Feb. 16, 2001, The Benson Collection Part 1, Sale 8
Lot 1074
1856. Snow-5. Die pair.
PCGS graded Proof 65. This is one of the most visually stunning 1856
Flying Eagle cent that could possibly exist. A sharp early die state example
that is virtually mark free. Visually, there is no question of this coin's
proof status. It has an absolutely full strike and is of the highest production
quality witnessed on any 1856 Flying Eagle. This example is struck from the
Snow 5 die pair, which was first described in 1992 in Rick Snow's book "Flying
Eagle and Indian Cents". Only 10 examples of this die pair have been seen by
this author, perhaps less than 35 examples of this die pair exist in all
grades.
This die pair is a marriage of Obverse 2 and Reverse D as
described in Snow. It is unlisted in Breen's die list found in Chapter XV of
his Proof Encyclopedia. The obverse die is distinguished by a die chip at the
base of the U in UNITED, called the "Pointed U". The reverse is a commonly
encountered die, which is clearly identifiable by the large raised dot under
the upper left serif of the N in ONE. This is a centering dot used by the
engraver to fix one end of a protractor to draw circles on the unfinished die
to center the wreath. The obverse die shows die striations visible in the field
in three different directions. As the coin is rotated, striations in one
direction become visible and then disappear as another set of striations
appears. The reverse die has similar striations. These striations are found on
all coins from this die pair.
To the uninitiated, die striations may be
confused with hairline scratches. However, hairline scratches are
grade-limiting problems caused by aggressive brushing or wiping of the coin
after it has been struck. Die striations are polishing marks on the die, which
are transferred to each coin until the die wears down enough to obliterate
them. They do not affect the grade.
In the past there had been some
confusion on the part of the grading services as to whether coins from this die
pair are actually proofs or should be called Mint State because of the presence
of these die striations. The first one identified and written up in Snow was
unquestionably a proof. In the years that followed several more coins of the
same die pair came to light, all exceptionally nice (possibly from the same
unidentified source). This writer has seen coins from this die pair graded
MS-63 (2 examples), PR-64, PR-65 (the present example), and MS-66 (Superior
6/5/2000:1003, $83,375) from PCGS, and a PR-65 from NGC. Recently PCGS has made
it clear that they will only grade the Snow 5 die pair as a proof.
The
commonly encountered proof 1856 Flying Eagles (Snow 9 die pair) are also struck
using Reverse D, although in a later die state. These have been shown to be
restrikes from the 1858 - 1860 "Snowdon" restriking period. (See Longacre's
Ledger, Vol. 10.2, June, 2000, "Die states of the 1856 Flying Eagle Cent" By
Richard Snow). The Snow 5 proofs are from the earliest die states seen from
both dies. There is no way to accurately show exactly when the Snow 5 were
struck, except to say that they were struck before all Snow 9 proof 1856 Flying
Eagles, possibly even as early as 1857.
Here is an extremely beautiful
1856 Flying Eagle. One of the finest possible.
Collectors interested in
joining the Fly-In Club, which publishes "Longacre's Ledger" may send $20 for a
year's membership to: Fly-In Club, P.O. Box 13891, Reading, PA 19612.Back
issues of "Longacre's Ledger" are also available. Color photo.
Estimated
Value $17,500-25,000.
Includes Eagle Eye Photo Seal.
Lot 1075
1857. PCGS graded
Proof 65. The example offered here shows a beautiful frosty Eagle over a
deep mirror field. The black and white contrast gives this coin the look of an
Eagle flying in clear moonless night sky. Proof Flying Eagle Cents are as
beautiful as they are rare. The present example displays very few impairments.
What initially may be thought to be hairline scratches are actually die
polishing marks, which do not limit the grade. The reverse fields are equally
deep mirrored. There are a few light hairlines and some flyspecking visible
under magnification, but do not appreciably detract from the overall beauty of
this piece. Presently only 8 examples are graded by PCGS in this grade with
none higher.
Here is a real rarity in the proof cent series. An
estimated 50 examples survive from 3 die pairs. The Red Book estimated mintage
of 485 is either not based in fact or over 400 examples of this issue were
destroyed or lost. Breen lists this issue as "less than 12 traced" and gives no
estimated mintage. This estimate is a bit low, as Breen was only counting
examples from one die pair, identified by the prominent die line which connects
the I in UNITED to the denticles. The present coin is from that die pair. Rick
Snow's "Flying Eagle and Indian Cent Attribution Guide" lists the die pair as
PR-1. There are 3 die pairs known on this proof issue, however one of these
(PR-3) also shows up on business strike issues, making attribution by die
diagnostics alone tricky. The PR-1 die pair, offered here, and the PR-2 die
pair come with their own credentials as no question proofs.
"Snow"
variety can be found in Richard Snow's 1992 book, "Flying Eagle and Indian
Cents", now out of print. A greatly expanded edition of the variety listing
with additional "PR" proof die numbers is currently being issued in a 6 volume
set, "The Flying Eagle and Indian Cent Attribution Guide". These can be ordered
through Eagle Eye Rare Coins, P.O. Box 65645, Tucson, AZ 85728, or at
WWW.INDIANCENT.COM.
Estimated Value $22,500-UP.
Includes Eagle Eye
Photo Seal.
Lot 1076
1858. Pattern Cent. Small
Letter Flying Eagle. J-193. PCGS graded Proof 65. Oak Wreath with
Broad Ornamented shield. A very attractive example with a deeply mirrored
obverse and moderately mirrored reverse. This is one of the popular 12 piece
sets of 1858 pattern cents which were sold by the Mint. The sets were struck in
quantities probably approaching 75 sets. Many of the surviving examples are
dull and lifeless. This coin is wonderful exception.
The obverse die
exhibits a "Broken U" in UNITED, where the inner serif of the letter is
missing. This is a hub variety, which could exist on any number of dies. Only a
very small number of examples of the J-193 were struck using this obverse die,
probably no more than 25. The reverse features an Oak wreath with a wide
ornamented shield.
Volume 1 of Rick Snow's "Flying Eagle and Indian
cent Attribution Guide", 2nd edition will feature all known Flying Eagle
varieties and will also contain the most complete research on the 1858 pattern
cents. It is expected to be available in the spring of 2001.
Estimated
Value $2,500-3,500.
Includes Eagle Eye Photo Seal.
Lot 1077
1858. Pattern Cent. Large
Letter Flying Eagle. J-198. PCGS graded Proof 65. Oak Wreath with
Broad Ornamented shield. The present example is essentially flawless piece with
moderate mirrors. The coin exhibits a light golden toning. This is probably the
finest extant example. Currently there are only 3 coins graded at this level
with none graded higher.
All Large Letter 1858 patterns are much rarer
than their Small Letter counterparts. It is estimated that only 12 to 20 sets
were made with this obverse style. It is probable that the distinction between
Large Letter and Small Letter dies was not deemed important at the time of
striking. By studying the die states of the reverse, we can tell that these
were struck prior to the Small letter patterns. The present example is struck
with early die states of both dies.
Estimated Value $3,000-4,000.
Includes Eagle Eye Photo Seal.
Lot 1078
1858. Pattern Cent. J-208.
PCGS graded Proof 65. Head with broad bust point / laurel (olive)
wreath with 5 leaf clusters. A gorgeous example with deep mirrors and
outstanding eye appeal. Very unusual for this issue, which is typically seen
rather dull with moderate mirrors. This is certainly one of the most attractive
examples of this issue.
This is a popular quasi-transitional pattern
with the 1858 date and the Indian head design first used in 1859. This is,
however a slightly different designs than the adopted design, most notably in
the difference in the bust truncation. The adopted 1859 style has a narrower
truncation. The reverse is also slightly different from that adopted in 1859;
with the adopted version having 6 leaves in the wreath. True transitional 1858
patterns do exist, but they from a very limited striking from 1859 or later.
Because of its popularity at the time of striking, this issue was struck in
much higher numbers than the other 1858 patterns, probably as many as 300
pieces.
Estimated Value $2,500-3,500.
Includes Eagle Eye Photo Seal.
Lot 1079
1858. Large letters.
PCGS graded Proof 65. A fabulous deep mirror cameo example with
frosty devices. A contact mark in the field between STATES and the eagle is the
only mentionable impairment, but is easily overshadowed by the extremely
beautiful eye appeal.
This, like all Flying Eagle cents, is very rare
in proof format. A mintage of 80 is given in various pricing guides. This
number represents the best guess of numismatists in the past and may be close
to the number of survivors, not the original mintage. Barring the discovery of
official Mint records, a good guess at the original mintage could be closer to
200. Regardless, this is a rare coin and should garner considerable
competition.
The PCGS populations are slightly skewed due to the
addition of the Large Letter listing in the early 1990's. Early population
reports combined both Large Letter and Small Letter proofs into one figure.
When the two were divided, all previously submitted 1858's were listed as the
Small Letter. Both populations are small, so in the intervening years
additional submissions and regrades have slowly made the listing slightly
useful. Less than 20 examples of both styles have been graded by PCGS.
Only one die pair has been seen for this issue. The obverse is easily
identified by two small die file marks extending from the denticles below the
first 8. This die was also used for the 1858 Patterns featuring the Large
Letter flying eagle obverse. The reverse die is identified by a microscopic die
file mark extending from the denticles at 11:30. This die is found on a few
examples paired with the Small Letter obverse.
Die diagnostics for this
issue are important, as there is a group of about 20 or so high grade examples
with highly prooflike fields. The prooflike examples can be deceiving except
that they mostly all have a die crack by the eagles tail, an attribute that in
itself should make their attribution as non-proofs easy. Color photo.
Estimated Value $12,500-20,000.
Includes Eagle Eye Photo Seal.
Lot 1080
1858. Small letters.
PCGS graded Proof 64. A very attractive example of this rare issue.
High leaf reverse. A light mark above the date and scattered hairlines on the
obverse and a contact mark on the reverse above the O in ONE serve to lower the
grade out of the gem category. Still, this coin is a stunning example for the
grade.
The mintage of 200 given in many catalogs seems is probably the
upper range of the real mintage, with 100 being a more appropriate guess.
Estimates of survivors based on auction records are a bit too high because of
the addition of prooflike examples that were most likely issued in one of the
issues of the 1858 Pattern sets (Eliasberg 5/96:609 is but one example). The
PCGS population report also gives too generous a number of pieces graded. All
1858 Flying Eagles graded before the early 1990's were lumped into one listing
which, when separated, became the Small Letter population. The number extant of
no question Small Letter proofs is on the order of a total 75 examples, closer
to the rarity of the 1857 issue than the 1858 Large letter.
The present
example carries the "High Leaf " reverse, with the leaves by the C & T in CENT
long, extending slightly above the base of the letters. This is the same die as
used in conjunction with the Large Letter obverse, although in a later die
state. Small Letter Proofs come with both "High Leaf" and "Low Leaf" reverses.
The examples issued in the pattern sets all used the "Low leaf" reverse
designs, which is a redesign made at some point in the middle of the production
this year to lower the relief of the reverse die.
The Small Letter
design is a redesign made in mid-year and is actually a type unto itself. The
most obvious change are the smaller letters, but the eagle is also sports a
slight modification. It is possible that this change was made to promote an
extended die life, as with the reverse redesign.
Estimated Value
$8,000-12,000.
Includes Eagle Eye Photo Seal.
Lot 1081
1858. Small letters, low
leaves reverse. PCGS graded MS-65. This example is a beautiful fully
struck gem with dazzling eye appeal. Mostly brilliant with a light golden
toning. Some minor contact marks are present, but these do not detract from the
look of the coin. Some light doubling visible on the date and right side of the
coin is caused by strike doubling, a typical occurrence on the 1858 Small
Letter cents.
The Mintage of 1858 Flying Eagles is divided fairly
evenly between Large Letter and Small Letter types. The Small Letter design is
a new style, one might say it's the style of 1858, whereas the Large Letters
type could be called the style of 1857. In addition to the letters being
smaller, the eagle was slightly redesigned as well. This is a whole separate
design type, not just a minor modification.
In 1858 the reverses were
redesigned as well. The style used in 1857 and early 1858 had a bolder wreath
and denomination. The new style (seen on this example) has a shallower wreath
and denomination. This is called "Low leaves" due to the length of the leaves
inside the wreath below the C & T. The 1857 style, called "High leaves" has
higher leaves in these positions.
Estimated Value $2,500-3,500.
Includes Eagle Eye Photo Seal.
Lot 1082
1858. 8 over 7.
PCGS graded MS-64. One of the finest examples of this very popular
overdate. One must look carefully to find any imperfections. This coin has an
even light brown tone. A small darker area between the wing and the I in UNITED
appears to be merely surface dirt. This coin has all the look of a higher
grade.
The strike is as full as this issue is seen. There is slight
weakness on the upper right quadrant of the reverse, but this is how this issue
comes. No 1858/7 has been seen with any more detail in this area than this
coin. For the longest time there has been resistance on the part of the grading
services to grade any 1858/7 a MS65. This may be because of the weakness on the
reverse. Since this weakness is on all coins from these dies, should it be a
factor in limiting the grade?
This is a very early die state. The 7
digit shows very clearly above and to the right of the last 8. The diagnostic
die dot above the date is bold and triangular in shape. The broken wing tip is
just about connected to the wing, this being another indication that this is
indeed a very early die state. There are light die striations visible
diagonally from the lower left to the upper right of the coin. Additional die
file marks are visible under the date. These features are only visible on the
earliest of die states.
The die states of this issue are very important
because nearly 75% of the entire issue is from late state dies with no evidence
of the 7 showing. Collectors who desire top quality examples of this date
demand to see the 7! The aforementioned die chip is actually the left base of a
misplaced 1 digit! Only on these early die state pieces is this feature clearly
from a digit punch.
This is a huge opportunity to acquire on of the
finest examples of this popular overdate. This issue is normally collected as
part of the regular issue Flying Eagle series, adding to its desirability.
Estimated Value $8,000-12,000.
Includes Eagle Eye Photo Seal.