Feb 18-19, 2002, The Benson Collection Part 2, Sale 13
Lot 1
1722 Rosa Americana Penny,
inscribed "UTILE DULCI". PCGS graded AU-55. Great color and surfaces
for one of these! Totally free of problems or spots, and worthy of a top notch
collection. PCGS has graded 7 this high, with just 4 graded higher. Rare and
seldom offered, and always in strong demand as one of the earlier issues struck
for the American colonies.
Estimated Value $1,500-2,000.
Lot 2
1723 Rosa Americana
Halfpenny. PCGS graded MS-63 Brown. Rare and desirable this nice,
with excellent surfaces that show no signs of porosity or spotting. Fully
struck by the dies, with ample details in the curls, and on the rose and crown
on the reverse. As problem free for the grade as one could hope to find. PCGS
has only graded 5 of these, 2 in this grade, with 1 graded a point higher, and
none above that. There are a number of rare and desirable colonials offered in
this sale, and many are some of the finest graded. Make sure to bid
accordingly.
Estimated Value $2,500-3,000.
Lot 3
1723 Rosa Americana Twopence.
PCGS graded AU-55. Dark to medium brown in color and struck on a
slightly porous brass planchet. We note some minor planchet flaws on the lower
right obverse, one crack touches the truncation, and another is noted above EX
of REX along the rim. Boldly struck and generally well preserved, and an issue
that is scarce this nice.
Estimated Value $1,250-1,750.
Lot 4
1760 Hibernia-Voce Populi
Farthing. Large letters. PCGS graded AU-58. A rare coin indeed, and
especially as the finest graded by PCGS! It is alone in the AU-58 grade, and
none have yet been graded as Mint State. Sharp on the central obverse and
around the periphery, the only sign of weakness is located at the central
reverse. Medium brown in color and smooth save for an ancient slightly rough
area located on the lower obverse. If you demand the finest for your colonial
collection, then you'll have a field day in this sale, with this particular
coin circled in your catalog. An exceptional example of this rare issue.
Estimated Value $4,500-5,500.
Lot 5
(c. 1779) Rhode Island Ship
Medal, with wreath, Brass. Betts-563. PCGS graded MS-64. All Rhode
Island ship medals are rare, especially this variety. The surfaces of this one
are exceptional, and show no significant or even minor signs of handling. The
color too is choice, with brassy and copper highlights, and no troubling spots
or detracting toned areas. Fully struck, with as much detail as possible given
the state of the dies, and somewhat primitive conditions which likely prevailed
when these were struck. One small edge flaw is noted at the bottom of the
obverse, which is present on both sides of the coin. PCGS has graded 4 in all
grades, with the being the finest seen by that service. The legends have been
subject to various interpretations over the years, but Breen's seems the best,
"The Americans had run away in 1778; now there goes Admiral Howe the same way
in 1779." The Revolutionary War skirmishes referred to were the American and
French forces which abandoned Conanicut Island in order to pursue Howe's forces
on ships in 1778, but a storm forced both sides to withdraw. Admiral Howe soon
took control of the small Island off Narragansett Bay, but he was forced to
withdraw 15 months later, as the American and French forces prevailed. On the
original issue, the Dutch word VLUGTENDE (fleeing) was seen just below Howe's
ship, but this word was scraped off most coins, and the dies were changed to
show a pair of branches or sprigs below. Breen suggests that the reference to
fleeing could result in reprisals by the British, so the dies were changed.
Nothing like the threat of a long stay in Newgate Prison to make one very
careful about such things. Color photo.
Estimated Value $6,000-7,000.
Lot 6
1713-D. 30 Deniers.
PCGS graded AU-50. A nice example of this scarce issue, the color is
natural in appearance and the surfaces clean.
Estimated Value $500-750.
Lot 7
1713-AA French Colonies 15
Deniers. PCGS graded AU-58. Referred to as a "Demi Mousquetaires" or
"Half Mousquetaires" piece. Very rare as a denomination, and especially so for
the date of 1713. Complete silvering save for the very highest devices which
show a trace of darker gray on the high points. This is the rosette variety,
which appears after the date at the top of the crown. Breen notes that these
are all very rare, and this variety he states "4 or 5 seen."
The coinage
from the French Colonies was first issued under the Royal Edict of February
1679, and the coins were intended to circulate in Canada, Aradia and the French
Carribean. Later, more coins were issued under the Edict of September 1709,
which called for billon coinage in the denominations of 15 and 30 Deniers.
Billon consisted of both copper and silver. Apparently, these circulated well
as most are found in extremely low grades. Around 1720 John Law set up his
abortive scheme for land speculation in the Mississippi region. Bank notes were
issued backed by land, and precious little silver or gold as backing. After the
disastrous consequences unfolded, coinage became quite scarce in the region
(Stack's Roper sale, 1983).
Struck at the Paris Mint, this coin somehow
survived in wonderful condition, despite the rusted dies used to the coin it.
Nearly identical to the Roper coin offered by Stack's in 1983, but this is a
different die pairing.
Estimated Value $1,000-1,250.
Lot 8
1783 Nova Constellation
Copper. Pointed rays, small U.S. PCGS graded MS-62 Brown. Light
brown in color and well struck, including the center all seeing eye. The fields
show scattered red patina, as often found on copper of this period or earlier
and some devices are affected. PCGS has only graded 1 coin this high, with just
2 graded higher, both MS-63 brown, making this one likely high in the condition
census for the issue.
Under the new Confederation, Gouverneur Morris tried
to locate a consistent source for uniform coinage. Silver was scarce in
America, so he focused on copper by traveling to England and requesting help
from the Birmingham mints. Although lacking authority to act, many believed
Morris was ready to contract out the much needed copper coinage, and patterns
were prepared by various mints. This is one such pattern issue, designed by
George Wyon III, after Benjamin Dudley, and struck at Wyon's Mint in
Birmingham. These were coined at 60 or 55 or even 72 to the pound of copper.
Many circulated in America for years after issue. Finding a mint state example
is nearly unheard of, and collectors would do well to put this one away before
it disappears into someone else's collection.
Estimated Value $2,500-3,000.
Lot 9
1787 Immunis Columbia Copper
Pattern. Eagle reverse. PCGS graded AU-55. One of the finest graded
of this rare pattern issue, PCGS notes that this coin is alone as the sole
AU-55 graded, with 4 coins graded higher by that service. Designed and coined
by James F. Atlee prior to his joining the Mint at Machin's Mills, these were
patterns for contract coinage for the Confederation, either with the Rahway
Mills Mint or on his own.
The proposal was made by Gen. Ogden, the
bondholder for the Rahway Mills Mint, who had copper mines and the ability to
meet the coinage demands of the new Confederation of States. Ogden's proposal
no doubt included several examples of this 1787 Immunis Columbia pattern, and
these were turned over to the Confederation Board of Treasury's nefarious
chief, Col. William Duer. Unbeknownst to Ogden, the contract had already been
awarded to James Jarvis, in consideration of a $10,000 bribe to Duer (Breen's
Encyclopedia). In short order, Jarvis had to flee the country as he could not
meet the demands of the contract, as he had no source for the copper, and
Jarvis stayed in Europe to avoid the $10,842 judgment against him. Before Ogden
received the bad news of the contract award to his competitor (the bribing
Jarvis), Ogden had Atlee strike a large number of the 1787 Immunis Columbia
coppers. These coins circulated at 14 to the shilling, when they were accepted,
and many circulated for many years.
A most important offering for the
Colonial specialist.
Estimated Value $5,000-7,500.
Lot 10
1787 Massachusetts Half
Cent, Ryder 4-C. PCGS graded MS-64 Brown. A rare coin in this grade,
with fully struck devices and alluring glossy dark brown tones. PCGS has graded
15 this high, and 4 higher of this important colonial issue. This one will
delight the specialist in every way and is certainly worth a strong price.
Estimated Value $3,500-4,000.
Lot 11
1787 Connecticut Copper.
Horned bust variety, Miller 4-L. PCGS graded AU-58. This is an
excellent example of the "horned bust" variety, which refers to the heavy die
break which extends upwards from Liberty's bust into the field near her chin.
Splendid light brown in color, with smooth surfaces and decent centering on the
usual small planchet. While we're not sure of the provenance of this coin, it
is not the Garrett coin as that was an early die state. This one is currently
the finest graded by PCGS, and alone in this grade category, making the
importance of this offering very significant. Believed to have been coined in
New Jersey by the Morristown Mint, and engraved and coined by Walter Mould and
Benjamin Dudley. Struck on small, thin flans weighing 105-115.5 grains. A
foremost opportunity for the specialist.
Estimated Value $1,250-1,500.
Lot 12
1787 New York "Excelsior"
Copper. Eagle facing left. PCGS graded AU-55. Excelsior, the very
name is part of the holy grail of United States Colonials, for it is tied
directly to the famed Brasher Doubloon of the same date and to the die maker of
each, John Bailey. Perfect light brown in color, the devices are generally well
struck and enhanced by slightly darker hues in the fields that surround them. A
touch of weakness on the small central shield, with the sun over the mountains
and rays above weak, perhaps as much from die failure as strike. Quickly
identifiable by a small dig at the center of the shield on the reverse,
although we were unable to trace this one to any previous auctions. A classic
rarity in any grade, and this particular coin is certainly one of the very
finest known. Breen estimates that 15-20 are known, and that seems too high.
Many of the great colonial collections of the past several decades did not have
a specimen, and those that did often could only locate a rather low grade
piece.
These patterns were struck by John Bailey and possibly for Ephram
Brasher as state coinage proposals for New York, they incorporate the State
Arms of New York on the obverse, the reverse with the Great Seal of the United
States loosely copied with a large eagle with outstretched wings, E PLURIBUS
UNUM around, and 1787 below. These New York arms are found on that state's
paper currency issue of April 18, 1786, as engraved by Peter Maverick (Breen).
Their heraldic blazoning: "Sun rising over three mountains, sea in foreground,
all proper; crest, eagle surmounts demi-globe on torse; dexter supporter,
Liberty with cap and pole; sinister supporter, Justice, with scales."
EXCELSIOR, or "More excellent, more noble," is the state motto: (Newman).
As
to rarity, PCGS has graded just two examples, this coin as by far the finest in
AU-55, on one other grading EF-40. Although a different example, this one is
very similar in grade to the Garrett coin offered in 1979. This particular coin
is a later die state, and that may account for the central obverse weakness.
Note the rim crumbling below the date and around the periphery. Many are poorly
struck and off center, this one is well centered and rather sharp for the
issue. Others are listed below. A foremost opportunity, and we feel this
colonial is underrated and may prove to be far rarer than currently reported,
once the pedigree chains are connected and further research is accomplished.
Color photo.
Estimated Value $20,000-30,000.
Purchased in a private
transaction a few years ago. The best listing of these we could locate was
published in Bowers and Merena's Norweb sale, March 1988, and we thank them
their for research on this rare issue:
1) The present specimen, PCGS graded
AU-55
2). Bowers & Ruddy's Garrett Sales, November 1979: 599 AU-50.
3).
Bowers and Merena's Norweb Part II Sale, March 1988: 2681 Very Fine 35.,
purchased privately from New Netherlands, December 11, 1954 by the
Norwebs.
4). Stack's Park Sale, May 1976: 58 (unknown grade, but Very Fine
or lower)
5). Stack's John L. Roper, 2nd Sale, December 1983: 271, ex Merkin
Sale, October 1973: 121 Very Fine
6). Stack's Donald Groves Sale, November
1974: 334, Fine to Very Fine
7). Stack's Robison Sale, February 1982: 152, a
strong Fine.
8). Stack's FPL, 1989, item C153, Fine, ex: Andrew C.
Zabriskie, H. Chapman, June 3, 1909, lot 77, plated.
9). Stack's FPL, 1986,
item C41, Very Good.
10) New Netherland's 60th, December 1968: 414, Fine to
Very Fine, plugged.
Lot 13
"1787" Machin's Mills Copper
Halfpenny. PCGS graded VF-20. All the Machin's Mills coins are
scarce and popular as they were struck in New York. This specimen shows a
decent strike from the dies, and the surfaces are finely porous and dark. For
the Machin's Mills issues, most are on defective planchets and frequently are
poorly struck and weak. PCGS hasn't graded a whole lot of these, so far just 20
in all grades, the finest seen in AU-50, and most grade below EF. This is the
small date variety, listed in Early American Coins by Robert A. Vlack as
variety 17-87A.
Estimated Value $550-600.
Lot 14
1787 Nova Eborac. Figure
facing right. PCGS graded EF-40. An extremely important issue from
John Bailey and struck in New York City around 1787. The quatrefoil punches
(the small 4 petal flowers after the legends) match those of the extremely rare
Excelsior pattern issues and the famous Brasher Doubloons, as well as the 1788
New Jersey coppers, which links these coins to John Bailey. Apparently these
were issued as proposals to the State of New York to win the contract for
making coins, but enough of these are around to indicate that they were made
for circulation, and not strictly pattern issues. This particular one was
struck on a clean planchet, and is an even brown color, with no signs of
porosity or similar detractions. The surfaces are choice, but we will mention a
few faint scrapes on the lower left of the obverse near the rim, and a trivial
planchet flake on the jaw. A later die state, as are many, with the quatrefoil
after LIB weak, and a long rim break from that area towards Liberty's toe.
Sharply struck throughout, and about as nice as one could hope to locate. The
seated right variety is much scarcer than the seated left. PCGS has only graded
3 as EF-40, with a single coin graded higher as AU-53. No mint state coins have
been graded of this variety. Further, this one is in the old green insert PCGS
holder. Truly an exceptional colonial for the specialist.
Estimated Value
$1,500-2,000.
Lot 15
1788 Vermont Copper.
PCGS graded EF-45. Benson. This appears to be the Round Head, one
obverse star variety (Breen-726). The obverse device is sharply struck
especially on the uniform. PCGS has graded 5 this high, with 3 graded higher,
and none in mint state. Scarce and always in demand as state coinage has really
started to come into its own the past decade.
Estimated Value $1,200-1,500.
From our Benson Collection I, February, 2001, lot 85.