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

In 1840 a new quarter eagle design was produced, the Coronet Head or Liberty Head style by Christian Gobrecht. At the Mint, Gobrecht, who had signed on as second (he did not like the term "assistant") engraver in 1835, had done nearly all of the creative work since that time, when Chief Engraver William Kneass suffered a debilitating stroke. After Kneass’ death in 1840, Gobrecht became chief engraver, a position he held until his passing in 1844 (at which time he was succeeded by James B. Longacre).

The Coronet Head was one of several portrait styles that Gobrecht had created during the general period 1837-1839 as part of experimentation that reached its zenith in the copper cent series in the latter year (when portraits included what collectors know today as the Head of 1838, Booby Head, Silly Head, and Head of 1840 styles).

The Coronet Head was first used in the gold series on the revivified $10 gold denomination, which appeared in 1838, followed by the $5 in 1839. Thus, by 1840 the debut of the Coronet Head on the $2.50 was somewhat late.

During the 1840s, coinage of quarter eagles took place at the Philadelphia, Charlotte, Dahlonega, and New Orleans mints. Quantities were typically small in comparison to the $5 and $10 coins, but there were exceptions. As a rule, $2.50 coins were used domestically, while the larger denominations were popular in the export trade.

On January 24, 1848, precious yellow flakes were discovered in the tail race at Sutter’s Mill on the American River in California, igniting the Gold Rush that would galvanize the world. Within several years, the borders of America extended from coast to coast, and westward the course of empire had taken its course. Vast quantities of gold were brought forth from the streams and earth, with the result that by 1850, the year when California achieved statehood, gold became "common" in relation to silver, and silver coins rose to become worth more than face value, the latest variation in the gold-silver seesaw of prices.

By early 1851, silver was worth a 3-1/2% premium in terms of gold. Silver was hoarded, a situation that stripped commercial and banking channels of half dimes, dimes, quarter dollars, half dollars, and silver dollars. Mintages of gold coins increased to take up the slack for the missing silver coins. The Act of February 21, 1853, reduced the authorized weight of new silver coins from the half dime to the half dollar, but left the silver dollar untouched. In one of those interesting footnotes in American financial history, silver dollars remained off the market and were no longer seen in circulation (until 1873, when the price of silver metal fell sharply), while half dimes, dimes, quarters, and halves circulated readily.

In 1854 the San Francisco Mint opened for business, making it possible to convert gold bullion into federal coins without having to ship it by sea to Philadelphia or one of the other distant mints. Most of the production of this mint was in the form of double eagles. Quarter eagles constituted but a tiny fraction.

Gold Coins Disappear (1862-1878)

In April 1861, troops of the newly formed Confederate States of America fired upon Fort Sumter, the federal outpost in the harbor of Charleston, South Carolina. A small force of Union soldiers held out for several days, while the ramparts fell to dust around them, finally surrendering to the inevitable—remarkably without loss of life. The Civil War had begun, the culmination of internecine wrangling that had dominated Congress for three decades.

At the outset, hopes were high in both the North and the South. In the southern states citizens looked forward to a new era of self-government, a new nation in which slaves could be held without interference, and which the "wealth of the South"—natural products such as corn, cotton, rice, and tobacco—would bring great prosperity to the inhabitants (slaves excepted). The resources of the South were permanent, it was said, while those of the North—such as manufacturing, commerce, and related activities—were subject to many vagaries. The Confederacy issued its own paper money and a few coins (including 1861-D gold dollars struck at Dahlonega).

In the Union in 1861, the war was viewed as an easy win. The South had been itching for a fight for a long time, and now it would get its comeuppance. In a matter of months, Union soldiers would devastate the ill-prepared Southerners, it was thought. Many adventurers sought to take part in the action and signed on as soldiers. Hopes and enthusiasm ran high. Victory, if not actually in sight, was just around the corner.

Reality proved to be quite different.

The Charlotte, Dahlonega, and New Orleans mints fell to the Confederacy in spring 1861 and were soon closed.

The summer and autumn of 1861 came and went, and after several bloody battles there was no clear indication as to the outcome. It was anything but an easy win for either side. Soldiers died by the thousands.

The public became alarmed and set about hoarding "hard assets," as had been done in times of war and economic uncertainty in earlier times. By December 1861, newly issued Union paper money notes were readily available at banks, but gold and silver coins were becoming scarce. On December 28, 1861, certain banks stopped paying out gold coins, followed soon by the cessation of silver coin disbursements. By mid-July 1862, not a single silver or gold coin was to be found in general commerce anywhere in the East or Midwest.

Federal gold and silver coins sold at a premium, which at one time was more than twice face value. The Treasury Department continued to strike gold coins at Philadelphia, but in reduced quantities. These were made available to citizens and merchants, but only at a sharp premium in terms of paper money. Bullion dealers prospered, and every large city had a number of shops where notes could be exchanged for federal gold coins including quarter eagles. Alfred Robinson, who in the early 1860s was a rare coin dealer, stock broker, and banker, by 1870 styled himself as a gold broker, apparently finding the profits greatest in that specialty. The United States Treasury kept track of the considerable profits it made in this manner—it, too, sold federal gold coins at large markups in terms of paper money—a very curious situation when viewed in hindsight.

Gold coins were off the market until December 17, 1878, when at long last, gold coins, silver coins, and paper money were each exchangeable at par. Thus, gold coins minted at Philadelphia during this period were kept in storage, or were sold at a premium including for use in the import and export trade. As might be expected, mintages were very small of the denominations not used widely in international commerce, and were extensive for the largest value, the $20 gold double eagle (which had been introduced in 1850). During the general period 1862-1878 quarter eagle mintages tended to be low as did the other low denomination gold coins, the $1 and $3 values.

The Late Coronet Head Era 1879-1907

In 1879, quarter eagles and other gold denominations again circulated freely in commerce in the East and Midwest. However, by this time the general public was quite accustomed to paper money (including some issues that offered the security of being exchanged at par for silver, and later, gold coins). Thus, when gold coins became available, they were not widely used, except in certain areas of the West—particularly in the Rocky Mountain states—where "hard money" was preferred.

The San Francisco Mint struck its last quarter eagle in 1879, after which Coronet Head $2.50 coinage was limited to the Philadelphia Mint. After this time, with paper money in the forefront in domestic American commerce, most gold coinage was in the form of $20 double eagles, easy to count and ship to foreign countries. Quarter eagles were made in relatively small quantities, primarily to avoid creating rarities for speculators or collectors (this, per the Annual Report of the Director of the Mint, 1887). The same thing was done with $1 and $3 gold coins. While investors were drawn to the gold dollars, it seems that few purchased quarter eagles. Thus, in Mint State many of the low-mintage quarter eagles of the 1880s and early 1890s are quite rare today, as our comments in the following pages substantiate.

The Coronet Head motif continued to be used year after year, until 1907 when it was retired at last. By that time it had been employed continuously since 1840, the longest time any American coin design was used without a major change.

Uncirculated 1840 Quarter Eagle

A Condition Rarity

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131 1840 MS-61 (PCGS). Lustrous yellow gold with decided olive highlights. Some striking weakness noted at the centers, as usual for this premier issue of Gobrecht’s design type. In his Encyclopedia, Breen said "Prohibitively rare above EF," indicating that perhaps even AU examples of this date should be considered landmarks. In Mint State, this date is nearly as rare as a quarter eagle can be. As the reader might suspect, other known Mint State examples of this date to appear at public auction recently were both from the collection of Harry W. Bass, Jr. (one of those MS-64, and the other MS-60).

PCGS Population: 1; 3 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 fades from the die. Reverse with a distinctive die crack that runs from the bottom of the right upright of the M in AMERICA to the tip of the uppermost arrowhead. (For an advanced state of this reverse, please refer to Bass:99, May 2000).

Additionally, virtually all of the vertical stripes on the reverse shield extend well into the horizontal stripes above.

From Stack’s sale of the Robison Collection, February 1979, Lot 111.

Pleasing 1840 Quarter Eagle

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132 1840 AU-50. Medium honey gold with some pale orange and yellow brightness in the recessed areas. Typical central weakness, not distracting, just a fact of life for this date. From a modest mintage of 18,859 pieces, with most survivors from that mintage just VF or so. An altogether pleasing example of this rarity.

From the same obverse die as the preceding lot. Reverse die in a later state, now with a vertical die crack that extends from the dentils below the fraction upward, crossing the fraction bar between the two fraction numerals, then touching the arrow feather above.

From Stack’s sale of the Stewart Collection, May 1972, Lot 1607.

Important Mint State 1840-C $2.50

Among Finest Known

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133 1840-C MS-61 (PCGS). Lustrous olive-gold with generous amounts of yellow brilliance in the protected areas. Raised, circular lathe lines on Liberty’s portrait (see note below). An important and impressive example of the date, one of 12,822 examples produced in the first year of the design type by the Charlotte facility.

An incredible rarity in Mint State, as Charlotte Mint coinage was used extensively and intensively in circulation, and pieces in everyday commerce were not handled with care. Perhaps it is also worth noting that certification service numbers are one thing, but actual rarity can be another. During the past dozen years or so, many scarce and rare coins have been resubmitted to various services and even to the same service, with the end result being that three or four or five listings in a population report may very well represent just a single coin! The true number of Mint State examples of this date may never be known, but you can basically bank on the assertion that the figure is quite small. Choice for the grade, with very few marks of any consequence visible to the unaided eye. Nicely struck as well, which serves to add yet another dimension to this exciting coin.

PCGS Population: 2; 3 finer (MS-63).

Under high magnification many circular raised lathe lines are seen in the portrait of Miss Liberty, these being particular evident among the words LIBERTY and on her 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. Interested readers are 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.

Date logotype very boldly impressed into the die, and positioned slightly high. Reverse with C mintmark high and with the upper right serif embedded in the arrow feather.

From Quality Sales Corporation’s sale of September 1973, Lot 1032.

Memorable 1840-D $2.50

Low-Mintage Rarity

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134 1840-D AU-50 (PCGS). Lustrous olive-gold with some yellow brightness on the high points. From a small mintage for the date of just 3,523 pieces. Nicely struck for the date; not fully struck, but with plenty of hair detail on the obverse, and with a plenitude of feather detail on the reverse as well. Additionally, all but one of the obverse stars show full radials.

Douglas Winter called this date "among the most poorly struck Dahlonega quarter eagles," with the present coin being a pleasing exception to that rule. Conventional wisdom has it that just one die pair was used for striking this date; if such is true, then the present specimen is from the earliest state of the dies. No trace of the heavy cracks that later shatter the obverse and reverse of this issue can be found; the heavy cracks that later appear probably account for the small mintage for the date. The ready physical equivalent of Bass:330 (October 1999) and an important numismatic item as such.

PCGS Population: 12; 6 finer (MS-61 finest).

Also, as in Lot 329 of the Bass Collection Part II (October 1999), evidences of circular lathe lines are seen at the left and open shield spaces on the reverse. Unlike the just mentioned Bass lot, however, the obverse of the present specimen also shows these circular lathe lines, these lines being especially prominent on Liberty’s coronet around LIBERTY.

Purchased from Julian Leidman, February 16, 1972.

Lustrous 1840-O Quarter Eagle

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135 1840-O Small O. AU-58 (PCGS). Satiny olive-gold with strong lustre on both sides. Particularly choice for the grade, with only a few faint surface abrasions noted. Striking weakness present at the centers, as typical for all genuine examples of this date.

Of the 10,780 quarter eagles of the date produced in New Orleans, nearly all quietly and quickly passed into the channels of commerce, where heavy circulation produced today’s known population of VF and occasional EF examples of the date. At AU or finer, the population of the date thins dramatically. Here, then is one of the finest known specimens of this elusive quarter eagle from our southernmost mint. The sole MS-64 example of this date belonged to—you guessed it—Harry W. Bass, Jr., as offered in our October 1999 sale! Very few examples of the date can be found in equal or finer condition, a point worth pondering while planning your bidding strategy.

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

Date logotype deeply impressed into the die and quite high, about three times closer to the neck truncation than to the dentils. From one of two Small Mintmark reverses, this with upper end of fraction bar terminating just slightly left of center of O mintmark above; on the other known reverse of this date, the tip of the fraction bar ends below the right side of the O mintmark.

Purchased from Rowe and Brownlee, November 23, 1966.

Splendid 1841-C $2.50

Harry Bass’ Finest

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136 1841-C AU-58 (PCGS). Lustrous olive-gold with some warm honey overtones. Areas of prooflike reflectivity among the design elements. Nicely struck in all places save for a few obverse stars. Readily among the finest known examples of this elusive date; just 10,281 examples of the date were struck, with the typical survivor just VF or so. One of just two examples of the date offered by us in the Harry Bass Collection, the other being Lot 336 in October 1999, that specimen graded AU-55 (PCGS). As is well known by now, it typically takes one Bass coin to exceed the quality of another Bass coin!

PCGS Population: 2; 1 finer (MS-60).

From Quality Sales Corporation’s sale of January 1975, Lot 111.

Delightful 1841-D $2.50

Low-Mintage Rarity

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137 1841-D AU-55 (PCGS). Deep honey gold with much yellow brilliance in the recessed areas. A few faint marks are noted, most prominent of these appearing at the point of Liberty’s bust, and near her upper lip. Still, an example of the date that stands well above the typical quality seen for this rare issue. Just 4,164 quarter eagles of the date were produced, with circulation and commerce taking more than its toll on the mintage. Nearly equal in quality to Lot 337 of our October 1999 Bass sale, that specimen graded AU-58 (PCGS). The present specimen is certainly among the finest known examples of this elusive date, and worthy of note as such.

PCGS Population: 3; 3 finer (MS-63 finest).

Date logotype impressed into die at medium depth, and well centered. Horizontal crack from field opposite third star to Miss Liberty’s nose and high cheek, then to her hair, and interior break that does not seem to extend to the hair above Liberty’s ear, ending instead on her cheek. Another crack extends from the Y of LIBERTY continuing through the back of Liberty’s hair, and seemingly disappearing just before reaching 11th star. This seems to be an interior break beginning and ending on the surface of the die, without yet reaching either border, a rather interesting situation among die breaks (which typically begin at a border and progress inward).

Reverse with D mintmark high in the die, upper serif virtually touching talon, upper outer curve imbedded arrow feathers close to olive branch, tip of lower left serif centered over 1 in the fraction. A faint die crack extends from the base of the I in AMERICA across the field to the underside of the eagle’s wing, grazing the point of the middle arrowhead on its way. A second die crack extends from the rim downward between the first T and A of all the STATES, crossing the left foot of the A and then touching the upper part of the eagle’s beak, yet another faint crack connects the tops of TES OF AME crossing the eagle’s wing tip.

Purchased from Rowe and Brownlee, May 31, 1968. Earlier from Abe Kosoff’s sale of the Shuford Collection.

Lustrous 1842-O $2.50

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138 1842-O AU-53 (PCGS). Lustrous honey gold with some deeper highlights present. Some prooflike reflectivity in the protected areas. Nicely struck for the date. Considerably scarcer in AU than its modest mintage of 19,800 coins indicates. A few faint marks are noted, including a light, arcing depression over the first obverse star; all other marks are trivial. From a late state of the only die pair known.

Under Lot 343 in Part II of the Bass Collection (October 1999), the following was noted about the obverse die state: "Date logotype deeply punched into the die and well centered. Under extremely high magnification some incipient die cracks can be seen near stars 7 and 8. At the same time, some die finish lines are evident. Perhaps the cracks were from stress during the annealing process in die making, not from actual use. The discovery of an earlier die state would disprove this comment." In the present Bass IV coin, offered here, we have a later state of the obverse die, with the die crack now connecting the fifth, sixth, seventh, eighth, and ninth obverse stars. On the reverse, faint cracks of varying prominence connect virtually all of the peripheral legends and denomination. Cracks are seen to extend from the rim to the top of the first S in STATES, another similar crack from the rim to the top of F in OF, with other cracks descending from the rim to the tops of the A, M, and R, in AMERICA. In this die state, the crack at the bottom of AMERICA has broadened and widened considerably into an almost cud-like appearance, with die deterioration plainly seen in the dentils above and following that word as well.

139 Quartette of quarter eagles: I 1843 AU-50. Marks I 1843 Small Date, Crosslet 4. AU-55. Pale golden orange highlights I 1845 AU-50. Cleaned I 1847-O EF-45. Orange-gold with reverse scratches I 1850 AU-55. Lustrous. (Total: 5 pieces)

Incredible Mint State 1843-C $2.50

Finest of the Date in the Bass Collection

A Numismatic Prize

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140 1843-C Large Date, Plain 4, Repunched Mintmark. MS-62 (PCGS). Lustrous olive-gold with yellow brightness on the high points. A few faint marks are seen, but they are readily forgiven. Easily one of the finest examples of the date available to today’s collectors and specialists, this Condition Census Mint State coin is a numismatic prize of the highest order.

Over decades of serious searching, Harry Bass garnered three truly remarkable 1843-C quarter eagles for his collection—Lot 347, October 1999, was an AU-58 (PCGS) example of the Small Date, Crosslet 4 variety; Lot 348 of the same sale was an AU-55 (PCGS) example of the variety offered here (Large Date, Plain 4); the present Mint State coin is the third and final example of the date in the Harry W. Bass, Jr. Collection. Without intentionally meaning to, we managed to save the best for last! Definitely a coin for the ages, an incredible condition rarity quarter eagle that is just one successful bid away from reposing in your numismatic cabinet.

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

Under magnification the obverse date logotype is too large for the space allotted on the die, with the result that the digits are squeezed between the neck and the dentils. It is seen that the first two digits of the date are notably repunched, the last two less so. Further, the die was clashed during use, with evidence of letters from the reverse plainly seen in the date area of the present piece. No doubt the specialist can spend some enjoyable time studying and contemplating this coin closely.

On the reverse the mintmark C shows doubling to the left. A break extends from the eagle’s wingtip at upper left, through a dentil and the flat border.

From Abe Kosoff’s sale of October 1968, Lot 738.

Impressive 1843-D Quarter Eagle

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141 1843-D Small Date, Small D Mintmark. AU-58 (PCGS). Lustrous olive-gold with much frosty yellow brightness in the protected areas. The most available of all Dahlonega quarter eagle issues, but still an impressive rarity at the assigned grade. The present specimen exceeds in quality the previous five examples of the Small Date, Small D Mintmark variety offered in Parts II and II of the Bass Collection. Again, the best is reserved for last. A truly beautiful example for the grade, a coin that will fit nicely in any collection of quarter eagles.

In Gold Coins of the Dahlonega Mint 1838-1861, Douglas Winter notes four reverse varieties for this date, all coupled with a single obverse die. The variety of the present lot is Winter 4-E: "On the reverse, which was used in 1842 and again in 1843, the shaft of the arrow is joined to the upper serif of the mintmark. The fraction bar extends to the left of the opening in the mintmark. The feather enters only through the upper edge of the opening in the mintmark. The 1 in the fraction is entirely to the left of the mintmark." Under 1843-D, Winter also noted that "On late die state coins, a die crack runs from the rim through the F in OF and into the field toward the neck of the eagle." That die crack is present on the present specimen.

Purchased from Stanley Kesselman, May 21, 1968.

Another 1843-D $2.50

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142 1843-D Small Date, Small D Mintmark. AU-50. Warm honey gold with orange-gold lustre at the rims. Noticeable obverse scratches present behind Liberty’s head.

Winter 4-C (1841-D Winter2-C). "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 extends to the left side of the opening in the mintmark. The 1 in the fraction is entirely to the left of the mintmark. No die breaks are seen on this use of reverse C." By 1843, die breaks have developed on the reverse, as illustrated by the present coin. The first break extends from the rim upward to the olive stem, just touching the right side of the D in the denomination, while the second break extends from the rim through the first S in STATES, then downward through the field to the top of the eagle’s wing.

Purchased from Stanley Kesselman, August 23, 1971.

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143 1843-D Small Date, Small D Mintmark. EF-40. Warm honey gold with moderate lustre remaining. A few tiny rim bruises are noted for accuracy. Still a pleasing example of the date.

Winter 4-E (full description at Lot 141). On the present specimen, the reverse crack at F in OF is somewhat more substantial in appearance.

From Lester Merkin’s sale of September 1967, Lot 304.

Lustrous Mint State 1843-O $2.50

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144 1843-O Small Date, Crosslet 4. MS-62 (PCGS). Lustrous yellow gold with bright olive iridescence. A few light hairlines are present, but the coin is definitely choice for the grade. An unheralded rarity in Mint State despite a generous mintage for the date and variety of 288,002 pieces. A grand opportunity.

PCGS Population: 4; 6 finer (MS-64 finest).

Date logotype well centered. Crack connects bases of numerals. Crack connects star 7 with border; another crack connects star 8 with border; another crack is seen at star 9; a further crack connects stars 10-11 and continues to border, connecting with a crack seen at stars 12 and 13. On the reverse the O mintmark is deeply impressed into the die. It overlaps the feather, with a portion of the feather being seen on the right side of the interior. Some minor clash marks are seen at the eagle. Additionally, a series of faint die cracks can be seen among most of the peripheral legends. All of these cracks, obverse and reverse, are very delicate in appearance and would not be noticeable on a well worn specimen.

Purchased from Joe Flynn, August 27, 1973.

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145 1843-O Small Date, Crosslet 4. MS-60. Lustrous yellow gold with some deep orange at the obverse rim. An attractive coin for the grade.

From the same dies as the preceding coin.

Purchased from Superior, March 1978.

146 1843-O Small Date, Crosslet 4. AU-58. Another lustrous example of this popular branch mint issue.

From the same dies as the preceding coin, here in an earlier state. The obverse cracks are more faint, and the reverse cracks have not yet developed.

147 Group of Liberty quarter eagles: I 1843-O Small Date, Crosslet 4. AU-50. Obverse die cracks I 1847-O/O. EF-45. Yellow surfaces I 1850 AU-55. Pale blue highlights I 1851 AU-55. Lightly polished. (Total: 4 pieces)

148 Quartette of quarter eagles: I 1843-O Small Date, Crosslet 4. EF-45. Pale yellow surfaces I 1847-O EF-45. Lightly polished. Rotated reverse I 1850 AU-50. Obverse scratches I 1851 AU-50. Splashes of rose toning on both surfaces. (Total: 4 pieces)

149 Group of quarter eagles grading EF-40: I 1843-O Small Date, Crosslet 4. Reverse digs I 1847. Pale rose toning on the high points I 1847-O. Doubled Date. Fine scratches are noted on both the obverse and reverse. Rotated reverse I 1850 Rim bruise 6:00 on the reverse I 1851. Some dark detritus in the recessed areas. Heavy die crack connects the second and third stars with the rim, appearing as if a large chunk is about to fall from the die. (Total: 5 pieces)

Impressive Uncirculated 1844-D $2.50

Among Finest Known

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150 1844-D MS-62 (PCGS). Lustrous orange-gold in the fields with bright yellow lustre in the protected areas and on the high points. A delightful example of the date both aesthetically and physically. Very few marks of any consequence are seen with the unaided eye; toss in a needle sharp strike on both sides, and the appeal jumps dramatically above that of the assigned grade. Tied with Lot 366 in Part II of our Bass Collection sales (October 1999) for assigned grade and aesthetic appeal, and therefore tied as the finest specimen of the date Harry Bass could locate in decades of dedicated searching! Easily among the finest known examples of the date. The rarer of two reverse varieties known for the date (see below). Once again, opportunity presents itself in a big way.

PCGS Population: 7; 1 finer (MS-63).

Winter 5-H. "This reverse was used in 1844 and 1845. The shaft of the arrow ends over the left side of the opening in the mintmark. The fraction bar extends to the right side of the opening in the mintmark. There are no feathers which enter the opening in the mintmark. The mintmark itself is low and very close to the fraction bar. Its lower serif is joined to the right side of the upright of the 1 in the fraction. This is considerably rarer than 1844-D variety G-5. In fact, for every example seen of 5-H, at least four are seen of 5-G." Furthermore, according to Winter, "Both varieties of 1844-D quarter eagle share the same obverse. This die can be distinguished by a very large date. The 1 touches the bust and is close to the dentils while the second 4 is also close to the dentils."

From Superior’s sale of February 1975, Lot 1004.

Another Attractive 1844-D $2.50

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151 1844-D AU-50. Warm yellow gold with much lustre and olive highlights in the protected areas. Devoid of all but some trivial marks, and choice for the grade as such.

Winter 5-G. "This reverse was used in 1843, 1844, and 1846. The shaft of the arrow is joined to the mintmark at the right edge of its upright. The fraction bar extends to the left side of the opening in the mintmark. Feathers fill the upper side of the opening in the mintmark and extend down to near the center of the opening [not so noticeable on the present specimen]. The mintmark is slightly rotated counterclockwise from the upright toward the eagle’s talon. The right edge of the upright of the 1 in the fraction is a little to the left of the lower serif of the mintmark."

From Paramount’s sale of November 1971, Lot 997.

Choice Mint State 1845 $2.50

Tied for Finest Certified by PCGS

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152 1845 MS-64 (PCGS). Intense cartwheel lustre adorns satiny honey gold surfaces. The reverse is somewhat prooflike in the fields, and olive highlights abound on both sides. Faint planchet creases, evenly spaced and as struck—probably the result of rolling the strips prior to cutting the planchets—cross Liberty’s portrait; they do little to detract from the overall quality of the present coin. Here is the numerical and aesthetic equivalent of Bass:369 (October 1999), although from a different die pair than that specimen. Still, an important opportunity to obtain one of the finest examples of this early Philadelphia Mint Coronet quarter eagle!

PCGS Population: 3; none finer.

Obverse with logotype high, 1 in date virtually touching truncation. Crack connects stars 3 through 6. Reverse with extensive cracks including from dentil through 2 of fraction to eagle’s claw above; from dentil through the ornamental dot to the right of A (AMERICA) to the stem branch; from the eagle’s wing tip to dentil at upper left; and additional cracks from the border through the right of N (UNITED) to the branch, and from near the end of the branch to the E (UNITED). A further crack extends from the border to the top of the E (AMERICA), with other faint cracks beginning in various places. The die is on the verge of shattering, and could not have been employed long after this piece was struck.

Purchased from Harmer, Rooke’s sale of November 1969, Lot 413.

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153 1845 MS-62. Lustrous honey gold with lightly frosted motifs and somewhat prooflike fields forming a pleasing, mild cameo contrast. From an early state of the dies, with numerous raised die polish marks in the fields on both sides. Choice for the grade.

From the same dies as the preceding lot, although the reverse cracks are in a slightly earlier state on the present piece.

From Abe Kosoff’s sale of October 1968, Lot 1431.

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154 1845 MS-60. Lustrous honey gold with yellow brightness in the protected areas. Liberty’s portrait bears the same faint, evenly spaced rolling marks as seen on the piece in the preceding lot. A lovely coin for the grade, one that traces its pedigree to the Garrett Collection.

From the same obverse die as the preceding lot, but here coupled with a different reverse. The reverse of the present coin is heavily cracked from the rim through the I in UNITED, then horizontally across the olive leaves and along the arrow shaft, where it then runs through the C in AMERICA to the rim. The center of the C is filled with a cud. A second crack runs vertically upward across the 2 in the fraction and the arrows and branch above, then travels up along the viewer’s right edge of the shield, then through the wing, passing between the upper edge of the wing and the F in OF before joining the rim.

From Stack’s portion of the Garrett Collection, March 1976, Lot 347.

Attractive 1845-D $2.50

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155 1845-D AU-58 (PCGS). Satiny and lustrous honey gold with rich violet iridescence in the fields. Essentially free of unsightly and detracting marks. An unusual offering in AU; most survivors of this date are VF or occasionally EF, as this issue saw extensive use in commerce. Rare so fine. Only a small number of survivors of this date can beat the quality offered here (one of those pieces is, of course, Bass:376, October 1999, a delightful MS-63 coin!).

PCGS Population: 11; 3 finer (MS-63 finest).

Obverse with date logotype extremely close to and nearly touching neck truncation, notably separated from dentil below, but still close. Logotype punched more deeply into the die at the first part of the date than toward the end, reflective of "by hand" processes in die making of the era. Reverse with D mintmark into arrow feather, but with no traces of the feather within the opening. Lower left serif of D touches 1 in denominator. Moderately heavy clash marks are observed around the eagle, particularly at the upper right of the shield.

Purchased from Stanley Kesselman, June 6, 1972.

156 Selection of quarter eagles: I 1845-O Net VF-30; sharpness of EF-40, mounted at one time I 1850-D Net EF-40; sharpness of AU-50, rims filed I 1852 Net EF-40; sharpness of AU-50, brushed I 1854 Net VF-20; sharpness of EF-45, mounted at one time I 1861 Type II Reverse. Net EF-45; sharpness of AU-55, cleaned. Advanced obverse die failure I 1861 Net AU-50; sharpness of AU-55, lightly cleaned I 1877-S Net AU-50; sharpness of AU-58, brushed. (Total: 7 pieces)

In addition to obtaining the finest of the fine, the rarest of the rare for his main collection, Harry W. Bass, Jr., often purchased pieces for study—such as some of those offered in the present lot. These coins were utilized to determine die states and progressions, or had one feature or another that made them interesting to purchase. Today they are useful for the same purpose.

Rare Mint State 1846-D $2.50

The Finest of the Bass Specimens

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157 1846-D Normal Mintmark. MS-61 (PCGS). Intense cartwheel lustre graces bright olive-gold surfaces. Somewhat prooflike in the fields. A beautiful example, with an absolute minimum of contact marks and abrasions present; in short, choice for the grade. Here is the finest example of the date that Harry Bass could locate during his long and illustrious collecting career, and undoubtedly one of the highlights of his Dahlonega Mint collection. No doubt a Condition Census example of the grade. An incredible rarity in Uncirculated, even more so in finer grades than that offered here. Opportunity knocks loudly at this lot; will you be the lucky collector who responds successfully to that knock?

PCGS Population: 2; 2 finer (MS-63 finest).

Winter-7G. Obverse with low date, much closer to dentils below than to truncation above. The date numerals are relatively thin and well formed for an 1846 issue. Reverse with mintmark high and tilted dramatically left, top serif touches claw, top of D virtually touches olive branch. Feather details fill upper half of D, but do not extend beyond the upright. Top of fraction bar squared and evenly centered below the middle of the D. Several vertical shield lines extend upward through the horizontal lines.

From Quality Sales Corporation’s sale of September 1973, Lot 1037.

Another Pleasing 1846-D $2.50

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158 1846-D Repunched Mintmark. AU-58 (PCGS). Deep olive-gold with some lustre and prooflike reflectivity present on both sides. Free of all but some trivial marks, and quite pleasing for the grade as a result. From a late reverse state of this popular variety, with just a trace of the first D visible. A delightful survivor from a mintage of 19,303 quarter eagles of the date.

Winter 7-J. "D near D reverse. This reverse was used only in 1846. The mintmark is placed far to the right and it is joined to the branch stem. The shaft of the arrow extends far to the left of the entire mintmark. The fraction bar extends only to the lower serif of the mintmark. Early die states show the remains of another mintmark over the 1 in the fraction. Later die states show only the lower serif of the earlier mintmark and this fades with die use." The present specimen is of the later die state.

Winter also describes the following die cracks for this issue, all of which are present here to some extent: "A heavy crack can be seen on the lower right side of the second S in STATES. Another crack develops along the base of the second S in STATES and OF and it continues to the wing. Yet another crack runs from the right side of D in UNITED through the wing and on to the base of the first S in STATES. A final crack can be seen at the rim through the E in AMERICA to the wing."

From Quality Sales Corporation’s sale of November 1970, Lot 1550.

Another 1846-D Quarter Eagle

The Eliasberg Coin

New Die Combination

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159 1846-D Normal Mintmark. AU-50. Lustrous honey gold with deep orange-gold in the recessed areas. Some pin scratches are noted around the date numerals. A new and previously unlisted die combination (see note below), and exciting as such.

Obverse from the die style first discovered in the Pittman Collection (May 1998, Lot 1753) and designated obverse 8 by Douglas Winter, here coupled with Winter’s reverse H of 1844, said by Winter to be "used in 1844 and 1845."

Under Lot 132 in our sale of Part III of the Harry W. Bass, Jr. Collection (May 2000), the following diagnostics and comments were recorded regarding the then recently discovered obverse die: "Obverse with low date, lower left serif of 1 over a space between dentils, 184 in date broadly repunched, the remnants of the first numerals higher than the primary numerals. The dentil below the 1 has been lightly reshaped to receive the numeral. This particular obverse is not listed by Winter." The description then notes: "In the Pittman Collection catalogue, May 1998, Lot 1753, David Akers quoted John McCloskey, a specialist in early U.S. gold issues: ‘I am amazed by this piece. I own examples of three other varieties from three different reverses and this piece doesn’t match any of them. On the obverse, the 6 in the date is centered in the field between the neck and the denticles. All three other varieties have a low date with the 6 closer to the denticles. This variety would have to be very rare.’"

The above noted Bass coin was coupled with Winter’s reverse K, designated Winter 8-K in combination with the new obverse die. The reverse of the present piece matches none of the reverses described by Winter for 1846 (7-G; 7-I; 7-J, the famous D / D reverse; or 8-K), and is in fact Winter’s reverse H of 1844. A detailed description of reverse H of 1844 reads: D mintmark high in die and touching feathers above, the end of the arrow shaft even with the inside of the upright of the D. No feather details show within D. Tip of upper serif of D virtually touches talon. The lower serif of the D is attached to the top of the 1 in the fraction. The end of the fraction bar is tapered and terminates just shy of the inner right curve of the D. Several vertical shield lines pierce the horizontal lines above, with the lines on the viewer’s right piercing the feathers below the shield as well. Die clash marks show around the eagle. No other cracks or die anomalies are seen.

By the time of its resurrection and reuse in 1846, reverse H showed the following additional attributes: A raised die line runs from the top of the eagle’s right (viewer’s left) wing through (and behind) the bottom of the first S, then terminating below the first T of that word. A tiny raised die lump is seen in the field below and left of the first S in STATES. The polish line and the raised die lump may signify that the reverse die was polished in an effort to remove rust that had formed since the last use of the die in 1845; the line and lump do not show on the reverse of Lot 150 above, an Uncirculated 1844-D quarter eagle that illustrates the earliest appearance of Winter’s reverse H. Here is an important new die combination that will certainly prove exciting to specialists in the series.

From our sale of the United States Gold Coin Collection (Louis E. Eliasberg, Sr.), October 1982, Lot 138.

160 1846-D Net VF-20; sharpness of EF-40, faint graffiti on the reverse above the eagle. Medium orange-gold. Reverse die crack.

Winter 7-I. "This reverse die was used only in 1846. The shaft of the arrow ends over the left side of the upright of the mintmark. The fraction bar extends to the left side of the opening of the mintmark. No feathers enter the opening of the mintmark. The right edge of the 1 in the fraction is placed to the left of the lower serif of the mintmark. Many examples show a die break which begins at the rim at the right side of the E in AMERICA and runs through the field into the feathers."

From Paramount’s sale of November 1971, Lot 1000.

Mint State 1846-O $2.50

A Condition Rarity

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161 1846-O MS-61 (PCGS). A lustrous honey gold specimen with olive highlights. The reverse is slightly prooflike. Somewhat lightly struck at the eagle’s right leg, as virtually always seen for the date. A faint reverse scratch is seen at the first S of STATES, extending into the field below the eagle’s beak. Still choice for the grade despite a few minor flaws. Of the 10 examples of this date Harry Bass had accumulated over the years, the present coin plays second fiddle to just one of those coins—that being Lot 389 (October 1999), a spectacular MS-64 example that is perhaps the finest known example of the date. The present coin is almost certainly of Condition Census caliber for the date, and perhaps as fine an example of the date as will be offered for some time to come. Yet another splendid opportunity for the quarter eagle enthusiast.

PCGS Population: 4; 2 finer (MS-64 finest).

In the forthcoming series of books on American gold coins, Dave Bowers will give quite a bit of information concerning the 1846 quarter eagle, all of which are struck from the same four-digit logotype punch, but with many interesting variations, some of which have been called overdates.

On the present coin, the obverse displays the logotype punched very deeply into the die, exaggerating the strength of the last two digits. Repunching within the last digit, seemingly B-6186, "overdate," described as "Repunched 4, microscopic traces of 4 within 6" in Breen’s Encyclopedia (1988). Regarding those characteristics, Douglas Winter in New Orleans Mint Gold Coins: 1839-1909, comments: "It has long been claimed that an 1846/44-O overdate exists. In my opinion, such pieces are not overdates…"

What is the stub under the 6 in the date? Upon examination of this piece (as well as others from this logotype punch), it appears the logotype was shifted and repunching occurred. A small line in the top of the 6 certainly resembles the diagonal from a 4, but within the base of the 6 the repunchings are all curved or circular in appearance, indicating a repunched 6, not a 4. Related repunchings, differing in some detail, occur among other denominations and dies of the date.

Reverse with O mintmark high, tip of arrow feather within mintmark, pointing to center of same, right side of 1 in fraction in line with left outer curve of mintmark, tip of fraction bar below right inside curve of mintmark, several vertical shield lines extend upward into the horizontal lines; many also extend beyond the bottom of the shield.

From Abe Kosoff’s sale of October 1968, Lot 746.

Uncirculated 1846-O $2.50

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162 1846-O MS-60. Bright and lustrous yellow gold with distinctive olive highlights. Some scratches above the reverse eagle account for our conservative grade; actually MS-62 or so would be more in line with the overall appearance and quality. A small and shallow depression is seen on Liberty’s cheek, undoubtedly in the planchet when struck, and not distracting in the least. A rarity despite a somewhat sizeable mintage for the date of 62,000 pieces. Some central reverse weakness is seen, typical for the date. Usually encountered in VF, with EF and AU examples of the date occasionally seen. In Mint State, as here, the date is extremely rare. We suspect many bidders will be thinking more than MS-60 when bidding begins on this attractive coin.

Same obverse as the preceding lot.

Reverse with O mintmark high, no arrow feather details within mintmark, right side of 1 in fraction in line with inner left curve of mintmark, tip of fraction bar below right outside curve of mintmark, several vertical shield lines extend upward into the horizontal lines; some also extend beyond the bottom of the shield. Heavy diagonal die finish lines from the dentils to the top of F in OF, the eagle’s wingtip, and the tops of AME.

From Stack’s sale of May 1971, Lot 1228.

Important Mint State 1847 $2.50

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163 1847 MS-61 (PCGS). Lustrous honey gold with deeper highlights in the protected areas. A notable example of a scarce Philadelphia issue. Only 29,814 examples of the date were produced for circulation, with typical survivors from that mintage ranging as high as AU on occasion. In all Mint State grades, the date is a prominent rarity; PCGS has not certified an example above MS-63. A splendid coin (within the context of the date and grade combination, of course) that will tempt serious quarter eagle collectors and specialists alike.

PCGS Population: 5; 5 finer (MS-63 finest).

Obverse with large date logotype, as used this year. Figures thin and widely (but evenly) separated, giving a rather "open" appearance and configuration. 8 leans slightly left. Logotype high on the die, with the tip of the 1 piercing the neck, and the upper right of the 7 touching it. Perfect die (no cracks).

Reverse with barely perceptible crack from border to O (OF).

From Stack’s sale of the Scanlon Collection, October 1973, Lot 2046.

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164 1847 AU-58. Satiny and lustrous honey gold with a trace of olive. Some minor marks present, but still a wholly acceptable example.

Same dies as preceding lot.

Purchased from Stanley Kesselman, October 14, 1968.

Marvelous 1847-C $2.50

Finest in the Bass Collection

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165 1847-C MS-63 (PCGS). A marvelous mix of olive-gold lustre on satiny, somewhat prooflike surfaces. Sharply struck in all places, not unusual for this date, but quite unusual within the overall context of Charlotte Mint production. An impressive and attention-gathering specimen that exudes aesthetic appeal. The ready equivalent to Bass:402 (October 1999), another splendid MS-63 example of the date. Harry Bass knew quality, and the present specimen is typical of his discerning eye where U.S. gold was concerned. Need we say more?

PCGS Population: 7; 5 finer (MS-64 finest).

Obverse from standard four-digit date logotype used on the quarter eagle, with central figures leaning right. Placed high on the die, with both the 1 and the 7 piercing the outline of the neck truncation, and both figures being free of the dentils.

Reverse die aligned about 170° from the vertical, instead of the normal 180°. C mintmark high, embedded in the branch and arrow feathers. Crack from border to eagle’s wing at left; similar crack from border to eagle’s wing at right. From an earlier state of the die than Bass:402, where it was noted "Prominent clash marks outline the head of Miss Liberty." Here, the only visible die clash marks are around the tip of the eagle’s beak on the reverse. Raised "islands" below fraction numerator (1) and to the left of fraction denominator (2).

Three different die pairs were shipped from Philadelphia to Charlotte for this year’s coinage, but the literature is silent as to the number of varieties actually produced. The coin we offered a few years ago in the memorable Columbia Collection is from the same die pair as the presently offered example, and the same can be said for the Winter illustration.

From Quality Sales Corporation’s sale of January 1975, Lot 120.

Popular 1847-D Quarter Eagle

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166 1847-D AU-55 (PCGS). Lustrous honey gold with olive iridescence and bursts of yellow brilliance in the recessed areas. A delightful example of a popular Dahlonega Mint issue.

Only one die combination is known for this date. Obverse with date logotype high, 1 and 7 piercing the neck truncation, both free from the dentils below, but still quite crowded—simply because the logotype this year was too large to comfortably fit on the quarter eagle. Many raised die finish lines are evident. One particularly prominent line connects the second and third stars, terminating near the fourth star, while several others are seen among the date numerals. Faint traces of clash marks are noted on both sides. What may be the vestiges of previously punched numerals can be seen at the bases of the 4 and 7 in the date. D mintmark touching the olive branch and claw, with the interior of the mintmark half-filled by the arrow feathers. Many prominent raised finish lines are seen, especially at NITED and STAT.

Purchased from Stanley Kesselman, April 28, 1967.

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167 1847-O AU-55. Lustrous olive-gold with strong eye appeal. Some central striking weakness present, as nearly always seen for the date. A date that is mostly found in VF or so. Douglas Winter noted that the date was "much scarcer than its relatively large mintage figure would suggest," also noting the date was "very rare in About Uncirculated."

Date logotype too far left, with top of 1 touching neck truncation and lower left serif of 1 (which is repunched at top) deeply into a dentil. This is Breen:6194; that writer noted that the first piece was described in the New Netherlands sale of the Gaskill Collection, Sale 48, Lot 249. At the upper right, the 7 touches the neck truncation, while the bottom of the 7 does not touch a dentil, simply because the dentils have been shortened at this point. (On all quarter eagle dies of this year, the date logotype was simply too large for use on the quarter eagle). Faint die cracks are seen from the borders through star 3 to Liberty’s nose, star 7 to the head, and star 11 to the hair bun. On the reverse the O mintmark is fairly high, the top of the O firmly attached to the bottom of the arrow feathers, the lower left outer edge of the O virtually touches the top of the 1 of the fraction, the bottom outer right is firmly attached to the end of the fraction bar. No feather details are seen within the mintmark. Some distinct clash marks are evident on both sides of the coin.

From Abe Kosoff’s sale of October 1968, Lot 750.

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168 1847-O AU-50. Lustrous honey gold with deeper highlights on the high points. The obverse and reverse of the present coin display a high contrast between die states; the obverse is struck from a crisp and fresh die, while the reverse is struck from a heavily rusted die that is heavily cracked and about to collapse around the rim (see below). A find for the die state specialist.

Obverse with typical date, too large for the space below Liberty’s portrait. Numeral logotype nicely impressed, numerals wide and evenly spaced, top of 1 touches truncation, upper right of 7 also touches, left edge of lower left serif of 1 touches center of dentil. A hint of die clash shows around Liberty’s portrait. The reverse die was heavily rusted in most areas, with an accurate description of the placement of the mintmark and other diagnostics all but impossible due to the near collapse and lack of clarity in the reverse features. For instance, the O mintmark is high in the die, but the rust has swollen the O to a doughnut-like proportion that is now connected to the fraction bar and the 1 of the fraction; the 1 is also connected to the fraction bar. In UNITED, the N and E are nearly filled due to the rust, and the same can be said for the first S of STATES. The other letters in the legend are soft and swollen with rust as well.

A major crack has developed in an unusual location. The crack circles the bottom or inner edge of the dentils from above the F in OF to a place over the top of the N in UNITED. The crack is large and cud-like in several areas. No doubt some of the rim fell away from the die sometime after the present coin was struck; the die could not have lasted for any great length of time in its present state.

Purchased from Ed Shapiro, January 3, 1972.

Impressive 1848-D $2.50

Tied for Finest Graded by PCGS

Ex Bareford

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169 1848-D AU-58 (PCGS). Lustrous honey gold with lively olive iridescence. Among the finest examples of the date extant, one of two certified by PCGS at the AU-58 level, with none finer. To find the other AU-58 specimen of the date, one need only look to Lot 416 of our October 1999 portion of the Bass Collection! For all intents and purposes, "they just don’t get any better than this" where this date is concerned. A lovely coin, the quality of which is remarkable. The search for an outstanding specimen stops right here, a superb Condition Census coin.

PCGS Population: 2; none finer.

Obverse with high date, 1 touching truncation above, nearly touching dentils below. Final 8 in date distant from truncation, close to dentils. Winter’s variety 10-L, reverse D mintmark high, opening in D half filled with feather details. The tip of the fraction bar extends to a point below the center of the D.

From Stack’s sale of the Bareford Collection, December 1978, Lot 96; Stack’s sale of the Lee Collection, October 1947, Lot 1119; accompanying Lee envelope with "Ex. Clapp Coll. / Oct. 4, 1947" hand written in black ink.

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170 1849 AU-58 (PCGS). Lustrous honey gold with rose highlights. Some prooflike reflectivity is present, particularly on the reverse. Nicely struck save for a small area at the eagle’s right leg. From a fairly small mintage for the date; just 23,294 business strikes were produced.

Date logotype small this year, permitting easy placement between the bust and the dentils, in the present instance too low, however. Some minor repunching at the 4 and 9. On the obverse there are die preparation lines at the dentils below the date. The reverse has an interesting hollow, round area atop the second vertical shield stripe (not a hollow ring, but rather a round depression).

From Stack’s sale of the Scanlon Collection, October 1973, Lot 2054.

Lustrous 1849-D Quarter Eagle

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171 1849-D AU-58 (PCGS). Lustrous olive-gold with yellow brightness in the recessed areas. Nicely struck. A prize from the Dahlonega Mint, one of just 10,945 quarter eagles of the date produced. Survivors from that mintage are typically VF or EF, with AU pieces considered rare. Obverse with low date details (the previously catalogued specimens of the date in the Bass Collection—Lots 423 and 424, Part II; and Lot 147, Part III, were all high date varieties). Douglas Winter called this "the rarer of the two varieties."

PCGS Population: 5; 3 finer (MS-61 finest).

Date logotype deeply impressed and somewhat to left, lower left serif of 1 touches point between dentils, 9 far above dentils. Die artifacts in field around points of several stars. Reverse D mintmark high and touching talons and olive branch, the only arrow feathers visible fill the upper half of the mintmark, upper end of fraction bar below center of mintmark.

From Stack’s sale of the Shapero Collection, October 1971, Lot 797.

Choice Mint State 1850 $2.50

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172 1850 MS-64 (PCGS). A high degree of lustre on satiny golden surfaces. Olive iridescence brightens the overall appearance. Obverse from a lightly rusted die (see below). A beauty, and quite rare at the assigned grade level. Equal to Lot 426 in Part II of the Bass Collection (which was tied for finest certified by PCGS at the time of the sale), and a remarkable coin as such.

PCGS Population: 4; 1 finer (MS-65).

Minuscule pebbling on the obverse devices, including the dentils, indicates that this particular specimen was struck from a rusted die. Some lighter pebbling is noted in the field around Liberty’s portrait, and a sizable patch of rust attaches her hair bun to the 11th star. The remaining portions of the field have been polished, with a plenitude of raised die marks running vertically from rim to rim attesting to this. Several stars are thin and attenuated from polishing, and resemble floral blooms rather than pointed stars.

Date logotype lightly impressed, imparting a delicate look to the numerals; the 5 is "open" as a result. Bottom of 1 twice the distance from dentils as top of 1 is from truncation, left edge of lower serif over space between dentils. Date numerals slant downward to right, each progressively lower, 0 nearly touches dentils. Reverse not rusted and fairly unremarkable save for the second stripe of the second pair of vertical stripes in the shield, which is thin and nearly nonexistent.

From Stack’s sale of January 1974, Lot 512.

Important 1850-C $2.50 Rarity

Condition Census

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173 1850-C AU-58 (PCGS). Bright yellow gold with definite olive highlights. Some lightness of strike is noted near the centers, as typical for this date. From a small mintage of 9,148 pieces, with the bulk of the specimens available to collectors typically VF or so. "Generally underrated as a rarity," wrote David Akers. A marvelous specimen, and a far higher grade than usually seen for the date; indeed, at AU-58 this specimen is a Condition Census candidate. Another splendid piece, a duplicate of the finest of the date that Harry Bass was able to acquire; Lot 430 in the October 1999 Bass catalogue was also AU-58 (PCGS). Regarding the date, Walter Breen noted "Extremely rare in AU or above." A splendid opportunity for the Charlotte Mint specialist.

PCGS Population: 3; 1 finer (MS-62).

Date logotype well centered between the bust and dentils, given the small amount of clearance available. A tiny blob at lower left bottom of 5. Several prominent diagonal die lines from border at ninth and 12th stars.

The reverse die features the C mintmark high, with the top blended in with the details of the design. Upon very close inspection some die finish lines are seen in a near vertical orientation (an unusual alignment). Both dies show light but distinctive multiple clash marks; the dies have clashed at least six times.

From Stack’s sale of the Miles Collection, October 1968. Lot 149.

174 1850-D AU-58. Satiny rose-gold with orange highlights. Lightly cleaned long ago. A rarity in AU, with typical survivors just VF or so. Some striking weakness present on the reverse, as frequently seen for the date. A nice coin despite minor imperfections. Rare.

Although three pairs of dies for the date were shipped to Dahlonega, only one die pair has been identified. Obverse with date far too high and left, piercing the neck of Miss Liberty and distant from the dentils. On the reverse the center of the D mintmark is about 50% occupied by a diagonal part of the arrow feather.

Purchased from Joe Flynn, August 1, 1972.

Choice Uncirculated 1850-O $2.50

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175 1850-O MS-63 (PCGS). Outstanding lustre present on reflective olive-gold surfaces. A satiny delight. Some lightness of strike at the centers, a typical occurrence for the date. Struck from a rusted obverse die (see below). Perhaps the finest known example of the date, certainly a specimen that could only have one or two serious competitors (at the most!) for that singular honor; this is the finest specimen certified by PCGS. The ready equivalent to Lot 435 in Part II of the Harry W. Bass, Jr. Collection, that specimen being the Eliasberg coin! Here is an indisputable rarity (and an equally indisputable treat) for the advanced quarter eagle specialist.

PCGS Population: 1; none finer.

Struck from a rusted obverse die, with scattered clusters of tiny raised lumps on the devices and in the fields as well. Date logotype evenly impressed, bottom of 1 twice the distance from dentils as top of 1 is from truncation, left edge of lower serif over center of dentil. Some light, raised die lines run from the first star to Liberty’s neck, and another slightly more prominent line extends from the back of her neck into the field. A network of faint die cracks connects several obverse stars.

Reverse O mintmark high in die, top touches talons, arrow feathers, and olive branch, just a vestige of the feather within the mintmark. Die crack from rim upward through first 2 in fraction, another from rim to curve of D, yet another faint crack to tip of eagle’s left (viewer’s right) wing.

Purchased from Stanley Kesselman, August 23, 1971.

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176 1850-O AU-50. Obverse sharpness of AU-50, reverse worn to VF-20 or so. Medium honey gold with a modicum of lustre. No marks worthy of mention.

Struck from a rusted obverse die, although not the same obverse as reported in the preceding lot. Larger lumps are present, including one near the first star that equals the size of the star point. Date logotype evenly impressed, 1 equidistant between dentils and truncation, left edge of lower serif over left edge of dentil. Reverse apparently from the same die as the preceding, here in an earlier state, die crack from rim to curve of D, no other cracks formed yet.

Purchased from Rowe and Brownlee, June 25, 1968.

Impressive Gem Uncirculated 1851 $2.50

Finest Graded by PCGS

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177 1851 MS-66 (PCGS). A satiny and lustrous honey gold gem from the Mother Mint in Philadelphia. Lively olive iridescence radiates near the rim. The texture is matte-like, especially on the obverse. A "common" date in a most uncommon condition. Yet another prize from the Harry Bass Collection.

PCGS Population: 1; none finer.

Walter Breen noted that 10 obverse and nine reverse dies were made available for use this year. It is not known whether all were used, and certainly they have never been completely identified or catalogued. Even so, we continue pointing out certain salient features.

Date logotype lightly but evenly impressed, numerals distant from each other, top of 1 only slightly further from truncation than bottom is from dentils, bottom left serif of 1 virtually touches left corner of dentil. Reverse fairly unremarkable.

From our sale of the Fairfield Collection, October 1977, Lot 1524.

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178 1851 MS-63. Lustrous honey gold. Choice for the grade.

Flag of first 1 in date slightly right of point of Liberty’s bust, top of that numeral embedded in the truncation, bottom of the numeral just misses touching the dentil below. Top of the final 1 distant from truncation, touching dentil below which has been partly cut away to accommodate the numeral’s base. Reverse from a perfect die.

Purchased from the Goliad Corporation, April 11, 1972.

179 Grouping of Mint State quarter eagles: I 1851 MS-61 I 1852 MS-62 I 1853 MS-62 I 1854 MS-62 I 1855 MS-61. Each displays lustrous and attractive surfaces. (Total: 5 pieces)

180 Half dozen quarter eagles: I 1851 MS-60. Frosty lustre I 1852 AU-58. Lustrous with traces of rose at the peripheries. Several die cracks are also noted mostly on the obverse I 1853 AU-58. Lustrous I 1854 MS-61. Lustrous yellow surfaces I 1855 AU-58. Lustrous I 1856 MS-60. Lustrous with hints of rose highlights on both surfaces. (Total: 6 pieces)

Choice Uncirculated 1851-O $2.50

Tied for Finest Graded by PCGS

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181 1851-O Doubled Date. MS-63 (PCGS). Glittering olive-gold with strong lustre and equally strong eye appeal. A Condition Census example of the date; it is difficult to imagine a prettier piece than the present specimen. A popular New Orleans Mint issue, a date that is fairly plentiful in all grades up to EF; in AU the date becomes quite scarce, and Mint State pieces are extremely rare. From an early state of the obverse die.

PCGS Population: 1; none finer.

Breen-6214. "Date first punched slanting down to right, then corrected level." Very early obverse die state showing traces of an earlier logotype on three digits including a trace of a serif to the left of the first 1, an arc to the lower left of the 5, and prominent evidence of the stand of the final 1 under that digit.

Date logotype lightly but evenly punched. Reverse O mintmark high, not touching talons or olive branch, extreme point of feather tip in O.

From our sale of November 1972, Lot 1002.

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182 1851-O Doubled Date. AU-53. Lustrous medium gold. Another pleasing example of this popular issue.

From the same dies as the preceding lot.

Purchased from Julian Leidman, February 16, 1972.

183 Grouping of quarter eagles grading AU-58, except where noted: I 1852 I 1853 I 1854-O AU-55 I 1855 I 1856. Each displays lustrous and attractive surfaces. (Total: 5 pieces)

184 Group of quarter eagles: I 1852 AU-58. Lustrous red-gold surfaces I 1853 AU-58. Lustrous yellow surfaces I 1854-O AU-55. Lustrous yellow I 1855 AU-55. Subdued reddish surfaces I 1856 AU-58. Lustrous. (Total: 5 pieces)

185 Group of About Uncirculated quarter eagles: I 1852 AU-55. X scratched into the base of Liberty’s neck I 1853 Doubled Base of 1. AU-50. Lustrous I 1854-O AU-53. Attractive yellow surfaces I 1856 AU-55. Lustrous yellow surfaces I 1857 AU-55. Lustrous and attractive. (Total: 5 pieces)

Lustrous 1852-O $2.50

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186 1852-O AU-58. Lustrous yellow gold with warm orange and honey highlights. Somewhat reflective in the fields. Scarce in AU despite a sizeable mintage (for the era) of 140,000 pieces. Normal mintmark reverse.

Purchased from Stanley Kesselman, June 30, 1967; ex Stack’s sale of June 1967, Lot 84.

187 Quintette of quarter eagles: I 1853 EF-45. Obverse scratches. Soft reddish orange highlights I 1854-O EF-45. Lustrous I 1857-S EF-45. Lustrous I 1861-S VF-30. Touch of rose at the peripheries I 1867-S EF-40. Copper toning at the devices. (Total: 5 pieces)

188 Quintette of quarter eagles: I 1853 EF-40. Subdued yellow surfaces I 1859-S F-12. Soft rose at the peripheries I 1861-S VF-20. Reddish toning at the devices I 1865-S VF-35. Yellow surfaces I 1871-S VF-35. Splashes of reddish toning at the devices. (Total: 5 pieces)

Choice Mint State 1854 Quarter Eagle

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189 1854 MS-64. Highly lustrous honey gold with pale olive highlights. Sharply struck and as fine for the grade as can be imagined. A lovely coin that approaches gem quality in many respects.

Date logotype high, evenly impressed, 5 and 4 virtually joined. Top of 1 embedded in neck, bottom left serif over and somewhat away from space between dentils. Spidery die cracks connect several obverse stars. Reverse fairly unremarkable save for a thin die crack that unites the ST of STATES, then juts to a peaklike point above the A of that word, then back down to the second T, then connecting with the tops of ES. Vertical shield stripes nonexistent in areas, probably due to high polishing of the die.

From Stack’s sale of the Alto Collection, December 1970, Lot 94.

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190 1854 MS-63. Lustrous honey gold. Choice for the grade. Struck from noticeably clashed dies.

From Superior’s sale of February 1975, Lot 1029.

191 1854-O AU-58. A lustrous honey gold example of one of the most plentiful quarter eagle issues from the New Orleans facility. Struck from lightly clashed dies.

From Lester Merkin’s sale of March 1969, Lot 58.

Gem Mint State 1855 $2.50

Tied for Finest Graded by PCGS

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192 1855 MS-65 (PCGS). Satiny and highly lustrous honey gold with bright iridescent rose highlights. A gem with lovely physical and aesthetic quality that is easily representative of the assigned grade. Among the finest known examples of the date, an American numismatic treasure.

PCGS Population: 3; none finer.

Obverse with centered date, top of 1 and lower left serif equidistant from truncation and dentil, lower left edge of serif over right side of dentil. Italic 5s, second 5 also equidistant. A tiny spur projects into the field from the left edge of the ball of the second 5. Faint clash marks noted near eagle’s neck.

From our sale of the Fairfield Collection, October 1977, Lot 1545.