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

Choice Proof 1861 $2.50

Enlarge

200     1861 Proof-64 (PCGS). Reflective fields and lightly frosted motifs richly toned in deep orange-gold. Two obverse lint marks and an area of charcoal toning on the rim below the date are noted for accuracy. A very nice example, one of the very finest known, and by any measure an incredible rarity.

Again the Proof mintage for the date is not certain, although the figure of 90 has been published. If this many were struck, many fewer seem to have been distributed, or at least put into numismatic hands—perhaps only 25 or so. And, today, the number accounted for is scarcely more than a dozen. Time and again, including the present circumstance, published mintage figures bear no relation to the survivors. It is possible that 1861 quarter eagles could have been produced for some special occasion—the inauguration of President Abraham Lincoln comes to mind—after which people who were not numismatists simply spent them. However, such theories have no factual basis, at least not yet encountered.

We feel that perhaps just 25 or so were actually sold and distributed, with possibly half that number accounted for today. Indeed, this date is rarer overall in Proof than the much heralded Proof-only 1863 quarter eagle, of which just 30 examples were produced. Here is an opportunity that won’t be repeated soon, and interested bidders are urged to plan accordingly.

PCGS Population: 2; 1 finer (Proof-66).

Date logotype slightly high, top of 1 noticeably closer to truncation than bottom is to dentils. Final 1 in date decidedly lower than other numerals. Date slightly left as well, right side of lowest curl on Liberty’s neck well to right of back of final 1.

Auction appearances and other citations for the Proof 1861 quarter eagle are few and widely spaced over the years, and will be shared with the successful bidder upon application to the editor. It might be interesting to include such extensive data here, but to do so for this and other rarities in the Bass Collection would be tantamount to doubling the size of an already substantial catalogue!

Acquired in trade from Stanley Kesselman, November 1, 1973.

201     1861 MS-64. A lustrous golden specimen with attractive olive highlights. Sharply struck from lightly clashed dies. A lovely example of a fairly plentiful issue.

Date nicely impressed and nicely centered below Liberty, right edge of lowest neck curl even with back edge of upright of second 1 in date. First 1 in date slightly closer to dentils than truncation. No hole in Liberty’s ear. Reverse from Type II hub, as usually seen. Some clash marks are viewed under close inspection, including on the reverse a virtually full outline of the head of Miss Liberty.

From Stack’s sale of January-February 1974, Lot 529.

Attractive Mint State $2.50 Group

202     Half dozen Mint State quarter eagles: I 1861 Type II Reverse. MS-62. Raised die striae. Lustrous with splashes of copper I 1891 MS-61. Lustrous orange-gold I 1904 MS-62. Lustrous yellow gold with a faint copper spot below date I 1907 MS-62 I 1926 MS-63. Lustrous with copper spots I 1927 MS-62. Lustrous. A very nice group of Mint State quarter eagles—an excellent way to begin a specialized collection or to add to one you already have. (Total: 6 pieces)

203     Grouping of quarter eagles grading AU-55: I 1861 Type II Reverse. Advanced obverse die failure, center with multiple breaks, bulging, and one of the most curious, indeed the most spectacular die states we have seen on the quarter eagle of this era! An object of desire for the specialist, worth buying this entire lot to obtain! I 1873 Closed 3. Orange-gold with rose highlights I 1873 Open 3. Yellow gold surfaces I 1878-S Orange-gold I 1879-S. Lustrous. (Total: 5 pieces)

Elusive 1861-S Quarter Eagle

Enlarge

204     1861-S AU-50. Generous amounts of lustre remain on light orange-gold surfaces. From a mintage of 24,000 pieces, most of which went immediately into the channels of West Coast commerce. "Much rarer in all grades than mintage figure suggests," wrote Walter Breen, who also noted that VF or an occasional EF is the standard condition for this date. AU specimens of the present quality are hardly ever seen, and it is worth noting that "name" collections typically had coins in significantly lower grades. A tremendous opportunity for the connoisseur and specialist.

Obverse with nicely centered date, both horizontally and vertically. Second 1 more deeply impressed into die than the other numerals. Type I reverse.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1863.

Splendid Proof 1862 $2.50

Incredible Rarity

Superb Condition

Enlarge

205     1862 Proof-64 (PCGS). Deep golden mirrors and bright, frosty motifs. A delightful cameo gem, certainly a coin of the highest quality for the assigned grade. From a small Proof mintage—the figure 35 has reached print—but from a population of fewer than half that number per our notes. Not only is the present piece incredibly rare, but it is also incredibly beautiful. Few equivalent examples exist in all of numismatics.

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

Date logotype sharply and evenly impressed into the die, base of 1 closer to dentil than top of numeral is to truncation. Lower left edge of bottom serif over left edge of dentil below. The 2 in the date is strong and shows some unfinished areas within its curves, undoubtedly Breen’s "Partly filled 2; effaced overdate?"

A listing of some famous appearances of this date follows:

1. October 1875. Edward Cogan’s sale of the Cohen Collection, Lot 249, as part of a complete six-piece gold Proof set of the date.

2. December 1890. Chapman brothers’ sale of the Cleneay Collection, Lot 411, as part of a complete six-piece gold Proof set of the date.

3. October 1982. Bowers and Ruddy Galleries’ sale of the United States Gold Coin Collection (Louis E. Eliasberg, Sr.), Lot 195; ex John H. Clapp, 1942; John G. Mills (Chapman brothers, April 1904).

4. July 1984. Stack’s sale of Auction ‘84, Lot 377.

5. July 1985. RARCOA’s sale of Auction ‘85, Lot 377.

6. February 1992. Superior’s sale of the Trompeter Collection, Lot 42.

7. The present specimen.

Similar to our earlier offerings, we would be pleased upon request to give a printout of 1862 quarter eagles, including historical appearances of Proofs and Proof sets, to the successful bidder of this lot. However, regarding Proofs the list of different pieces is very short!

Purchased from Abe Kosoff, August 9, 1971.

206     1862 MS-61. Bright honey gold with intense orange iridescence in the protected areas. Mainly prooflike, with reflective fields and satiny devices. A fairly scarce date in Mint State, although more are available than of the typical years in the 1850s.

The date logotype is excellently made, well spaced and the numeral size looks attractively suited to the quarter eagle denomination. High date, bottom of the 1 twice as far from the dentils as the top of the numeral is from the truncation. Edge of lower left serif of the 1 even with left edge of dentil, center of 2 under right edge of lowest hair curl on Liberty’s neck. Prominent raised die striae run diagonally through the fields on both sides, indicating that this specimen was one of the earliest struck by the die pair; such striae are common to virtually all gold and silver coin dies of the era. Dies free of clash marks or other anomalies.

The 1862 quarter eagles did not circulate at par in terms of paper money, but it is likely that many were obtained by citizens early in the year through various channels and connections, paying a slight premium in terms of paper money (later the premium was to increase sharply). Such pieces were tightly held, accounting for the supply of Mint State pieces known today. This represents the last year that Philadelphia Mint quarter eagles were struck for general circulation until the late 1870s. During the Civil War, there was a flurry of activity among the populace with regard to hoarding "hard" money, and although the Treasury Department did not pay out gold coins after late December 1861, it seems that many 1862 gold dollars and quarter eagles were distributed, no doubt to those caring to pay a small premium for them. In any event, high-grade business strikes of 1862 can be located with some regularity in today’s numismatic market.

From Abe Kosoff’s sale of October 1968, Lot 1444.

Lustrous 1862-S Quarter Eagle

Enlarge

207     1862-S Type I Reverse. EF-45. Medium gold with plenty of lustre on both sides. From a relatively small mintage for the date of 8,000 pieces. Numismatic commentary follows the litany so familiar for San Francisco issues of the era: most pieces are in VF grades, and anything higher is scarce to rare.

Date logotype nicely placed horizontally and vertically, top of 1 faintly closer to truncation than bottom of that numeral is to dentils.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1864.

Classic 1863 $2.50 Rarity

Famous Highlight of the Series

Fewer Than 20 Known

Enlarge Enlarge

208     1863 Proof-64 (PCGS). Rich orange-gold mirrors encircle heavily frosted motifs. A truly delightful example of one of the most prominent rarities in the Liberty quarter eagle series. Although the mintage figure of 30 is given, probably no more than 15 to 20 different pieces can be accounted for, many of which are below the present piece in quality. There were no related circulation strikes, so 15 or 20 pieces constitute the entire population—no more! As such, this date handily outranks just about everything else in the series and challenges the two most famous date and/or mint rarities—the 1841 "Little Princess" and the 1854-S. We can readily imagine that if you are a specialist, you will want to bid liberally and add this landmark to your collection, secure in the satisfaction that you have one of the greatest quarter eagles of all time. On the other hand, if you intend some day to build a beautiful collection of quarter eagles—rarities get rarer year by year, and become more famous—and what better way to make a grand entry than to compete aggressively for this piece? It combines rarity, beauty, tradition, fame, and excitement—all in one sparkling little gem!

PCGS Population: 5; 4 finer (Proof-65). For the record, PCGS has 15 certification occasions for the 1863 quarter eagle, no doubt including multiple trips to PCGS for certain individual pieces, netting to a lesser number.

The mintage figures for early Proofs are not known with certainty in many instances, but for the 1863 we have the word of W. Elliot Woodward, who in his catalogue of the John F. McCoy Collection noted, "Of the quarter eagle of 1863, I have positive knowledge that only 30 pieces were struck; hence this coin is now one of the rarest of the series. I am also assured that the $3 piece is scarcely less rare."

Woodward, who the American Journal of Numismatics, called the "lion of the day," was highly esteemed in his era, with the reputation unequalled by any other rare coin professional. He was early in the auction game, holding his first sale in 1860, scarcely after the dawn of American numismatic popularity, which began in a significant way in early 1857. Woodward took a liking to the 1863 quarter eagle, and from time to time said "nice things" about the rarity in print. As these words are being written your editor continues to build a very nice historical file on the 1863, which we would be pleased to share after the sale with the successful bidder.

Acquired from Leo Young at an unspecified date.

209     1863-S Net EF-40; sharpness of EF-45, lightly cleaned long ago. A few tiny pin pricks are noted above the date. All of this said, let us add these comments, perfectly true. This is in the top 20% of the finest known examples of 1863-S! The advanced specialist will recognize the veracity of these words, and should anyone else be skeptical, a note to the editor (QDB) will provide backup information. Quarter eagles of the early 1860s simply are major rarities in any grade higher than VF, and of this date just 10,800 examples were struck. Typically found in VF with an occasional EF seen.

Date nicely centered below Liberty, 1 in date marginally closer to dentils than to truncation, date numerals progressively wider apart from left to right, 1 and 8 closer than 6 and 3. Reverse with S mintmark tilted sharply right, upper curve nearly touches feather, upper serif nearly touches branch, lower curve nearly touches upper serif of D in denomination, lower serif nearly touches end of fraction bar.

From Stack’s sale of May 1968, Lot 753.

Famous and Fantastic Proof 1864 $2.50

A Landmark Rarity

Tied for Finest Certified by PCGS

Enlarge

210     1864 Proof-66 (PCGS). A beautiful golden gem. Heavily frosted motifs stand boldly out from deep mirror fields, creating truly superlative cameo contrast. Although the mintage is properly published as 50 coins, we do not have the word of W. Elliot Woodward to say how many may have really been produced,. In any event only about 15 or so can be accounted for today—placing it in the same echelon Proof-wise as the 1863. However, the 1864 is not a Proof-only date, as there are some circulation strikes here and there—not many, but a few. Considering only its Proof status, this 1864 is in the high echelon of rarities. Taking its grading number status and visual appeal, it has few equals anywhere. Considering its overall rarity—pieces in all grades—this is one of the most desirable of all quarter eagles. It certainly is unexcelled by any piece we recall ever handling—and here at Bowers and Merena we have had more than our share of rare gold coins.

In the present instance the word opportunity may be much more important than the price paid—as today’s record price has a way of becoming tomorrow’s bargain. In any event, the day after the sale the successful bidder will possess this treasure, whereas other specialists will still be scrambling to buy one—an uncertain prospect at best, and even more uncertain if one aspires to acquire a Proof-66.

PCGS Population: 7; none finer.

Date logotype slightly high, top of 1 marginally closer to truncation above than to dentils below. Nicely centered below Liberty. Upper flag of 1 noticeably repunched on the underside.

Again, if the successful bidder would like some expanded information on the 1864 Proof quarter eagle, a note to the editor (QDB) will take care of it.

Purchased from Stanley Kesselman, November 30, 1970.

Amazing Gem Proof 1865 $2.50

Proof Mintage: 25 Pieces

Tied for Finest Certified by PCGS

Enlarge

211     1865 Proof-66 (PCGS). Deep mirror fields and frosted devices. A delightful golden gem with strong cameo contrast present on both sides. One of the finest survivors from a scant Proof mintage for the date of just 25 pieces—per conventional wisdom—the actual distribution may have been smaller, as we can account for only 15 or so different today.

Similar to the 1864 and easily compared to it, the 1865 is ultra rare in Proof format, but is also a key issue in circulation strike form—with worn pieces appearing on the market infrequently. Thus, from beginning to end this is a key date. Even the most advanced specialized cabinet of quarter eagles, if lacking this date, will have its overall average quality lifted with the acquisition of this fantastic gem!

We estimate that just 15 or so of those coins can be accounted for today. This beautiful Proof quarter eagle rarity stands out as a golden opportunity, which is not an easy feat in a sale that is literally laden with such opportunities.

PCGS Population: 2; none finer.

Date logotype fairly high in the field, top of 1 noticeably closer to truncation than bottom is to dentils.

The auction record for this date begins at an early time, and continues thereafter, with a number of "name" collections containing Proofs. Again, if the successful bidder would like some additional information to round out the appreciation and enjoyment of this lovely 1865, just say the word.

Some previous auction appearances of examples of this elusive rarity include:

1. October 1875. Edward Cogan’s sale of the Cohen Collection, Lot 252, part of a complete six-piece gold Proof set of the date.

2. December 1890. Chapman Brothers sale of the Cleneay Collection, Lot 414, part of a complete six-piece gold Proof set of the date.

3. May 1922. B. Max Mehl’s sale of the James Ten Eyck Collection, Lot 97.

4. March 1980. Bowers and Ruddy Galleries’ sale of the Garrett Collection, Part II, Lot 766; ex W. Elliot Woodward (September 1883); Ely Collection.

5. August 1982. Paramount’s sale of Auction ‘82, Lot 1862.

6. October 1982. Bowers and Ruddy Galleries’ sale of the United States Gold Coin Collection (Louis E. Eliasberg, Sr.), Lot 200; ex John H. Clapp, 1942; John G. Mills (Chapman brothers, 1904).

7. July 1987. Paramount’s sale of Auction ‘87, Lot 388v.

8. March 1988. Our sale of the Norweb Collection, Part II, Lot 2057.

9. August 1990. Stack’s sale of Auction ‘90, Lot 387.

10. February 1992. Superior’s sale of the Trompeter Collection, Lot 45.

11. May 1992. Our sale of the Somerset Collection, Lot 729.

12. The present specimen.

From Stack’s sale of May 1974, Lot 371.

212     1865-S AU-50. Lustrous honey gold with some orange highlights in the recessed areas. A few stray marks are present, but the eye appeal is still fairly strong. While not a common date by any means, it is still one that can be located with some regularity. When found, Fine to VF is the norm, with EF and higher pieces quite rare. A lovely specimen overall—notably above average for an 1865-S—a piece that is finer than those found in many "name" collections over the years.

Breen-6267. "Two varieties (normal or with traces of repunching on date), from three obverses shipped November 1865; reverse of 1863-S." Date logotype nicely centered between dentils and truncation, perhaps slightly above center and somewhat to left, right edge of lowest curl on Liberty’s neck even with right edge of 5 in date. Base of 8 shows minor repunching.

Type I reverse, with S mintmark tilted sharply right, upper curve nearly touches feather, upper serif nearly touches branch, lower curve nearly touches upper serif of D in denomination, lower serif nearly touches end of fraction bar; the same reverse as 1863-S.

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

Memorable Proof 1866 $2.50 Rarity

Another Dazzling Showpiece

A Key to the Series

Enlarge

213     1866 Proof-64 (PCGS). Attractive orange-gold with lighter devices. The fields are mirrored and the motifs are somewhat frosty, creating a delightful cameo contrast. A lovely specimen of the date and numerical grade—this plus the generous eye appeal that one has come to expect from a Bass Collection coin.

Conventional wisdom gives a mintage figure of 30 pieces for the 1866 quarter eagle, which may or may not be correct. Certainly the number was no larger, but it could have been significantly smaller. Only about half that number are currently accounted for, seeming to indicate a modest distribution. As a date the 1866 takes its place with the 1864 and 1865 earlier offered—circulation strikes are very rare, this situation placing an extra market demand upon the very few available Proofs.

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

Date logotype nicely centered both horizontally and vertically, 1 perhaps marginally closer at top than bottom. Lower left edge of serif of the 1 over right edge of dentil. Right edge of lowest curl on Liberty’s neck slightly left of right edge of final 6 in date.

From Stack’s sale of the Shapero Collection, October 1971, Lot 845.

214     1866-S EF-45. Rich rose iridescence on medium gold surfaces. An attractive example of a popular branch mint issue that is typically seen in VF.

Obverse with nicely centered date, 1 about equidistant between truncation and dentils, left edge of lower left serif over right edge of a dentil, right side of lowest curl on Liberty’s neck even with right side of final 6 in date. Reverse with S mintmark high, upper right of S nearly touches talon, upper serif touches nock of shaft and feather, bottom point of lower serif points to center of upright of the fraction numerator. Mintmark possibly slightly doubled, there might be a stray touch of the S mintmark punch at the top arrow feather, but the present piece is not definitive.

From Abe Kosoff’s sale of October 1968, Lot 1446.

215     1866-S EF-40. Medium gold with pale rose iridescence. Much lustre remains. A small, old scrape is noted in the reverse field near the eagle’s head.

Obverse with high date, top of 1 closer to truncation than bottom is to dentils, edge of lower left serif over center of dentil, right side of lowest curl on Liberty’s neck over inner right curve of loop of final 6. Reverse with S mintmark far right, upper right of S touches bottom side of lowest feather, upper serif nearly touches branch, bottom point of lower serif near top of fraction bar.

From Stack’s sale of the Davis Collection, February 1968, Lot 236.

216     1866-S EF-40. Lustrous orange-gold with deeper orange in the recessed areas.

Obverse with nicely centered date, 1 about equidistant between truncation and dentils, left edge of lower left serif over right edge of a dentil, right side of lowest curl on Liberty’s neck even with right side of final 6 in date. Reverse with S mintmark high, similar to the piece offered two lots earlier.

From Lester Merkin’s sale of March 1969, Lot 82.

Incredible Proof 1867 $2.50

Finest Graded by PCGS

A Quarter Eagle Landmark

Enlarge

217     1867 Proof-67 (PCGS). Frosty yellow gold motifs and deeply mirrored fields form an outstanding cameo contrast. Miss Liberty and the surrounding stars and date appear to be suspended in midair; the reverse motifs are equally as lovely and well defined. Superbly struck and lovingly preserved for 133 years. From an unknown Proof production run of the date—popularly stated at 50 pieces, but an extreme rarity with only 15 or so known today—suggesting a much lower distribution. Walter Breen called Proofs of this date "Almost as rare as 1863," an accurate testament to the rarity of the issue. An outstanding rarity with beauty and eye appeal to match, perhaps the finest known specimen of this elusive date. The 1867 Proof joins the dazzling lineup presented thus far in the Bass Collection of quarter eagles—rarity combined with exquisite quality, in the present instance ultra-rare quality, for such a grade is almost—but not quite—unknown! Similar to the other Philadelphia issues of the time, circulation strikes are few and far between, placing additional market pressure on the Proof.

PCGS Population: 1; none finer.

Date logotype high, top of 1 close to truncation, upper back point of 7 virtually joined to the rear point of the truncation, right edge of lowest curl on Liberty’s neck even with left edge of upper serif on 7.

From Quality Sales Corporation’s sale of September 1973, Lot 1060.

Lustrous 1867-S $2.50

Notable Quality

Enlarge

218     1867-S AU-55. A lustrous specimen of a popular branch mint issue, one that Walter Breen called "Extremely rare above EF." From a modest mintage of 28,000 pieces, most of those placed immediately into circulation with the end result that the average survivor from that mintage is just VF or so. A notable quality example, the present coin is a delight to behold and is head and shoulders finer than typically seen, even in "name" collections.

Date very high with first and last digits fairly close to but not quite touching neck truncation. Logotype deep into die. Reverse with S mintmark barely touching arrow feather, bottom of mintmark close to tip of fraction bar and D of the denomination. Clash marks show around the eagle.

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

219     1867-S EF-45. Lustrous honey gold. Some marks are present on Liberty’s neck and shoulder. Again, the norm for a San Francisco Mint quarter eagle for this area is VF. The present piece is significantly higher and has much original mint frost. Quality such as this is infrequently encountered.

Date very high with first and last digits fairly close to but not quite touching neck truncation. Logotype deep into die. Reverse with S mintmark barely touching arrow feather, bottom of mintmark close to tip of fraction bar and D of the denomination. Clash marks around eagle.

Purchased from R.R. Johnson, September 14, 1967.

Classic 1868 Proof Rarity

Just 25 Proofs Struck

Enlarge

220     1868 Proof-64 (PCGS). Rich orange iridescence on lightly frosted motifs and deep mirror fields. A splendid specimen, one of the finest we have ever seen or handled. In Proof format, the 1868 is one of the great rarities after 1860. Although the figure of 25 Proofs has been published, only about half that number can be accounted for in terms of different specimens. Thus, the present coin takes its place as a prime rarity alongside the other notable Proofs of the decade in the Bass Collection. The word opportunity comes to the fore.

PCGS Population: 6; 3 finer (Proof-65).

The preponderance of specimens in the Proof-64 and Proof-65 range leads this writer to think a few of those listed specimens may have made more than one trip through the grading process at PCGS.

Date logotype punched deeply into the working die, somewhat to the left, and with top of the 1 nearly but not quite touching the neck truncation; the lower left serif of the 1 is opposite the center of a dentil and distinctly separated from it. Under high magnification, the dies have some interesting raised polish lines including before the lower part of the neck and just below the bottom element of the hair bun. Some other hardly visible lines extend from the forelock and the front of the coronet. The stars are very close to the dentils, with very little field between the outermost ray of star 4 and the border. The reverse is from the same Proof die used to coin quarter eagles earlier in the decade. We give these notes simply for the record, because so few Proof quarter eagles exist that specialists do not often have the opportunity to examine them.

As is true of other Proofs of this decade, such coins have appeared in the auction venue over a long period of time, beginning within a decade of their issuance. We would be pleased to share our notes with the successful bidder.

From Superior’s sale of February 1973, Lot 217.

221     1868-S AU-58. Lustrous honey gold with attractive rose highlights. Lightly cleaned long ago, but scarcely noticeable and mentioned only for the record. Under magnification some marks are seen here and there, especially on the reverse to the lower left of the eagle where there are two little scratches. In keeping with other San Francisco Mint quarter eagles of this decade, the 1868, when seen (which is not all that often) is apt to be in VF, very occasionally EF, and only rarely AU. The present piece is one of the finest we have ever offered.

Obverse with date logotype nicely centered horizontally and vertically, and deeply impressed into the die. Some raised die finish lines can be seen near the date, including a large group that almost appears to be a single line, this connecting the back of the lower loop of the second 8 to the rear point of Liberty’s truncation.

Obverse and reverse with light clash marks.

From Stack’s sale of the Miles Collection, October 1968, Lot 201.

Classic Proof 1869 Quarter Eagle

Another Classic Rarity

Enlarge

222     1869 Proof-64 (PCGS). Bright medium gold with attractive light orange highlights. The devices are somewhat frosty and the fields are deeply mirrored, presenting a modest cameo contrast overall. Another Proof rarity in the denomination, one of just 25 pieces struck. Of those, we estimate that perhaps 15 specimens can be located today. Pleasing for the grade. This closes out the complete run of Proof quarter eagles dated in the 1860s and of hand selected quality! The offering is, in a word, amazing.

PCGS Population: 8; 2 finer (Proof-66 finest).

Date logotype deeply impressed into die. Bottom of 1 marginally closer to dentil than top is to truncation, left edge of lowest serif close over center of dentil below. On Liberty’s coronet, a raised diagonal line connects the right side of the top serif of L in LIBERTY to the lower right foot of that letter. From the master die as it also occurs on San Francisco coinage. Right edge of lowest curl on Liberty’s neck above the left side of the digit 9.

From RARCOA’s sale of August 1970, Lot 1447.

223     1869-S AU-58. Lustrous honey gold with warm orange highlights. A touch of obverse striking weakness is noted, a typical state for this issue; the reverse is fairly strong in most areas. From a mintage of 29,500 pieces, most of which went immediately into circulation. Typically found in VF or occasionally EF, with AU and finer examples considered quite rare. An attractive coin for the grade, one of the finest we have ever seen or handled.

Date logotype deeply impressed into die. Date very high with flag and top of 1 fairly close to but not quite touching neck truncation, left edge of lowest serif over right edge of dentil below. On Liberty’s coronet, a raised diagonal line connects the right side of the top serif of L in LIBERTY to the lower right foot of that letter; from the master die used to make the working dies, and also seen on the Proof quarter eagle just offered. Reverse with S mintmark barely touching arrow feather, bottom of mintmark close to tip of fraction bar and D of the denomination. Clash marks show around the eagle.

From Stack’s sale of the Davis Collection, February 1968, Lot 238.

Lovely Gem Proof 1870 Quarter Eagle

Tied for Finest Graded by PCGS

Enlarge

224     1870 Proof-65 (PCGS). Deep golden orange mirrors and frosted design motifs form a strong and endearing cameo contrast. A beautiful Proof quarter eagle in all regards, sharply struck and aesthetically appealing.

This is one of a very small mintage, typically reported as 35 Proof strikings, and no doubt far fewer were distributed—as at present, we are unable to trace any more than a dozen different pieces. By all accounts this date is rarer than the more highly recognized 1869 Proof quarter eagle, of which just 25 pieces were produced! A numismatic prize, easily among the finest known examples of the date, and perhaps the finest specimen extant.

PCGS Population: 2; none finer.

Date logotype only moderately impressed, the numerals appearing fairly thin and somewhat tall. Tip of flag and top of 1 nearly touching truncation above, edge of lower left serif fairly high and over center of dentil below. Raised die polish lines present near Liberty’s ear and among the letters of LIBERTY on the coronet. Other raised lines of varying lengths crisscross the fields at random angles, especially on the obverse. A group of small raised dots, no doubt the result of rust, can be seen on Liberty’s neck just above the 1 in the date. The reverse die is remarkable for its perfection.

From Stack’s sale of May 1974, Lot 373.

225     1870-S AU-55 (PCGS). Highly lustrous orange-gold surfaces with deep rose iridescence forming a splendid display of brightness. From a modest mintage for the date of 16,000 pieces. Typically seen in VF to EF or so, and a rare date in AU or finer.

Date logotype twice as close to the neck truncation as to the dentils, deeply punched into die. Some raised areas within the words LIBERTY on the coronet, including a diagonal raised area from the L, reminiscent of that used in 1869 (but not on the Proof dated 1870 just offered). It seems that a study of its own could be made concerning minor master die variations. Reverse with S mintmark high and surrounded by much of the motif above. Arrows and other features especially prominent, from the old hub as usual, but in this instance very deeply impressed into the working die.

From Stack’s sale of October 1994, Lot 941.

Choice Proof 1871 Quarter Eagle

A Landmark Rarity

Tied for Finest Certified by PCGS

Enlarge

226     1871 Proof-64 (PCGS). Bright, frosted honey gold motifs and mirrored fields display a hint of deeper orange toning. A superb specimen for the assigned grade. This is one of only 30 Proofs said to have been struck, an average mintage figure for the era, but one that has little meaning with relation to the availability of coins today. In fact, the 1871 is even rarer than the typical date of the 1860s—including the famous 1863! As we go to press, we can account for about 10 to 12 different pieces. For the record, PCGS has certified just two Proofs of this date, both of those at the Proof-64 level. We expect serious bidding competition when this important rarity crosses the auction block, and those bidders considering adding this specimen to their numismatic cabinet should plan accordingly.

PCGS Population: 2; none finer.

Date logotype impressed fairly strong, date high, top of first 1 near truncation, bottom twice as far from dentils below, left edge of lower serif over space between dentils, right base of second 1 about the same distance from dentils. A prominent raised die lump is seen on Liberty’s neck above the center of the date, and two smaller lumps can be seen above her eyebrow; this is a hallmark of Proofs and is extremely curious—indeed fascinating. Raised die polish lines can be seen among the obverse stars, and to a lesser degree on the reverse.

Purchased from Julian Leidman at an unknown date; ex Kagin’s sale of November 1973, Lot 1783.

227     1871-S AU-58. Lustrous and satiny honey gold surfaces. A few faint marks present when viewed with a low-power glass. Struck from lightly clashed dies, some weakness present at the centers, as nearly always found for the date. VF and EF are typical grades for this date, although nice AU specimens appear now and then—this being one of the "now" instances.

Date logotype nicely impressed, date nicely centered in all directions, first 1 equidistant between truncation and dentils. Final 1 in date faintly repunched at bottom, perhaps the variety mentioned at Breen-6281: "Douglas Winter reports one with triple-punched 1." Small raised die lump on Liberty’s neck directly above the right side of the 8. Reverse with S mintmark high and surrounded by much of the motif above. Arrows and other features especially prominent, from the old hub as usual, but in this instance very deeply impressed into the working die.

Received in trade from Stanley Kesselman; according to Harry Bass’ notes, ex "Miles, ‘68, Lot 207, Scanlon, ‘73, Lot 2105."

Impressive Proof 1872 $2.50 Rarity

A Numismatic Classic

Enlarge Enlarge

228     1872 Proof-64 (PCGS). Delightful golden orange toning on moderately frosted motifs and deeply mirrored fields; the cameo contrast is enchanting in a deep and sultry way. Absolutely choice for the grade. A few light hay marks are seen under low magnification, but the piece still measures up easily to careful scrutiny. From a Proof mintage for the date of just 30 pieces, with perhaps half that number available to today’s numismatic community. A glance at this deep golden Proof quarter eagle practically assures the viewer of a deeper appreciation of the coiner’s art.

PCGS Population: 6; 3 finer (Proof-66 finest).

Date logotype nicely impressed, date slightly right but centered in field, 1 equidistant between truncation and dentils, base of 1 and 8 come extremely close to each other, right edge of lowest hair curl on Liberty’s neck even with inner edge of ball of 2.

From Quality Sales Corporation’s sale of September 1973, Lot 1066.

229     1872-S EF-45. Frosty honey gold with strong rose iridescence in the recessed areas. A coin which seriously challenges the AU level.

The last two digits are low on the logotype (characteristic of all 1872 dies). Obverse with date deeply impressed into die, slightly high, top of 1 close to truncation, left edge of lowest serif fairly high over center of dentil, right edge of lowest curl on Liberty’s neck over center of 2; Walter Breen mentioned "two minor positional varieties" for this date in his Encyclopedia. Reverse with small S mintmark overlapping end of arrow, lower serif to right of upright of fraction denominator.

Purchased from Jack L. Klausen, June 17, 1968.

Gem Proof 1873 $2.50

Closed 3 in Date

Finest Graded by PCGS

Enlarge

230     1873 Closed 3. Proof-65 (PCGS). Bright yellow gold with some honey gold overtones. The fields are deeply mirrored and lend an air of support to the moderately frosted devices. Scattered obverse lint marks are noted. From a Proof mintage for the date of just 25 coins. We estimate that some 12 to 15 Proofs of the date are extant today, making for a rarity in anyone’s estimation. Regarding Proofs of the date, Walter Breen noted: "Possibly 19 survive, some impaired." The present specimen is the finest example of the date certified by PCGS, and undoubtedly a contender for finest known honors for the date as well.

PCGS Population: 1; none finer.

Date logotype nicely impressed, date low, left edge of lowest serif close over left side of dentil, top of 1 distant from truncation.

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

Purchased from Harry X Boosel, "Mr. 1873," March 12, 1973.

Gem Mint State 1873 $2.50

Closed 3 in Date

Enlarge

231     1873 Closed 3. MS-65 (PCGS). Deep honey gold with strong lustre on satiny surfaces. A reasonably plentiful date in average Uncirculated preservation, but at the gem level, the variety is exceedingly difficult to locate. The present coin is indeed a lovely piece for the grade, and is finer than the MS-64 specimen we offered in Part II of the Harry W. Bass, Jr. Collection, October 1999, Lot 579. It takes a Bass coin to top a Bass coin!

PCGS Population: 4; 2 finer (MS-66).

Date logotype moderately impressed, date nicely centered, 1 virtually equidistant between truncation and dentils, left edge of lower serif over left edge of dentil, right edge of lowest hair curl on Liberty’s neck over center of balls of 3, die clash marks around Liberty’s head. Reverse with some faint, spidery die cracks that connect the tops of OF AMERICA and the bottoms of the numerals and the D in the denomination.

From RARCOA’s sale of Auction ‘79, July 1979, Lot 1186.

232     1873 Closed 3. MS-62. Lustrous orange-gold with warm rose highlights. A sprinkling of tiny speckles can be seen on the obverse under low magnification.

Same dies as preceding.

233     Grouping of quarter eagles: I 1873 Closed 3. AU-50. Hints of orange toning at the devices I 1873 Open 3. AU-55. Pale olive green toning in the fields I 1878-S AU-50. Lustrous with magenta toning at the date I 1879-S AU-50. Scratches before Liberty’s mouth with splashes of soft magenta toning at the devices I 1900 AU-50. Small gouge on obverse field behind Liberty. (Total: 5 pieces)

234     1873 Open 3. MS-63 PL. Bright golden orange with decidedly prooflike fields and lightly frosted motifs.

Date logotype lightly impressed, well centered both horizontally and vertically, lower left serif of 1 over center of dentil below, other numerals essentially equidistant as well. The die has been heavily polished where the front of Liberty’s neck meets her shoulder, leaving a sizeable area of reflective surface without design details in that area.

From RARCOA’s sale of April 1972, Lot 707.

235     1873-S Closed 3. AU-50. Lustrous honey gold. San Francisco quarter eagles of the 1870s are considerably more available at the AU level than are those of the 1860s, but still the 1873-S can be considered to be quite scarce. It is probably correct to say that an 1873-S in AU-50 grade is at least a couple hundred times rarer than, say, a 1901 quarter eagle in full Mint State.

Closed 3 in date, as are all of this date and denomination. Date very low and about three times closer to the dentils than to the neck truncation above. Reverse with S high and into the motif.

From Stack’s sale of the Scanlon Collection, October 1973, Lot 2109.

Incredible Proof 1874 $2.50 Rarity

Tied for Finest Graded by PCGS

Proof Mintage: 20 Pieces

Enlarge

236     1874 Proof-64 (PCGS). Satiny pale orange-gold motifs stand boldly out from deep mirror fields, the end result being an outstanding cameo contrast. Conventional wisdom has it that 20 Proofs were struck, and in the present case this may have been true, as perhaps a dozen or so exist today—a fitting proportion. For many years the 1874 has been acclaimed as a landmark in the Proof quarter eagle series, and many "name" collections have lacked an example. The present piece is one of the finest in existence, a coin that may well represent the end of a multi-year search by a connoisseur. In one specimen it combines the elements of rarity, beauty, and desirability.

PCGS Population: 3; none finer.

Logotype nicely impressed, date nicely centered horizontally and vertically, bottom portions of the numerals uneven (as though there are chips or unfinished areas there in the die), three tiny raised lumps on Liberty’s cheek near her ear, noticeable chips out of the dentils between the fourth and fifth stars, just after the fifth star, above the sixth star, and just before the seventh star.

As is the case with the other Proofs in the illustrious run of Bass Collection coins, we have a nice data file on historical appearances. One can only marvel at such long ago offerings as a complete gold Proof set in Edward Cogan’s sale of the Col. Milton I. Cohen Collection, October 1975, and a complete Proof set in Thomas Cleneay Collection sale held by the Chapman brothers in December 1890. Throughout the late 19th century, and extending in a few instances into the early 20th century (most notably with the cabinet of Col. Cummings), a few highly important collections had gold sets. However, it seems to have been the rule, not the exception, that once these sets were auctioned, the buyers broke them up, extracting the quarter eagle to sell to a quarter eagle specialist, the gold dollar to another numismatist, the $3 to still another, and so on. Today in the year 2000, the American Numismatic Society has a gold Proof set of 1874 along with a number of notable other gold Proof sets, mainly from the collection of J.P. Morgan, earlier from the Brock Collection. The National Coin Collection in the Smithsonian Institution also has gold Proof sets, but, unfortunately, many have been cleaned to the point at which the individual coins have numerous hairlines.

In his long quest to find Proof quarter eagles, Harry Bass was very "fussy" and bypassed impaired Proofs and lower grade pieces, selecting examples such as the present 1874—combining high numerical grade and equally if not more important, stunning eye appeal.

From Stack’s sale of May 1974, Lot 374.

Landmark 1875 Proof Rarity

Classic Quarter Eagle of the 1870s

Just 20 Struck

Enlarge

237     1875 Proof-64 (PCGS). Deep orange-gold. Lightly frosted devices and mirror fields present a modest cameo contrast.

The 1875 is the most famous single date among quarter eagles of the 1870s—both from the standpoint of its absolute rarity as a Proof, plus its rarity as a date (as only 400 circulation strikes were made), plus association with the other famous Proofs of the 1875 year—most notably the gold dollar and the $3 piece, both of which exist in higher numbers today than does the quarter eagle. Often a span of many years will elapse between offerings of a coin of this quality. The present piece, off the market for 27 years, emerges to delight the present generation of connoisseurs for viewing, and a single fortunate individual who captures it with the highest bid.

Twenty Proofs were reported to have been struck, with which number we will not differ, as perhaps 15 exist today—a fair proportion. The related circulation strikes are virtually unobtainable, and in high Mint State level are as rare as the proverbial hen’s teeth—placing additional market pressure on the few available Proofs.

Our congratulations in advance to the buyer. We have enjoyed this coin while in our possession and will miss it when it is gone.

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

Date logotype deeply impressed, numerals slightly low and to the right. The 1 is slightly farther from the neck than its base is from the dentils, but the difference is not great. The tip of the flag of the 5 is very close but does not quite touch the neck truncation. Under very high magnification the obverse shows some interesting raised die preparation lines, with a number being somewhat like pickup sticks in front of Miss Liberty’s lips, others seeming to emanate from stars 3 through 5, another connecting stars 9 and 10, etc.; these lines are so delicate that they would not show up in a photograph. We record them here simply out of technical interest. All Proofs share these features.

We have located and recorded well over a dozen appearances at public auction of specimens of this great and popular rarity, dating as far back as Edward Cogan’s sale of the Cohen Collection in 1875. At that time (the year of issue), the rarity of the gold Proofs of 1875 was not yet understood or appreciated; a six-piece gold Proof set, $1 through $20 brought a paltry $46.50, just $5 over face value.

As a parting comment, we quote from B. Max Mehl’s sale of the William Forrester Dunham Collection in which a similar piece was offered: "Here’s one coin the rarity of which has not been appreciated. Only 420 specimens were struck in all. Just how many Proofs were struck, I do not know, but I doubt if more than 5% were Proofs. We find some of the greatest collections that have been sold in the past 50 years did not have this coin in brilliant Proof. The Hale Collection, which was being formed for over 40 years did not have any kind of a specimen. I consider this coin, in brilliant Proof condition, almost as rare as any quarter eagle."

Obtained in trade from Abe Kosoff, August 1973.

Fantastic Gem 1876 Quarter Eagle

Tied for Finest Graded by PCGS

Centennial Year Rarity

Enlarge Enlarge

238     1876 Proof-66 (PCGS). A superb gem Proof combining high numerical grade—none finer graded by PCGS—with a very generous quotient of eye appeal, creating an American numismatic landmark. Add to this the appeal and interest of the 1876 as a centennial year coin—a feature which in the 19th century was nearly always mentioned when an example of this issue crossed the auction block—and you have a prime object of numismatic desire.

PCGS Population: 2; none finer.

Four-digit date logotype deeply impressed in the die, giving a bold appearance. Digit 1 ever so slightly closer to dentils than to neck truncation, same for digit 6.

From Quality Sales Corporation’s sale of September 1973, Lot 1071.