle specialist—as true Mint State examples of the 1843 are very elusive.

Date logotype rather curious inasmuch as the first two digits are quite small, and the last two much larger! This is true of all quarter eagles of this year and mint. Interestingly, this same logotype was used to create the Large Date quarter eagles of 1843-C and 1843-O, and, even more interesting, dimes of 1843 and 1843-O. The overly large size of the last two date digits is so significant that it really should be mentioned in the standard texts, if only as a footnote.

Further concerning the Large Date, the 1 and 8 are slightly small, and the 4 and 3 are larger, the 3 particularly oversized. The last digit also tilts slightly to the left, and an extension of its top would result in a line intersecting with the adjacent 4 below its peak. Although little has reached print concerning the process as employed at the Philadelphia Mint (where all dies were made), the four-digit logotypes seem to have been produced by taking individual date punches and stamping them into a matrix of flat steel. If a punch was impressed deeply into the matrix, an effect would be created such as the digit 1 here described. The matrix was then hardened, and one or more four-digit logotypes were produced by impacting a small rectangular piece of soft steel into the openings created by the punching of the four digits.

From Stack’s sale of May 1972, Lot 1613.

110     Quartette of quarter eagles: I 1843 AU-58 I 1843-O Small Date, Crosslet 4. AU-55 I 1850 AU-58 I 1851 AU-58. Each displays lustrous yellow gold surfaces. (Total: 4 pieces)

Lovely 1843-D $2.50

Small Date, Small D Mintmark

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111     1843-D Small Date, Small D. AU-55 (PCGS). Bright yellow gold with strong lustre on both sides. The most plentiful of all Dahlonega quarter eagle issues, but still a desirable coin at the assigned grade.

Two obverse dies and five reverse dies were shipped from the Philadelphia Mint beginning on December 22, 1842, anticipating the following year’s coinage. Mintage was intermittent from the spring through the early autumn.

This is Douglas Winter’s variety 4-C. The date logotype is small and thus comfortably fits in the allotted space between the neck and dentils. On the reverse a barely visible crack runs from the rim to the upper right of the first S in STATES. Another faint crack runs from the rim upward between the D in the denomination and the period that follows to the tip of the olive branch. Also, a raised die line extends from a dentil downward to the right through TA.

Purchased from the Goliad Corporation, April 11, 1972.

Another 1843-D $2.50

Small Date, Small Mintmark

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112     1843-D Small Date, Small D. AU-50. Lustrous orange-gold. A faint obverse scratch is noted in the field before Miss Liberty’s face.

Winter-4C.

From Stack’s sale of June 1972, Lot 787.

113     1843-D Small Date, Large D. Net EF-40; sharpness of AU-55, but once cleaned. Some scattered rim marks are also noted. A rare variety; Douglas Winter wrote: "It is believed that 3,537 1843-D quarter eagles using this reverse were struck on October 7, 1843." Considerably rarer than the Small D variety of the date, and worthy of serious bidder consideration as such.

In Gold Coins of the Dahlonega Mint 1838-1861, Douglas Winter noted four varieties of this date. Three of those, designated 4-C, 4-E, 4-F, are the style with small D mintmark, while the fourth variety, 4-G, has the large mintmark reverse as offered here. This variety is also Breen-6170.

114     1843-O Small Date, Crosslet 4. MS-60. Lustrous yellow gold with some deep orange iridescence in the protected areas on the reverse. A pleasing specimen with a distinctly prooflike appearance; the devices are satiny and the fields are reflective. Struck from lightly clashed dies. Choice for the grade, with the eye appeal of a finer specimen.

Date logotype well centered.

On the reverse the O mintmark is deeply impressed into the die. It overlaps the feather, with a tiny portion of the feather visible on the right side of the interior. The mintmark is very close to the fraction bar, but relatively distant from the 1 in the fraction.

Purchased from Stanley Kesselman, August 23, 1971.

115     1843-O Small Date, Crosslet 4. MS-60. Bright and lustrous yellow gold. Yet another attractive specimen of the date with strong eye appeal for the grade.

Date logotype well centered. The mintmark is distant from the tip of the fraction crossbar and the numerator.

On the obverse, a thin crack unites the bottoms of the date numerals, and another crack unites stars 4, 5, and 6. Other fine cracks connect stars 7, 8, and 9 to the rim, while another continuous crack unites stars 10, 11, 12, and 13.

Purchased from Mal Varner, August 11, 1972.

116     1843-O Small Date, Crosslet 4. MS-60. Highly lustrous yellow gold with a touch of olive toning. Somewhat prooflike in appearance. Struck from rusted dies. Another attractive Mint State specimen with the overall appeal of a higher grade, and certain to please as such.

Struck from rusted dies. Obverse with several small, raised "dots" or lumps on Liberty’s jawline and in the field, mainly the former. On the reverse, a sizeable lump appears in the field below the ME of AMERICA.

Date logotype high and nearly twice as close to the neck truncation as to the dentils. Reverse with O mintmark overlapping feather, and with a small part of the feather visible at the right side of the interior. The mintmark is distant from the tip of the fraction crossbar and the numerator.

From Paramount’s sale of November 1971, Lot 994.

117     Quartette of Liberty quarter eagles: I 1843-O Small Date, Crosslet 4. AU-53, cleaned I 1847-O EF-45. Attractive surfaces I 1850 AU-55. Obverse die crack from 2:30 to 7:30 I 1851 AU-53. Pale golden orange surfaces. (Total: 4 pieces)

118     Pair of quarter eagles: I 1843-O Small Date, Crosslet 4. AU-50 I 1847-O EF-45. Both display yellow gold surfaces with some lustre remaining. (Total: 2 pieces)

119     Grouping of quarter eagles: I 1843-O Small Date, Crosslet 4. VF-30, cleaned I 1843-O Small Date, Crosslet 4, Repunched Mintmark. AU-50, cleaned I 1845 AU-50, scratches I 1847-O VF-35 I 1851 EF-45. Rich bluish lavender toning on both surfaces. (Total: 5 pieces)

Lustrous 1843-O Quarter Eagle

Large Date, Plain 4

Especially Scarce Variety

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120     1843-O Large Date, Plain 4, Repunched Mintmark. AU-55. Lustrous yellow gold surfaces exhibit traces of an old cleaning, but the overall appeal is still substantial. An obverse rim flaw, probably as made, appears at 9:00. Struck from clashed dies, with evidence of such plainly seen on both sides. Considerably rarer than its Small Date counterpart, perhaps on the order of five to seven times more rare. We estimate that 50 to 100 examples of the date are currently known in all grades, most of those in the VF to EF category. An especially worthwhile example of this elusive variety, one that would fit nicely in any quarter eagle collection.

Breen-6173. Large date and mintmark.

Date logotype very deeply punched into the die, resulting in the 1 being large and "bulky," giving a very distinctive appearance. The date is far to left and low, with the 1 touching the dentil below, and almost extending to the bust point.

Reverse with heavy O mintmark high and into the arrow feather, with the barest trace of the arrow feather visible within the inner area. Mintmark with strong repunching showing at the bottom; this later fades gradually from the die. Additionally, most of the vertical reverse shield lines extend through the horizontal lines above, and into the eagle’s body below the shield as well.

From Lester Merkin’s sale of March 1969, Lot 23.

Low-Mintage 1844 Quarter Eagle Rarity

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121     1844 AU-50. Lustrous yellow gold with a touch of orange. A low-mintage rarity from the Philadelphia Mint, one of only 6,784 business strikes of the date produced. Typically found well worn, with VF or so being average for the grade. In fact, Walter Breen called this date "Prohibitively rare AU." A few stray marks are noted, but the overall appeal is still quite fine.

Only one die pair has been recognized for this rare date. The date logotype is large and somewhat distorted, with the tops of the digits being smaller and more delicate than the bases, the final 4 in particular being bottom heavy. The dentils were modified to accommodate the oddly shaped date, with the curious result that they are indented under the first and last digits. The die also shows some unusual finish lines between the first digit and first star, extending clockwise past the second star. On the reverse the left-most raised line in the vertical stripes, and also the right-most line, extend upward through the horizontal shield stripes.

Purchased from Mike Brownlee, April 17, 1967.

Mint State 1844-D $2.50

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122     1844-D MS-61 (PCGS). Lustrous yellow gold with olive highlights in the prooflike fields. Struck from clashed dies. One of the few dates of any denomination from the Dahlonega facility that can be called "available" in Mint State grades; we estimate perhaps two or three dozen Uncirculated specimens can be found today. This is not to imply, however, that Uncirculated examples of this date are always available on a whim, for often long periods go by before a Mint State specimen of this quality is offered. Few examples coming to the market can compare with or exceed the currently offered coin.

PCGS Population: 5; 8 finer (MS-63 finest). The high concentration of submissions at the MS-61 and MS-62 level—in this case 12 of the 14 Mint State specimens certified (a single MS-60 specimen has also been graded)—leads us to believe that a few examples of this date were submitted for grade opinions more than once in the hope of obtaining a higher grade.

Winter-5G. On the obverse the date logotype is far to the left, causing the upper left of the 1 to touch the bust. Although the logotype seems to be the same as used on the 1844 Philadelphia issue, in the present instance it was more evenly impressed into the working die; thus, the numerals are not bottom heavy.

On the reverse the mintmark is heavy and high, tilted to the left, and overlaps an arrow feather, which nearly fills the upper half of the inside of the mintmark. The top of the D mintmark virtually touches the claw and olive branch above, while the bottom of the mintmark is distant (relatively speaking, of course) from the fraction.

Purchased from Superior, March 1978.

Attractive 1844-D $2.50

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123     1844-D AU-55. Lustrous honey gold with plenty of brilliance in the recessed areas. A second pleasing example of a popular date. Struck from a different reverse die than the specimen in the previous lot.

Winter-5H. Same obverse die as the preceding lot. Different reverse: the mintmark is only slightly tilted to the left, with most of the feather details above the D, and with only a tiny vestige of the feather present within the inner loop of the mintmark. The top of the D is noticeably distant from the claw and olive branch, while the lower left serif of the D touches the 1 in the fraction, and very nearly touches the fraction bar itself. This variety is perhaps four to five times rarer than Winter-5G.

From Lester Merkin’s sale of April 1970, Lot 662.