Feb 18-19, 2002, The Benson Collection Part 2, Sale 13
Lot 131
1851. PCGS graded
MS-64. A pretty example of this first year of issue, the obverse is mostly
silvery-gray with flecks of gold around the periphery and iridescent colors
mixed in too. Similar on the reverse, with less color and nice, satiny luster.
Struck from clashed dies, as are most, and with strong stars on the reverse and
just a bit of weakness at the centers.
Here we begin the Dr. Benson
Collection of Three Cent Silvers. The majority of the coins from his date set
were purchased on August 30, 1944 from J. H. Nunn, and east coast coin dealer.
We note the date of August 30, 1944 as the last time the coins from this set
traded hands.
How did this curious denomination come about? Well, it all
started because the Post Office was lowering the prepaid rate for a
letter to 3¢ from 5¢. Further complications were unfolding in the
wildly fluctuating price of gold and silver due to the massive gold inflows
from the California creeks and hillsides. The natural effect of all this gold
was that its price went down relative to silver, hence silver coins actually
were worth more than their face value. People naturally figured this out, and
soon all silver coins were hoarded from circulation or melted and sold. Can you
imagine the frustration? As soon as the mints would produce silver coins, they
would disappear, off to be melted. Naturally, few people gave silver to the
mints for coinage, and what little was produced was either hoarded or bought by
bullion dealers and melted and sold to the Caribbean Islands or Europe for a
sizable profit.
Commerce adjusted, as is always does, by using a variety of
substitutes for small change. During the early 1850s, a citizen would typically
encounter a mix of United States gold coins, Mexican silver, large cents and
half cents and "Shinplasters" (which were private or state bank notes and
merchant's private scrip of all kinds). The large cents and half cents were
extremely unpopular, and if a person went to purchase a 5¢ cigar with a
Mexican silver dollar (let alone a gold dollar) being offered 95 large cents as
change would have been risking a fight! (Breen's Encyclopedia). Merchants
demanded a solution. The Shinplasters were not always backed by their issuer,
and soon became filthy rags after limited circulation. The Mexican silver
usually had to be weighed by merchants (to make sure of its value) and this
slowed even the simplest of transactions from penny candies to whiskey shots.
Like the Shinplasters, the large copper cents and half cents soon became dirty
and were frowned upon when offered as change.
A solution to the crisis was
offered by Senator Dickinson, who drafted a bill proposing a 3¢ coin made
of 75% silver and 25% copper, which had a melt value then well below its
3¢ face value, which would hopefully eliminate hoarding and make smelting
and exporting unprofitable. His bill passed on March 3, 1851, to be effective
June 30 of that year. Mint Director Robert Patterson chose the simple design by
Longacre, as the low relief would extend die life and require less pressure in
coining to strike up the design elements.
Large numbers were minted, and
they circulated widely, replacing some of the smaller Mexican silver coins and
were preferable to Shinplasters or the bulky copper coins of the day. The
little silver coins soon became known as "fish scales" for their size and
silver reflectivity.
By 1853 Congress acted to reduce the silver content in
coins from half dimes to half dollars (silver dollars were left out of this
adjustment for sentimental reasons) to get the silver value below the face
value, and thus allow small silver coins circulate again. Congress also
adjusted the silver content of the little 3¢ coin, raising it to 90% in
line with other silver coins of the era, and this no doubt eased smelting and
refining operations at the mints. To note the change in silver content,
Longacre proposed outlining the existing obverse star with two extra outer
lines, and placing a small sprig above the denomination and a cluster of arrows
below on the reverse, which took place at the beginning of 1854.
Additional
changes were made in 1859 to improve striking quality, and make the lettering
more narrow and further apart, under the influence of Anthony C.
Paquet.
Naturally, as the 3¢ coin was widely accepted and recognized, a
large number of counterfeits surfaced during the Civil War, most of these dated
from 1859 to 1862, with 1861 most commonly encountered. These counterfeits were
made from a pale gray metal which resembles German Silver (tin, zinc, nickel
and copper) and were generally crude in their execution, but apparently good
enough to pass easily. This is another fascinating chapter for the advanced
numismatist to study.
Hence, these little silver coins played a major role
in the 1851 economy, and remain popular today with collectors desiring top
quality pieces for their sets.
Estimated Value $300-350.
From the
Dr. Benson Collection and purchased from Ira S. Reed on February 26, 1944 for
$1.50.
Lot 132
1851. PCGS graded
MS-64. This coin boasts mottled light yellow toning with darker areas
around the periphery of both sides. Vibrant luster beneath, and well struck on
the devices.
Estimated Value $300-350.
From the Benson Collection
and purchased from J. H. Nunn on August 30, 1944 as part of a complete set from
1851 to 1873 for $135.00.
Lot 133
1851-O. PCGS graded
MS-63. This is the only branch mint issue of this denomination. 720,000
were coined, and most circulated widely. This one is still very choice, with
splendid iridescent toning around the periphery with gold shades predominating.
We note two tiny marks on the reverse, one hidden on the star at 10 o'clock,
and another near the top (which may be a small planchet flake). As to why this
coin doesn't grade higher, we can't figure it out. Take a look for yourself.
Estimated Value $300-350.
From the Benson Collection and purchased
from J. H. Nunn on August 30, 1944 as part of a complete set from 1851 to 1873
for $135.00.
Lot 134
1852. PCGS graded
MS-64. A simply delightful example of this date, fresh luster and light
toning on both sides, and very well preserved. Few signs of handling visible,
even with a 10X loupe.
Estimated Value $300-350.
From the Benson
Collection and purchased from J. H. Nunn on August 30, 1944 as part of a
complete set from 1851 to 1873 for $135.00.
Lot 135
1852. PCGS graded
MS-62. Dappled toning over lustrous surfaces. We note some minor handling
marks visible with a glass.
Estimated Value $150-175.
From the
Benson Collection and purchased from Chapman on June 24, 1944 for 50¢.
Lot 136
1853. PCGS graded
MS-63. Rich gold and green toning on the obverse, more satiny gray on the
reverse. Well struck by the dies, and nicely preserved for the moderate grade.
If all MS-63 coins looked like this, well, see what you think.
Estimated
Value $170-200.
From the Benson Collection and purchased from J. H. Nunn
on August 30, 1944 as part of a complete set from 1851 to 1873 for $135.00.
Lot 137
1853. MS-60.
Cleaned, yet still lustrous and silvery gray in color, with a breath of
toning on the reverse.
Estimated Value $100-120.
Lot 138
1854. PCGS graded
AU-55. This one was lightly circulated, and is now wonderfully toned with
colorful rings around the obverse, more gray on the reverse.
Estimated
Value $160-190.
From the Benson Collection and purchased from J. H. Nunn
on August 30, 1944 as part of a complete set from 1851 to 1873 for $135.00.
Lot 139
1855. NGC graded
Proof 65. While long trumpeted as a great rarity, more recent studies seem
to show around 20 known of this date, of perhaps 50 struck. Proof issues were
irregular and not always recorded as such in the pre-1858 days at the
Philadelphia Mint. Hence, we can only estimate given the number that have been
recorded at auction, and now with the acceptance of third party grading and the
population reports. On this particular example, we see well mirrored fields and
fully struck devices, with the typical characteristics of an early proof. The
stars are sharper than usual, and the devices nicely frosted by the preparation
of the dies. One lint mark is noted through the E of UNITED. This particular
coin is brilliant, without a touch of toning, just a bit of haze to note the
passage of nearly a century and a half. The NGC Population Report shows 4
graded this high, with 6 graded higher, and at PCGS theirs shows 3 graded this
high with 2 higher. Always popular with collectors and in strong demand by
people forming date sets and type buyers, as few Type II coins are available in
gem proof grades.
Estimated Value $9,000-11,000.
Lot 140
1855. NGC graded
AU-58. Magnificent old time toning which ranges through the rainbow of
colors. A touch of wear. Obviously from an old collection.
Estimated Value
$125-175.
Lot 141
1855. PCGS graded
VF-35. Nice surfaces and color for the grade.
Estimated Value $60-80.
From the Benson Collection and purchased from J. H. Nunn on August 30,
1944 as part of a complete set from 1851 to 1873 for $135.00.
Lot 142
1856. PCGS graded
AU-58. Delightful, and very colorful, toning on both sides.
Estimated
Value $125-150.
From the Benson Collection and purchased from J. H. Nunn
on August 30, 1944 as part of a complete set from 1851 to 1873 for $135.00.
Lot 143
1857. PCGS graded
MS-63. Vibrant rings of color on both sides, from 56 years of storage in
National Pages albums. Clean surfaces for the grade assigned. Color photo.
Estimated Value $500-600.
From the Benson Collection and purchased
from J. H. Nunn on August 30, 1944 as part of a complete set from 1851 to 1873
for $135.00.
Lot 144
1858. PCGS graded
Proof 65. A stunning gem that is bluish steel gray in color on the obverse,
with pinkish rose hues on the reverse. Note the streaks on the planchet, this
is from the rolling mill at that Mint or perhaps the dies were not polished up
properly, either way, the lines on the obverse are from the Mint and are
obviously not some post minting detriment. PCGS has graded only 15 this high,
with 5 graded higher of this date. PCGS further guesses that the mintage was
approximately 100 coins in Proof, most of which are in much lower grades. If
you demand a gem, then check this one out.
Estimated Value $5,000-6,000.
Purchased by Dr. Benson on March 30, 1946 from Ira S. Reed for $7.75.
Lot 145
1858. PCGS graded
MS-64. Well struck and frosty with light toning adhering to the periphery
on both sides. A choice example for the type 2 design.
Estimated Value
$1,100-1,200.
Lot 146
1859. PCGS graded
Proof 63. This is certainly one of the prettiest Proof-63 coins you will
likely find. The colors range through deep blue at the periphery to vibrant
gold at the centers, the reverse has less toning but is also beautiful. We do
note minor hairlines in the fields and trivial handling marks which account for
the grade. Don't skip over this because of its moderate grade! An opportunity.
Color photo.
Estimated Value $350-400.
From the Benson Collection
and purchased from J. H. Nunn on August 30, 1944 as part of a complete set from
1851 to 1873 for $135.00.
Lot 147
1860. PCGS graded
AU-58. Awash in deep blue and russet toning on both sides, with minor
handling marks visible with a glass. Certainly the nicest AU-58 you are likely
to find, perhaps worth a touch more? When the auction hammer falls, the value
will be known.
Estimated Value $100-125.
From the Benson Collection
and purchased from J. H. Nunn on August 30, 1944 as part of a complete set from
1851 to 1873 for $135.00.
Lot 148
1861. PCGS graded
Proof 64. Gunmetal gray on the obverse, with frosty devices and crisp
lettering. On the reverse, the centers are snowy white, while the periphery is
a dark gray-blue shade. Faint signs of handling, visible with a glass.
Estimated Value $450-500.
From the Benson Collection and purchased
from J. H. Nunn on August 30, 1944 as part of a complete set from 1851 to 1873
for $135.00.
Lot 149
1862. PCGS graded
Proof 64. Deep bluish-black with hints of dark red toning on the obverse,
brighter on the reverse, with peripheral toning only.
Estimated Value
$450-500.
From the Benson Collection and purchased from J. H. Nunn on
August 30, 1944 as part of a complete set from 1851 to 1873 for $135.00.
Lot 150
1862. PCGS graded
MS-66. An exceptional grade for this date, PCGS reports just 73 graded this
high, with 7 graded a notch higher. Deep blue and gold toning on both sides and
highly appealing. The central strike shows typical weakness.
Estimated
Value $900-1,000.