The June 4, 2000, Dr. Jon Kardatzke Collection Parts II & III, Sale 5
Lot 1700 
1850. Sharpness of MS-60 but with light initials and cleaned. With this coin we begin a fabulous date and mintmark collection of double eagles. There are many coins to choose from, so collectors will want to take careful notes of the pieces that interest them, then study the coins closely to determine bids before the sale. Once this sale is completed, another opportunity of this magnitude may be many years away. An abundance of rarity is offered, condition rarities, and virtually all the key dates in grades that a collector can appreciate and aspire to own. Build your war chest of funds for this sale, you will be glad you did when the final lot crosses the auction block.
This 1850 double eagle marks the first year of the regular issue double eagles. Apparently two 1849 patterns were struck in gold, possibly others in silver or copper, some without dates from the master die (Breen's Encyclopedia). One of the 1849 double eagles resides at the Smithsonian, the other has since disappeared. The double scroll is Longacre's direct allusion to the double eagle denomination. On the original master die, Liberty's tiara was first engraved too far to the right, so LIB is over LLI. This master die was used to produce all dies for double eagle's from 1850 through 1858, then a new master die was created and used from 1859 through 1876.
At first glance, this 1850 double eagle is a nice mint state piece, however; there are minor hairlines in the fields from cleaning, and some knuckle head has faintly engraved a primitive bar-b-que in the lower left obverse field and signed his work "Jones" above and near the last star. To the naked eye this graffiti is virtually invisible, and faint even with a strong glass. Liberty's cheek is full and round, without the usual barrage of bagmarks. The fields too, are smooth and undiminished by handling marks or shipping evidence. Apparently set aside as the first of its kind, and well cared for since the day of issue. This appears to be the open 5, thin numeral variety with the broken A of STATES on the reverse. Fully struck on Liberty's hair, stars and the reverse devices too. An impressive coin that any collector will long cherish for the vibrant luster and clean surfaces.
Lot 1701
1850. VF-35. For the grade, an exceptionally pleasing example of the first year of the Double Eagle. A few tiny edge nicks on each side, but the abrasions are all small and the color is a mellow orange gold. If you want one with "an authentic feel," this is a good candidate.
Lot 1702 
1850-O. PCGS graded AU-53. This is the closed 5, heavy date variety. Delightful luster still resides near the devices, and the surfaces are quite free of heavy bagmarks or other problems. Liberty's cheek and face show only minimal signs of contact, unlike the usual train wrecks we see in lower grades. Although 141,000 were minted, most were melted or have otherwise disappeared. PCGS, in their years of grading, have only certified 147 pieces (January 2000 Population Report) none of which, we repeat none of which have been graded in full mint state. Only 7 coins have been graded this high, with 10 coins graded higher in AU by that service. Breen notes that there were "5 uncs in the Baltimore Hoard", which apparently by today's standards are no longer "uncirculated". The Baltimore hoard is the primary source of Type I double eagles (until the recent sales of the S.S. Central America coins) and other gold denominations. Two boys found a copper receptacle in the cellar of 132 South Eden Street, Baltimore on August 31, 1934, after a brief court hearing, the treasure inside was awarded to the finders, Theodore Jones and Henry Grob, and was sold by auction on May 2, 1935. The treasure contained 317 double eagles, 92 of them dated 1850, only one 1856-O, 81 eagles, 257 half eagles, 78 quarter eagles and 2,903 gold dollars. Most were EF to Unc, and all dated 1834 to 1856. One of really scarce dates to find in high grade, this coin will elicit spirited bidding when it crosses the block.
Lot 1703 
1851. AU-58. A choice coin for the grade, full luster in the fields and boldly struck on Liberty. A few of the left obverse stars aren't as full as one might hope, but this is a magnificent appearing example. Examination with a glass will locate some unimportant hairlines, which are present on virtually all gold coins of this era. Struck from an obverse die with the thick numerals in the date. Although the Baltimore hoard contained 79 pieces, this is still a difficult date to locate in high grade like this. Clean on Liberty's cheek, and far fewer tick marks than usually encountered, even in this high grade.
Lot 1704 
1851-O. EF-45. Well struck and reflective in the fields. The curious greenish-gold which has a different look and appearance than the Philadelphia coins of this era, so one scarcely needs to see the mintmark before knowing its a New Orleans coin. The fields have rather heavy hairlines when examined with a glass, but the coin does not have the bagmarks often associated with this grade. Nice rims that show only the tiniest tick marks.
Lot 1705 
1852. PCGS graded AU-55. Light hairlines from an old wiping (it's not really "cleaned"), and some minor lines and marks. The eagle and the stars are sharp, but the highest points of Liberty's locks are a touch soft compared to some others seen from this period. Lovely old-time color, giving a most pleasing satiny look to this neat, early date.
Lot 1706 
1852. AU-55. Removed from an NGC holder where this coin was graded AU 55. Here is a delightful coin in every way, the surfaces show few bagmarks or even hairlines, nothing but satiny subdued luster and light coppery toning. Sharply impressed by the dies, with full stars on the obverse and complete lettering in the scroll. Clean rims and surfaces, which is so unheard of on these large, heavy gold coins. Although a common date, even in this grade, few will be more appealing to the collector who demands quality coins for their collection. Bid liberally if you expect to capture this piece.
Lot 1707 
1852-O. PCGS graded AU-50. Scarce in this grade, with approximately 100 graded by PCGS in this grade or higher. Smooth, even wear on both sides, with the usual touch of weakness on Liberty's lower curls, and at the base of the date. One small mark on Liberty's face is scarcely visible today, perhaps it happened soon after coining and wore down during the brief time in circulation. An appealing coin that most collectors would cherish. Well struck on the reverse, with full devices throughout and trouble-free wear in the fields.
Lot 1708 
1852-O. PCGS graded AU-50. Light abrasions and lines, as are to be expected for the grade. Handsome old-time deep gold color, beneath which shines luster. Well struck and, in all, well preserved.
Lot 1709 
1853. 3 over 2. AU-55. Cracked out of an NGC holder where it was graded AU 55 and noted as the overdate on the insert. Diagnostic lump under the R of LIBERTY, and traces of the 2 are visible with a glass in the lower portion of the 3. One moderate scrape in the field below the fifth and sixth stars. We do note a few rim bruises on the reverse, one above the E of AMERICA, the other below the D of TWENTY D. Most of the luster was diminished during brief circulation, and although noted by Breen to be extremely rare, current PCGS Population Reports show the population is about ten percent of the survivors of this date.
Lot 1710 
1853. MS-61. Some minor nicks on the edges, still a strictly Brilliant Uncirculated Type I Double Eagle and thus rare.
Lot 1711
1853. EF-45. Some luster in the fields near the devices and well struck. One minor rim mark on the obverse has been filed down.
Lot 1712 
1853-O. PCGS graded AU-55. One of the scarce, low-mintage dates that boasts just 71,000 struck, and fewer than 100 graded by PCGS. In this choice About Uncirculated grade, only 9 have been graded as such, with 8 graded higher, including a single coin in mint state. This example is very well struck, including each obverse star and tiny curl on Liberty. The reverse is similar, with clear lettering even on the tiny ribbon, and quite a bit of the original luster in the fields. Free of all but minor circulation marks, and identifiable by a small spot on Liberty's shoulder and a pair of bagmarks behind her head. There won't be any of these found in the S.S. Central America hoard, as only San Francisco coins were in general circulation where the passengers had departed from. A rarity in this grade.
Lot 1713 
1854. AU-58. A frosty coin that is very close to mint state. This is the small, normal date with the broken A in STATES on the reverse. Examination will locate a couple of unimportant hairlines and a small drift mark in the planchet surrounding the Y of TWENTY. Clean fields and surfaces for the grade, this one didn't suffer the usual profusion of bagmarks seen on so many others from this era. Scarce and desirable as such.
Lot 1714 
1854-S. PCGS graded MS-63. A well struck satiny mint example with nearly immaculate matte-like surfaces.
From the Anacapa treasure trove.
Lot 1715 
1855. AU-55. Cracked out of a PCGS holder where this coin was graded AU 55. Subtle coppery toning on the obverse over lustrous fields. Trivial hairlines probably from circulation rather than cleaning, and well preserved. Sharp on all the stars, devices and lettering. Minimal contact marks for the grade, usually these coins have fields which resemble mine fields after the war, not so here, so bid accordingly. A common date in pristine condition. Struck by a lapped obverse die that shows faint outlines surrounding the first four stars, and the last one too. Broken A in STATES reverse, not corrected by hand, with about one third of the central bar present on the right side. There is a tiny die dot below the first S of STATES.
Lot 1716 
1855-O. EF-45. Sharpness of a higher grade, but cleaned in the fields which left the usual telltale hairlines. Boldly struck for the date, with full stars and mountainous curls on Liberty. Identifiable by a minute planchet flaw above Liberty's bust tip, and a pin prick flaw on either side and distant from the date. The reverse also has smooth, even wear and is identifiable by a bagmark to the right of the mintmark. Mintage for the year plunged to 8,000 coins as the San Francisco Mint came on line, reducing the need for subsidiary mint coinage. Excellent rims that show none of the usual bangs and bumps. PCGS has not graded any in mint state, but NGC has awarded two as MS 60 and a single as MS 61. In other words, don't wait for a better one to appear, it may be a long time.
Previously from Superior Galleries sale, February 2, 1993, lot 1485 as MS 60+; Superior Galleries sale, February 4, 1992, lot 2941 (AU-58).
Lot 1717
1855-S. AU-55. Another coin that was broken out of an NGC holder where it was graded AU 55. Decent luster in the fields and with moderate to heavy bagmarks for the grade. Broken A on the reverse, as seen on most from the master hub used in making dies. Scarce.
Lot 1718
1856. VF-35. However, there is an edge bump below the date which has been filed down affecting both sides of the coin, inspection recommended. Normal bagmarks and circulation ticks.
Lot 1719 
1856-O. Sharpness of Very Fine but cleaned and repaired. An extremely rare coin in any grade, with only 9 offerings in the past decade, two of them were this same coin! Perhaps two dozen are known at most, more likely half that figure. This coin has been lightly burnished, perhaps to remove scratches or just the usual quotient of bagmarks. Nevertheless, it has nice eye-appeal and is well struck for the date. Liberty's cheek and the surrounding fields show little evidence of handling, and what few marks are present are inconsequential on the obverse. The reverse has more ticks in the fields, a few shallow scrapes on the lower right reverse, one below the last A of AMERICA serves to identify this coin, and a small group under the first A.
One of the classic rarities of the double eagle series that is seldom offered, and always expensive. Mintage for the year spiraled down to a mere 2,250, few of which remain. Only a single coin was found in the Baltimore hoard, and no others are rumored to be "out there" hidden away. One of the highlights of this immense double eagle collection and worthy of a top-notch collection.
As noted in the recent Bass Collection on the 1856-O offered there, the date logotype is punched low and deep in the die, resulting in a "closed 5". The O mintmark is punched a bit high, close to the eagle's tail feathers, and the A in STATES is lightly patched (the reverse hub used to make dies had the central part of the A broken off at the left, on some dies this is repaired partially, others it shows about half the crossbar on the right side only), and there is a jagged die crack from between two dentils, through the extreme right side of the D of TWENTY D, just inside the curve of that letter, up to the ribbon above. This reverse die crack must be diagnostic to this variety, although not widely reported before the Harry Bass Sale. Breen notes that only two reverses were shipped in 1856 to New Orleans, apparently only one was used, and it cracked. This die crack is not seen on earlier or later coins in this collection from this mint, but it may well have been used prior to or after 1856.
Many collectors have learned to accept minor repairs on coins such as the careful smoothing done to this coin. After years of collecting and seeing countless coins, we know that many of the great rarities have been repaired at some time in the past. Today, collectors are more demanding, and such work is either not done or is done with extreme care as to not be detected by most collectors. The grading services have helped in this area by filtering out most of the offending repair jobs, by not grading such repaired coins or noting the repair on the grading insert. As we all know, you can't always find certain rare coins, they are by definition rare and not available. So, when a great rarity appears, like this 1856-O double eagle, collectors need to decide how much to discount the repair work to calculated their bids for an original, genuine 1856-O for their set. The lovely PCGS AU-53 coin offered in the Bass sale brought $105,800. This coin will bring less most likely, but with only dozen or so in the world, collector's don't exactly have a large choice, and it may be years before another 1856-O appears. As a numismatist, this coin would fit nicely in a circulated date collection, the surfaces have been carefully smoothed down, removing the offensive bagmarks which were no doubt deep and disturbing in the fields, and the face of Liberty looks like it was also smoothed a bit. Today, the appearance is of a lightly circulated coin, one without the barrage of bagmarks, the surfaces are therefore pleasing to the unaided eye, and a glass reveals minor hairlines and a few scattered marks still in the fields. Thus, the coin is a pleasing enough example, when one considers the rarity, history and availability of the date.
From Auction '85, July 26, 1985, lot 974; Superior Galleries Sale, February 4, 1992, lot 2944 and Superior Galleries Sale, February 2, 1993, lot 1487.
Lot 1720
1856-S. EF-40. Moderate circulation marks on both sides, nice color though.
Lot 1721
1857. EF-40. Some luster in the fields, and with average bagmarks for the grade. The 1 and 8 are connected by a short die line from the lower right serif of the 1 to the lower left ball of the 8. Perhaps this is one of the "minor positional vars" noted by Breen, but more interesting than most.
Lot 1722 
1857-O. VF-35. Here is another one of those "tough" dates to find. With Breen estimating around one percent of the original mintage to survive, the original mintage of 30,000 has since shrunk to 300 coins or so. Other dates are much rarer, but this is one of those sleeper dates that brings very little premium over a common date, considering it is far less common that the modest premium would indicate. As a collector, a date set of these coins is very challenging, with many rarities that sell for little over common dates. The well know key dates bring huge premiums, and deservedly so! There is a small rust pit in the die above Liberty's ear, as seen on all struck by this obverse, diagnostic to the date.
Normal bagmarks on both sides, with minor hairlines in the fields and probably gently cleaned some time ago. Today, the coin looks very original and pleasant.
Lot 1723 
1857-S. AU-50. Lightly cleaned and retoned with some golden hues in the fields. Minor hairlines in the fields. What is about to become a "common" date thanks to the blessings the sea has recently yielded up through the skilled hands of Tommy Thompson. This particular coin has a normal A in STATES, but a broken top of the E in AMERICA. Nice surfaces aside from the minor hairlines.
Lot 1724 
1858. MS-60. Light handling marks in the fields, but abundant and full luster throughout the obverse and reverse. Some trivial hairlines accounting for the grade. Appealing!
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