September 15, 2003, Pre-Long Beach Sale - Coins, Sale 21

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Gold $10 (Bust and Liberty)
 
Lot 1175        1795 $10 Capped Bust. 13 leaves below eagle. Sharpness of MS-60 or better. Diagnostic die lump between OF and A(M) on reverse. Well struck throughout, with full curls on Liberty and stars on the obverse, and excellent details on the eagle's wings. The only signs of adjustment marks are on the eagle's breast feathers and the rims are nice and full. Although cleaned and burnished, this example has plenty of "flash" and excellent eye appeal. The fields are reflective and even retain a considerable portion of proof-like surface. Obviously, this coin will not be encapsulated by either of the two major grading services due to the burnishing; however, if you want a high grade example of our first gold coin, do not care for slabs and want to save a ton of money (approximately $50 K for an uncirculated today), this example might fit the bill (Photo).
Estimate $15,000-18,000.
 
Lot 1176        1797 $10 Capped Bust. Small eagle. PCGS graded AU-50. Sold by us in June 2000 as part of Dr. Jon Kardatzke's impressive collection of United States coins. The description bears repeating (in part), as follows: "The 1797 Small Eagle is the product of the Mint and politicians attempting to please the public. Apparently, the delicate small eagle reverse had proven unpopular, and this design was replaced with a slightly modified copy of the Great Seal of the United States, and employed on the Heraldic Eagle reverse. As dies were generally used until worn out, broken and couldn't be repaired, many strange date and design combinations were created during this turbulent first decade of Philadelphia Mint coin production. The new style, heraldic eagle reverse first appeared on 1796 Quarter Eagles, and from there spread out to other denominations. A few curious animals were created, such as the 1795 half eagle with the heraldic eagle reverse, or the similar 1798 small eagle half eagle. New heraldic eagle reverse dies were made for eagles in 1797, and the left over 1796 11 leaf reverse was also used to produce 1797 eagles, and was the last usage of the small eagle design.

Sought-after by rarity collectors, this coin is still known as a Rarity 5, with between 31 and 75 thought to be in existence. The obverse dies quickly broke, with a heavy die crack extending from the rim below the last star up towards Liberty's chin, with branching cracks going off the main crack in either direction. When the dies were replaced, the new heraldic eagle reverse was used, as well as a new obverse die.

This particular coin is exceptional, the surfaces show smooth, even wear and the fields, rims and devices display few signs of the usual problems that so often plague these early eagles. Identifiable by a small rim tick above the first T in STATES..."

To bring this description up to date, we note that the coin has a sunny yellow appearance with a toned area on the upper left reverse, where a faint old scratch is noted in the field to the right of the D of UNITED (another pedigree marker). PCGS has graded 4 example at this grade level, with 17 finer (the best being a single MS-62).

All in all, this is an impressive coin that will satify the needs of both date and type collectors (Photo)

Ex: From our sale of the Dr. Jon Kardatzke Collection, June 4-6, 2000, Lot 1430..
Estimate $40,000-50,000.
 
Lot 1177        1797 $10 Capped Bust. Large eagle. PCGS graded EF-40 PQ. A pleasing, well-balanced example of this scarce type, nice and clean for the grade and perfect for type purposes. The obverse die shows a crack through the final 7 of the date. Despite this flaw, this was a workhorse of a die, appearing on three of the four 1797 Eagle varieties. The reverse features a heraldic eagle (Robert Scot's rendering of the Great Seal of the United States). Soft, green-gold colors, characteristic of the alloys of the early 1800's. In an old, green-label holder. PCGS reports only 18 examples in this grade (Photo).
Estimate $7,500-8,000.
 
Lot 1178        1801 $10 Capped Bust. SEGS graded AU-58 *Cleaned. With the "naked eye" this example has an excellent look. It is well struck and lustrous; however, under close examination we note signs of expert repair. If you are looking for a "high grade" early eagle with nice eye appeal and want to save some money, this is a coin you should consider (Photo).
Estimate $7,000-7,500.
 
Lot 1179        1842-O $10 Liberty. AU-53. Delicate golden-orange overtones. Scarce low mintage date that is seldom offered better (Photo).
Estimate $1,200-1,500.
 
Lot 1180        1844-O $10 Liberty. PCGS graded AU-50. A boldly struck example that should actually grade several points higher. Attractive with no serious problems and light golden orange overtones (Photo).
Estimate $1,200-1,400.
 
Lot 1181        1857 $10 Liberty. NGC graded Proof 66 Cameo. From our Dr. Richard Ariagno sale where it was described as follows: This monumental offering is possibly unique in Proof condition. Not only is this coin an ultra rarity, but the grade is ultra high at Proof-66. There is no other Proof 1857 Eagle in the Smithsonian, the ANS, even in the Harry Bass specialized gold collection.
This 1857 Eagle has only appeared for sale only twice within the past century, both times at public auction. The first appearance was in 1922 as lot #287 in the still famous and world-renowned sale of the James Ten Eyck collection. Although there were many rareties in this sale, this coin must have been considered one of the highlights. John H. Clapp purchased the coin for $40 but later sold it via Private Treaty as a part of his collection to Louis Eliasberg in 1942. Louis Eliasberg began an unparalleled quest to acquire an example of every United States gold coin ever minted and nearly completed the task before his death. Ultimately, his collection was sold at public auction in October 1982. In this sale, the 1857 Liberty Eagle was offered as lot #702 and realized $77,000.
Other rareties may come and go, but here is one that stands alone, not only unique as the sole surviving Proof issue from 1857 Eagle mintage, but in superb gem proof condition. Nearly perfect surfaces, with excellent contrast between the devices and the deep mirror fields. A coin which has it all, rarity, condition and a long proven track record of price increases.
Bidding will commence at $400,000 (Photo)

Ex: Our Dr. Richard Ariagno Sale, May 31, 1999 Lot 789 ($ 396,000.00).
Estimate $400,000-500,000.
 
Lot 1182        1859-S $10 Liberty. NGC graded AU-55. A top-notch example of this scarce date, born of a mintage of a mere 7,000 pieces, with many of its siblings lost or destroyed over the years. This one features plenty of original luster, certainly enough to support the grade, and the surfaces show the normal, light abrasions and marks acquired from a short stint in circulation. Minor rim dings appear at 2:00 on the obverse and at 2:00 on the reverse. Finding a nicer example is futile -- this is the finest grade assigned to any 1859-S Eagle, whether at NGC or PCGS. NGC reports only 4 coins at this grade level. A wonderful opportunity for the serious collector (Photo).
Estimate $12,500-15,000.
 
Lot 1183        1862 $10 Liberty. SEGS graded Proof 65 Cameo. A splendid proof specimen. The surfaces are golden-russet, the devices frosted, and the fields especially deeply dished and fully mirrored. Some light hairlines are visible and the coin is a point or so overgraded; nevertheless, a very choice example. Popular for the No Motto Type. Only 35 minted in Proof, but probably fewer than a dozen exist today. When one considers that some of these are impaired and at least two are entombed in permanent institutions (the Smithsonian and the American Numismatic Society), you get a better idea of its true rarity (Photo).
Estimate $40,000-45,000.
 
Lot 1184        1874-CC $10 Liberty. PCGS graded AU-50. An important example of this scarce Carson City Mint issue. Not the finest known, but then it won't be too terribly expensive then, either. However, for the grade, the buyer will obtain a coin that still retains much of the original mint luster on surfaces that have acquired a bright, orange-gold color. The technical aspects of the coin support the grade fully. Yes, the surfaces show signs of circulation, but the marks are all tiny, unobtrusive, or out of the way (like the mark below the final S in STATES on the reverse). The competition: 2 in PCGS AU-53, 2 in PCGS AU-55, and 1 in PCGS MS-63. Thus, even at the AU-50 level, this is one of the top ten examples known of the date! (Photo).
Estimate $5,000-6,000.
 
Lot 1185        1877-CC $10 Liberty. SEGS graded MS-60. Well struck with some light handling marks noted on both sides. This is a very high grade example as only 3,332 were struck with most survivors being in much lower grade (Photo).
Estimate $16,000-18,000.
 
Lot 1186        1879 $10 Liberty. PCGS graded AU-55 (Photo).
Estimate $220-240.
 
Lot 1187        1880 $10 Liberty. PCGS graded MS-60. Usual amount of light bag marks for the grade (Photo).
Estimate $210-220.
 
Lot 1188        1880 $10 Liberty. EF-45.
Estimate $180-190.
 
Lot 1189        1880-S $10 Liberty. ICG graded AU-50 (Photo).
Estimate $170-190.
 
Lot 1190        1882 $10 Liberty. PCGS graded MS-60.
Estimate $200-225.
 
Lot 1191        1884-CC $10 Liberty. AU-50. Cleaned at one time, now an atttractive golden orange. One of the scarcer Carson City eagles (Photo).
Estimate $1,300-1,400.
 
Lot 1192        1887-S $10 Liberty. PCGS graded MS-61 and 1888-S. PCGS graded MS-61. Lot of 2 coins. A decent pair, both in old, green-label PCGS holders.
Estimate $800-850.
 
Lot 1193        1891-CC $10 Liberty. EF-45 (Photo).
Estimate $300-350.
 
Lot 1194        1892 $10 Liberty. PCGS graded MS-61. Lot of 2 coins. Together with: 1892 ICG MS-61. (Photo).
Estimate $420-470.
 
Lot 1195        1892 $10 Liberty. PCGS graded AU-58. Lot of 2 coins. Both exhibit original "dirty" mint luster.
Estimate $390-430.
 
Lot 1196        1892-O $10 Liberty. PCGS graded MS-61. A well struck example, nice and frosty. Pop 51 with 41 in MS-62, i in MS-63 (Photo).
Estimate $550-650.
 
Lot 1197        1893 $10 Liberty. SEGS graded MS-64. Lightly toned with light contact marks visible with a 5x glass. Well struck (Photo).
Estimate $700-750.
 
Lot 1198        1893 $10 Liberty. PCGS graded MS-60.
Estimate $200-230.
 
Lot 1199        1894 $10 Liberty. NGC graded MS-62 (Photo).
Estimate $230-250.
 
Lot 1200        1895 $10 Liberty. PCGS graded AU-53. Lot of 2 coins. Together with: 1899 PCGS AU-58.
Estimate $190-210.
 
Lot 1201        1896-S $10 Liberty. ICG graded AU-58. Rich golden toning (Photo).
Estimate $350-450.
 
Lot 1202        1898 $10 Liberty. NGC graded MS-62 (Photo).
Estimate $220-240.
 
Lot 1203        1901-S $10 Liberty. SEGS graded MS-63. Intensely lustrous with a few minor marks on Liberty's face (Photo).
Estimate $350-400.
 
Lot 1204        1901-S $10 Liberty. PCGS graded MS-62. Nice original mint bloom (Photo).
Estimate $225-250.
 
Lot 1205        1903 $10 Liberty. SEGS graded MS-63. Quite bold with a few contact marks scattered about (Photo).
Estimate $350-400.
 
Lot 1206        1903 $10 Liberty. SEGS graded MS-63. Nice and bright with some light contact marks (Photo).
Estimate $350-400.
 
Lot 1207        1903-S $10 Liberty. ICG graded EF-40. Lot of 2 coins (Photo).
Estimate $375-400.
 
Lot 1208        1905 $10 Liberty. NGC graded MS-62. A well struck example (Photo).
Estimate $400-450.