May 26-27, 2003, The Dr. Jacob Terner Collection

May 26-27, 2003, The Dr. Jacob Terner Collection, Sale 20
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British Gold Coins

Lot 261
Great Britain. Sovereign, 1820. S-3785C; Fr-371; KM-674. George III. Considerable original mint luster. NGC graded MS-61.
Estimated Value $750-1,000.
Not part of the Terner Collection.

Lot 262
Great Britain. Sovereign, 1820. George III. S- 3785C; Fr-371; KM-674. Small date. Another rare variety within this final year; considering that the king passed away before the end of January 1820, it's remarkable that there should have been several distinct die-pairings used to make the 1820 sovereigns. This piece is very rare, and despite being far from perfect it is the best one found. PCGS graded AU-58.
Estimated Value $750-1,000.

Very Rare and Superb 1821 Half Sovereign

Lot 263
Great Britain. ½ Sovereign, 1821. George IV, Laureate Head. S-3802; Fr-378; KM-681. This is a very rare coin-very rare in all grades. This portrait was used only in 1821 in combination with the Ornately Garnished Crowned Shield on the reverse. Quite simply, this is the very finest currency piece ever seen, fully struck with exquisite, satiny luster and lovely, old-time yellow-gold toning. Superb! PCGS graded MS-66. Color photo.
Estimated Value $6,000-8,000.

Pattern 1821 Half Sovereign

Lot 264
Great Britain. Pattern ½ Sovereign, 1821. George IV Laureate Head, paired with the reverse style used from 1823 to 1825 on the currency issues: a crowned, square-topped shield, with a spray of thistle, rose and shamrock below it. WR-243. DM-149. A great rarity, rated R6: just 3 to 5 known, including those impounded in museums. However this is the only specimen, to our knowledge, on the market in the past 22 years. PCGS graded Proof 64 Cameo. Color photo.
Estimated Value $5,000-7,500.
An excellent coin with an impressive provenance: ex Montagu, Murdoch, Nobleman (Ferrari), Pellegrino, and Douglas-Morris collections. Purchased in 1988.

The Norweb 1821 Proof Sovereign

Lot 265
Great Britain. Sovereign, 1821. George IV Laureate Head. WR-231. S-3800; Fr-376; KM-682. Reeded edge. R3, very rare. Struck for inclusion in the Coronation Proof sets of this year, one of the rarest such sets of the past two centuries. This is a lovely cameo specimen, with an excellent provenance. Purchased at the auction in 1986. One of the finest extant! PCGS graded Proof 64 Deep Cameo. Color photo.
Estimated Value $4,000-6,000.
Ex Norweb Collection.

Deep Cameo Proof 1821 Half Sovereign

Lot 266
Great Britain. ½ Sovereign, 1821. George IV Laureate Head. Reeded edge. Fr-378; S-3802. The accepted design combination, by Pistrucci, used for the Coronation Proofs of this year. R3: extremely rare. A lovely example indeed. Bought in 1986 at the Norweb sale. PCGS graded Proof 64 Deep Cameo. Color photo.
Estimated Value $4,000-6,000.
Ex Norweb Collection.

Lot 267
Great Britain. Sovereign, 1822. George IV, Laureate Head. S-3800; Fr-376; KM-682. While listed in the standard references as perhaps the most frequently seen date, this coin, which is the nicest located, is witness to how difficult it is to purchase splendid early sovereigns, which simply do not exist in any number. Uncirculated.
Estimated Value $1,000-1,250.

Extremely Rare Proof 1823 Half Sovereign

Lot 268
Great Britain. ½ Sovereign, 1823. George IV Laureate Head, the standard coinage, by Pistrucci. WR-245. S-3803 type. Reeded edge. This is obviously a Proof of Record, struck to preserve a Specimen example of this then-new coinage style. R6: extremely rare, just 3 to 5 known (but the only one we ever encountered). Slightly porous obverse. Purchased in 1987. PCGS graded Proof 64 Cameo. Color photo.
Estimated Value $4,000-6,000.

Lot 269
Great Britain. Sovereign, 1823. George IV, Laureate Head. S-3800; Fr-376; KM-682. One of two key dates in this portrait, it took Dr. Terner 17 years to locate this wonderful specimen! While it has some tiny abrasions, it is very boldly struck and exhibits gleaming satiny luster, producing very strong eye-appeal. The new Spink book (2003 edition) prices this date at 2,000 Pounds (about $3,200) in EF grade, and leaves it unpriced in Uncirculated. This specimen may possibly be the finest known for the date. PCGS graded MS-63.
Estimated Value $3,500-4,500.

Lot 270
Great Britain. 2 Pounds, 1823. George IV Bare Head. S-3798; Fr-375; KM-690. Lettered edge, with the DECUS legend in high relief. A 1-year type, in fact the only currency issue of this denomination struck during the Regency period. This gleaming example possesses a shimmering satiny luster and is truly extraordinary; in fact, one of the best ever seen. PCGS graded MS-64. Color photo.
Estimated Value $2,000-2,500.

Lot 271
Great Britain. 2 Pounds, 1823. Fr-375; KM-690. George IV. NGC graded MS-61.
Estimated Value $1,000-1,250.
Not part of the Terner Collection.

Lot 272
Great Britain. Sovereign, 1824. George IV, Laureate Head. S-3800; Fr-376; KM-682. Purchased in 1981, a finer piece was never located in all the following years of searching. This coin is sharply struck and most pleasing. In the cataloguer's opinion, printed prices are meaningless as truly Uncirculated coins are much more difficult to find than such prices suggest. PCGS graded MS-63.
Estimated Value $1,000-1,500.

Lot 273
Great Britain. ½ Sovereign, 1824. George IV, Laureate Head. S-3803; Fr-379; KM-689. This coin was purchased early in 1985, and since then almost no other examples of the same quality (and none better) have crossed Dr. Terner's path. This lovely coin represents a very rare technical grade, but it's also prooflike. The short-lived Laureate Head series is, in our experience, much under-rated in the standard catalogues in terms of pricing structure. PCGS graded MS-64.
Estimated Value $500-700.

Transitional 1825 Proof Half Sovereign

Lot 274
Great Britain. Pattern ½ Soveregin, 1825. George IV Bare Head: transitional portrait by William Wyon after Francis Legett Chantrey's marble bust and model. Paired with Merlen's shield reverse. WR-248. DM-152. The die combination used for currency coinage beginning in 1826, and also for the 1826 Proof sets. Plain edge, high wire rims (some marks on rim tops). The digit 5 in the date is blundered. R5: extremely rare, 6 to 10 known, including those in museums. An attractive Brilliant Proof with cameo contrast. PCGS graded Proof 63 Deep Cameo. Color photo.
Estimated Value $5,000-7,000.

Transitional 1825 Proof Sovereign

Lot 275
Great Britain. Pattern Sovereign, 1825. By William Wyon after Chantrey's model. The reverse by Merlen. George IV Bare Head. WR-236. Reeded edge. R5, extremely rare (6 to 10 known). 1825 was the year in which the king intervened in matters numismatic, insisting that his laureate portrait be replaced on all the coinage. Evidently he felt the earlier portrait made him look too Romanesque, his face too full (in fact he was a rotund man), thus this new style shows him with an almost slim neck and a much lighter face. We purchased this great rarity in 1985, and since then only two or three have appeared on the market, none we thought as choice as this specimen. PCGS graded Proof 64 Cameo. Color photo.
Estimated Value $5,000-7,000.

Very Rare Mint State 1825 Sovereign

Lot 276
Great Britain. Sovereign, 1825. George IV, Laureate Head. S-3800; Fr-376a; KM-682. This and the 1823 are the two "stoppers" of this portrait style, and in this lofty grade this coin is an extreme rarity. It catalogues for 1,500 Pounds (about $2,400) in EF grade, and it may be even rarer than 1823 in Uncirculated: Spink leaves it unpriced, and it is the only piece seen at this condition level during the entire 22 years of collecting. It was finally located in 2000. We never thought we would own this date, yet here it is. Evidently its rarity stems from the fact that the portrait was changed in this year to the Bare Head design (which was personally favored by the king as he felt it was more flattering). Production of Laureate Head sovereigns dated 1825 must have been quite limited, and evidently virtually all of them passed quietly into circulation; most known pieces show a lot of wear, meaning that they were used as money for many years. PCGS graded MS-63.
Estimated Value $3,000-4,000.

Lot 277
Great Britain. ½ Sovereign, 1825. George IV, Laureate Head. S-3803; Fr-379; KM-689. The last of just three years minted of this charming style (Dr. Terner could never locate an 1823 currency piece of this quality, although his Proof is certainly more than enough to represent the date). This beautiful 1825 is also prooflike! A very rare condition and, again, in our opinion, much under-rated. PCGS graded MS-64.
Estimated Value $500-700.

Gem 1826 5 Pounds Deep Cameo Proof

Lot 278
Great Britain. 5 Pounds, 1826. Fr-373; S-3797; KM-702. George IV. Issued in the set. Mintage of only 150 pieces struck. This superb example has the most impressive eye appeal, and would be the stand out of any collection. Very Rare. PCGS graded Proof 65 Deep Cameo. Color photo.
Estimated Value $15,000-20,000.
Not part of the Terner Collection.

Gem 1826 Deep Cameo Proof Sovereign

Lot 279
Great Britain. Sovereign, 1826. Fr-377a; S-3801; KM-696. George IV. Suberb example and Rare. PCGS graded Proof 65 Deep Cameo. Color photo.
Estimated Value $3,000-4,000.
Not part of the Terner Collection.

Deep Cameo 1826 Proof Sovereign

Lot 280
Great Britain. Sovereign, 1826. George IV, Bare Head. S-3801; Fr-377a; KM-696. Reeded edge. Mintage: approximately 400 pieces. Rated R2 (Very Rare) by WR (as #237). The special sets of this year were occasioned by the king's own request that his portrait on all his coinage be changed to this new style, which shows him as being much less portly than he actually was; it's quite a dignified bust, and all of the coins of this style are rarer than catalogue values suggest, in truly choice states. This Proof followed on the heels of the pattern of 1825 bearing this portrait and is itself very difficult to find in such a fine condition as is represented here. Cameo relief, typical of the Proofs of this year. Purchased in 1982. PCGS graded Proof 65 Deep Cameo. Color photo.
Estimated Value $3,000-4,000.

Gem 1826 Half Sovereign Deep Cameo Proof

Lot 281
Great Britain. ½ Sovereign, 1826. Fr-380a; S-3804; KM-700. George IV. Suberb and Rare thus. PCGS graded Proof 65 Deep Cameo. Color photo.
Estimated Value $2,500-3,000.
Not part of the Terner Collection.

Lot 282
Great Britain. ½ Sovereign, 1826. George IV, Bare Head. S-3804; Fr-380a; KM-700. Reeded edge. Mintage was never recorded, evidently, although it's widely believed to be approximately 400 pieces. WR (#249) rates Very Rare (R2). A lovely example, one of the first coins Dr. Terner purchased, back in 1981. PCGS graded Proof 63 Cameo. Color photo.
Estimated Value $1,200-1,500.

Lot 283
Great Britain. Sovereign, 1827. George IV, Bare Head. S-3801; Fr-377; KM-696. In terms of sheer rarity by condition, this gorgeous Gem is one of the rarest coins in the Terner Collection. There's little one needs to say about this coin - just one look at it and you'll want to own it! A treasure of the Georgian era. Acquired in 1985. (The presence of this coin, in the absence of several of the other dates of this style, accents the true rarity of this type of sovereign in high grade: Dr. Terner never did manage to locate the extremely rare 1828, nor did the so-called common currency issues of 1825 or 1826 come his way - which tells, as well as any statement could, how uncommon they in fact are.). PCGS graded MS-65. Color photo.
Estimated Value $1,500-2,000.

Lot 284
Great Britain. ½ Sovereign, 1827. George IV, Bare Head. S-3804; Fr-380; KM-700. Despite having a Spink book price identical to that of the 1826 currency issue, this is a much rarer date, and in this grade it's a very rare coin. You could go to England for years, searching all the "coin fairs," and not find a coin equal to this one. PCGS graded MS-64. Color photo.
Estimated Value $700-900.

Lot 285
Great Britain. ½ Sovereign, 1828. George IV, Bare Head. S-3804; Fr-380; KM-700. Last of just three years of issue for this delightful and rare type. Perhaps this sale will help open up some eyes to the true rarity of these coins, which typically in the UK appear in only three conditions: VF, EF and occasionally AU (the so-called English "Good EF"). For many years, the Spink (formerly Seaby) standard reference book has blithely reported Uncirculated prices for all these earlier half-sovereigns (and it applies to the sovereigns as well), all the while hardly any coins trade during any given year. Further, while this coin is "only" MS63, consider that the resources available to collect this series were essentially unlimited - and yet, a Gem MS65 was never found! PCGS graded MS-63.
Estimated Value $700-900.

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