Feb 18-19, 2002, The Benson Collection Part 2, Sale 13
Lot 2054
1795. 9 leaves below
eagle, Taraszka-9, Breen 4-C, Rarity-6. PCGS graded MS-60. This is
the Breen Encyclopedia plate coin for his number 6831, and has a famous
pedigree which is listed below. On the obverse, we note several low areas which
the dies did not manage to fill when this coin was struck, and this is evidence
of an improperly rolled planchet. These are located around the second star and
into the field above and near the rim opposite the thirteenth star. As noted in
the 1794 silver dollar description in this sale, the first batches of silver
and gold were not that pure, and had to be refined at the Mint. This process
was very difficult, and the equipment and training were not fully up to the
task. Hence, many early planchets are defective (see the 1795 BB-13, B-9 silver
dollar in this sale as well) and even after their best efforts, planchets could
still show preparation problems as seen here, with small low areas in the
fields, streaks or planchet splits or defects. Other 1795 9 leaf eagles show
similar planchet problems and it is likely that this consignment of gold was
difficult to refine and roll into blanks, causing these planchet problems. This
planchet was a bit too heavy, so the excess gold was removed by adjusting the
planchet with a file, and light adjustment marks can be seen with a glass on
Liberty.
As if it wasn't enough to have problem planchets, the reverse die
used to strike this coin shows signs of high stress, despite what had to be a
very low mintage. Note how the die is sinking (bubbles in the die steel) around
the first T of STATES at the top, below and right of the first A in AMERICA,
and below the second leaf point counting from the right to the rim where a wavy
crack has formed, and a circular crack is located touching the leaf point. As
noted scholar Walter Breen stated in the New Netherlands 55th Sale on the 9
leaf in the Cicero Sale....
"Rarity of the variety is difficult to explain;
probably the reverse die breaks advanced rapidly, and in general heavy die
breaks on gold are not found because the dies were often inspected and quickly
condemned when breaks were found. Gold was far more a public relations item for
the U. S. Government than silver or copper, and care was taken to avoid die
breaks or blunders on gold as never on lower denominations."
We agree with
Breen, and suspect that the reverse die did fail as the bubbles in the reverse
die failed rapidly, causing large lumps on the first T of STATES and below the
first A of AMERICA as noted, possibly under the branch too. As always, the
early days at the Mint posed many problems, and working with defective
planchets, lousy equipment and in poor working conditions didn't help. 1795 is
the first year of issue, and this is certainly rarest die pairing of the year
with approximately 15 known (See Anthony Taraszka's excellent reference on
eagles for a list, or the Breen Encyclopedia). PCGS has only graded a single
example as MS-60 (this one), and 6 are graded higher (best MS-63). An
exceptional rarity that is seldom offered. Color photo.
Estimated Value
$100,000-125,000.
This is the Granberg-Wooden-Newcomer-Black coin, ex:
Auction '90, David Akers, 8/1990:1916.
Lot 2055
1796. Taraszka-6, Breen
1-A, Rarity-4. NGC graded MS-62. Here is a rare coin in mint state.
The surfaces retain most of the original luster and we note trivial scattered
ticks on both sides. Struck on a less than perfect planchet, with a number of
small laminations and flaws on both sides, more noticeable in the fields than
on the devices. Similar in fact to the 1795 9 leaf just offered, which has
planchet problems. Identifiable by a small rectangular void in the lowest
drapery fold above the 96 in the date, and by a small lamination on Liberty's
jaw, reaching down towards her neck. On the reverse, there is a small planchet
flake in the field just left of the lower body of the eagle, below the wing,
and scattered tiny planchet flakes through most of the fields. Minor hairlines
on the prooflike surfaces, and quite appealing despite the trivial problems.
NGC has only graded 2 this high, with none graded higher, similar at PCGS where
they have graded 3 as MS-62, with a single coin graded higher as MS-63. There
is a good chance that this coin is well within the top six known of the date
(certainly of those certified) and one that would make a worthy acquisition by
a specialist in the series, or a date collector who wants a really special
example. Color photo.
Estimated Value $60,000-80,000.
Lot 2056
1797. Small eagle,
Taraszka-7, Breen 1-A, Rarity-5. NGC graded AU-53. A magnificent
example of this coveted variety. The devices are fairly well struck with strong
definition on the stars and most of the curls on Liberty and the eagle boasts
most of his proud breast feathers. Light wear only on the uppermost devices.
One can tell that the engraver was working with an obverse die that had 15
stars, and he had to add the 16th star by the time this obverse was used.
Therefore, the additional star was crammed into the space near the 1 in the
date, and the stars are arranged in th curious 12 X 4 division. The obverse die
cracked early, with a break extending towards the center from 4 o'clock. As to
the reverse, it is the same die that was used to coin the 1796 eagles. We note
some faint adjustment marks at the center of the reverse, and there is an old
scratch below the wreath and into the eagle's neck. One other mark should help
to identify this one, it's very tiny, but deep, and located between fifth and
sixth leaves in the branch. Color photo.
Estimated Value $40,000-50,000.