Feb 18-19, 2002, The Benson Collection Part 2, Sale 13
Lot 1000
1842. Small date.
MS-63. Gray and gold mottled toning on both sides and we note some
faint hairlines in the fields. Well struck by the dies, with a rim break over
TAT on the reverse and some peripheral cracks too. This issue is much scarcer
than the large date variety of the year.
Estimated Value $2,500-UP.
Lot 1001
1844. EF-40.
This one has a recut 18 in the date, and is toned with deep gray on both
sides.
Estimated Value $50-70.
From the Benson collection and
purchased from Chapman on June 20, 1944 for $2.00.
Lot 1002
1853. Arrows and rays.
NGC graded Proof 65. Here is a spectacular specimen of this
extremely rare and desirable one year type coin. It is instantly recognizable
by a small planchet streak in the right wing of the eagle as the Eliasberg
coin, plus this fact is announced on the NGC insert. Toned with champagne and
light gold colors throughout over the deeply mirrored fields. Perhaps 10 were
struck, and no doubt just a handful are known today. The current NGC Population
Report shows 4 are graded by that service, 1 as PF-63; this coin as PF-65; and
2 as PF-66 and in addition 1 coin is listed as a Mint State Specimen-66 by NGC.
PCGS has graded 5 examples as follows: 3 as PR-63, 1 as PR-64 and 1 as PR-65.
Therefore, this coin is certainly one of the better ones known, and extremely
important as a one year type coin, the only year the both arrows and rays were
used to announce to the world that the silver content had been slightly reduced
reflecting the wild swings in prices caused by the California Gold Rush and
tons of gold coming to market. This caused the price of silver to actually
rise relative to the price of gold, as the gold price fell. By 1852
virtually all silver coins had disappeared from circulation, and were in fact
worth more than face value. The situation was so bad that silver coins
could actually be taken from circulation and melted for a sizable profit.
Therefore, very little silver was brought to the mints for coinage, and
mintages fell. Congress acted by reducing the required amount of silver for
half dimes through half dollars (the silver dollar for some reason left out of
this adjustment, as few were coined anyway at that time). To identify these new
lighter weight coins, the Mint added arrows at the date and rays around the
eagle. These arrows and rays were added so the new coins wouldn't join the
older ones in the melting pot, and thus the shortage of small silver coins in
circulation could finally be corrected.
Research has shown that no 1853
proof sets were coined (see Bowers Eliasberg sale, lot 1956) and thus mintages
of proofs were scattered and depended on orders. Needless to say, this is an
extremely rare coin, and the opportunity to purchase one may not occur again
for many years.
Extensive die file lines are visible on Liberty, around the
eagle, and through the reverse legends, and these are detailed in the Eliasberg
description of this same coin. A foremost rarity in any grade, and this
stunning gem example will undoubtedly become the centerpiece of a most advanced
connoisseurs collection. Color photo.
Estimated Value $100,000-150,000.
From Bowers and Merena's Louis E. Eliasberg, Sr. Collection, Part II,
April 1997, Lot 1956, with no prior pedigree listed, although likely from the
George H. Clapp collection and purchased from an unknown source by him.
Lot 1003
1854. Arrows. PCGS
graded MS-65. Here is an exceptional coin that boasts virtually mark-free
surfaces and good luster. Well struck on the left stars, while the right stars
are generally flat, the reverse is sharp throughout. As to the toning, it is a
delicate layer of gold over the entire coin, and abundant luster resides
beneath. PCGS has only graded 4 this high, with 6 graded higher, all MS-66. The
with arrows type was made for just two short years, 1854 to 1855, to announce
to the world the small reduction in the amount of silver used to coin these
from previous years.
Estimated Value $5,000-6,000.
From the Benson
collection and purchased from Chapman on June 20, 1944 for $3.00.
Lot 1004
1854. Arrows. NGC
graded MS-64. A well struck example, fully lustrous and attractively toned.
Both sides exhibit a natural blending of medium violet and gold with some
electric blue highlights scattered about.
Estimated Value $1,500-1,750.
Lot 1005
1854-O. Arrows.
PCGS graded MS-64. A splendid frosty mint example and as fresh a
specimen as you will ever see. A natural pinkish-grey tone covers the surfaces
on both sides.
Estimated Value $2,000-2,250.
Lot 1006
1854-O. Arrows.
MS-63. A beautiful untoned frosty mint specimen, about as fresh an
example as you will see.
Estimated Value $1,000-1,500.
Lot 1007
1857. NGC graded
MS-64. A choice, steel-white example, exhibiting a better than average
strike. Some faint planchet roller lines appear across the central portion of
Liberty, these were present when made.
Estimated Value $1,300-1,500.
Lot 1008
1858. PCGS graded
Proof 64. A rare proof issue that is seldom found, it is estimated that
only 100 were struck in Proof. PCGS has graded 13 this high, with 4 graded
higher. This particular one has medium steel toning over minor hairlines in the
fields. Perfectly struck, as expected for a proof, and we note that this is an
example of the "low date" as mentioned in Breen's proof book. One short lint
mark below the first star to the rim will serve to identify it.
Estimated
Value $3,000-3,500.
From the Benson collection and purchased from Ira S.
Reed on December 4, 1945 for $22.50.
Lot 1009
1858. PCGS graded
Proof 64. A lovely example of this rare proof issue, this one boasts deep
blue at the rims, vibrant gold next, and highly reflective fields and devices.
This is one of Breen's "high date" examples, as the 5 nearly touches the rock
above. One minor lint mark inside of the sixth star and a few others in the
fields. If you want a real beauty to represent this rare proof date, then take
a look at this one, we think it has truly exceptional eye appeal. Color photo.
Estimated Value $3,000-3,500.
From the Benson collection and
purchased from Milferd H. Bolender on February 15, 1946 for $21.00.
Lot 1010
1858. NGC graded
MS-65. Light antique gray toning on both sides of this gem, with one
lighter patch on the upper right side of the obverse. Excellent luster in the
fields and the surfaces are extremely nice for the grade. NGC has only graded 5
this high, with 1 graded higher (unless this coin was just submitted and not
yet in the published population report). One of the best to come down to us of
this so-called common date, but as we noted, this date is certainly downright
rare in gem grades. Well struck although a few stars show minor central
weakness, the central devices are strong.
Estimated Value $3,500-4,500.
Lot 1011
1858. NGC graded
MS-65. This gem has gorgeous original toning around the periphery, with
deep blue and red through the stars and edges, while the centers are frosty and
white. Further, this is a scarce variety, WB-105, which is extremely rare in
any mint state grade. The 5 has two projections on the right side, these are
from an inverted 1 mispunched in that location. NGC has only graded 5 this
high, with a single coin graded higher. Note there is a small planchet flaw
near the arm in the field between the first couple of stars, but this is mint
caused and not detracting. Color photo.
Estimated Value $3,500-4,500.
Lot 1012
1858. PCGS graded
MS-62. Dark gunmetal gray on both sides with glowing areas of blue near the
rims. One faint scratch on Liberty's chest, but it can only be seen with a
glass.
Estimated Value $350-450.
From the Benson collection and
purchased from Chapman on June 20, 1944 for $3.00.
Lot 1013
1858. MS-60+.
Pretty obverse toning on this well struck coin but the reverse has gold
toning which is mottled when viewed with a glass. Struck from clashed dies.
Estimated Value $350-400.
Lot 1014
1859. PCGS graded
Proof 61. Frosty at the centers and toned around the edges with deep blue
and gold. The fields show rather moderate hairlines from a past cleaning, and
hence the uninspiring grade.
Estimated Value $500-600.
From the
Benson collection and purchased in a group of Proofs from 1859 to 1908 from
James G. Macallister on October 17, 1944 for $200.00.
Lot 1015
1859-S Believed to be
the Finest Known Medium "S". NGC graded MS-68. This spectacular
coin came from the Eliasberg sale in April 1997. It is snowy white in color,
and very frosty on the devices. The strike is sharp, with most of the stars
showing all but the finest lines at the centers. Although 566,000 were coined,
most were spent or lost during the Civil War, and very few have been found in
mint state condition. This coin is the finest graded by NGC, and we note a
similar MS-68 graded at PCGS, which in all probability is the "large S" example
that was also offered in the Eliasberg sale. Quality such as this must be seen
to be believed, and we recommend a few moments spent with this lot to all
bidders who can view the sale.
Estimated Value $35,000-UP.
From John
G. Mills collection, S.H. and H. Chapman, April 27-29, 1904; J. M. Clapp; John
M. Clapp estate, 1942; to Louis E. Eliasberg, Sr., Bowers and Merena Galleries,
April 1997, lot 1980.