Feb. 16, 2001, The Benson Collection Part 1, Sale 8
Lot 1083
1859. PCGS graded
Proof 66. An outstanding deep mirror example with exquisite surfaces and
wonderful eye appeal. Essentially perfect as per the qualifications for the
grade. Popular and important as a one year type design featuring Longacre's
Indian head design and a simple reverse design featuring a Laurel wreath
reverse around the denomination, "ONE CENT". However, the obverse portrait is
actually "Lady Liberty", a Caucasian representation of Liberty borrowed from
the Three Dollar design of 1854. She is wearing a headdress of a Native
American of the Chippewa tribe. The reverse is actually an olive wreath,
although the laurel wreath description is somewhat accurate as their leaves are
visually similar.
Estimated Value $8,000-12,000.
Includes Eagle Eye
Photo Seal.
Lot 1084
1859. Snow-1, Breen-1945,
FND-001, FS-006.2. NGC graded MS-65. A very rare and dramatic
repunched date, one of the top varieties in the entire Indian Cent series. All
four digits are plainly visible repunched to the southwest. This is the finest
known example, the only MS-65 known. The current condition census, by Jerry
Wysong of the Fly-In Club, shows this MS65, a MS64 and one in the MS-60-62
range, the rest of the 26 reported examples being circulated to some extent.
The Cherrypicker's Guide, by J.T. Stanton and Bill Fivaz prices this coin at
$10,000. This price is many years old and represents the last wholesale
transaction of this coin.
This coin is fully struck with outstanding
luster. There are no major marks to speak of. A few light scattered contact
marks are seen, but these do not detract from the overall beauty of the coin.
The collecting of Indian cent varieties is still very much in its
infancy. Top examples of the most popular varieties are finding enormous
demand.
Estimated Value $7,000-10,000.
Includes Eagle Eye Photo
Seal.
Lot 1085
1860. PCGS graded
Proof 65. A visually appealing example with moderate mirrors and
exceptional eye appeal. The surfaces are free of any contact marks. The coin
exhibits a beautiful light golden tone. The first year of the series featuring
the Lady Liberty in a Native American headdress paired with the new reverse
featuring a wreath of oak with a sprig of olive and three arrows knotted at the
base with a ribbon. The federal shield of the Union is featured above the
wreath. This design is continued until the end of the series, with minor
modifications along the way.
This is a very tough date to find in full
gem condition. The majority of the estimated mintage of 542 was struck only
once, imparting an impression that usually did not strike out all of the
planchet marks. The quality of the 1860 issue is always somewhat lacking in the
quality seen up to 1859 and after 1861. They are nearly always seen with
mirrors that are only moderate and edges that are rounded, which is why these
are sometimes confused as being prooflike strikings. The population figures
bear this out with only 19 examples presently graded with 2 better by PCGS.
In early 1860 the portrait was redesigned significantly for some
unknown reason. The main difference in the two designs is the shape of the bust
truncation. The type of 1859 has a short pointed bust truncation. The type
adopted in 1860 has a more rounded bust point. All proofs are struck from the
rounded bust design.
Estimated Value $3,000-4,500.
Includes Eagle
Eye Photo Seal.
Lot 1086
1860. Pointed bust.
PCGS graded MS-65. A beautiful example with a great strike and soft
satiny cartwheel luster. A very scarce date and one of the finest known. Until
the early 1990's this as considered a very rare variety, and was listed in
Breen's Encyclopedia as such. The reality is, however that this is really a
separate entry into the regular date set of Indian Cents. It is as dramatic and
different a design as the 1864 With L is from the 1864 No L type. Starting in
1994, this type was included in the "Guide book of United States Coins" - The
Red Book. Since then collectors have started including this coin in their sets,
many of which were previously thought to be complete.
The "Pointed Bust"
style refers to the narrower bust truncation as used in 1859. One may label
this as the "type of 1859". The redesign to the broad bust point in 1860 seems
to have come early in the year. Perhaps the 6 known obverse dies that struck
the 1860 pointed busts were undated dies leftover from 1859. In any event the
coin was struck in large enough quantities to satisfy most collectors demand,
but a small enough quantity to make it one of the key dates of the series. The
estimated original mintage is about 1/2 million to 1 million pieces, making it
about between 20 to 40 times rarer than the broad bust point pieces.
Estimated Value $5,000-7,000.
Includes Eagle Eye Photo Seal.
Lot 1087
1861. PCGS graded
Proof 66. A beautiful example with frosty devices and moderately deep
mirror fields. A few contact marks are visible on the reverse on the N and E on
ONE. Nevertheless, this is an outstanding example of this exceptionally tough
date. As with the 1860 issue, many coins struck this year were struck only once
on moderately mirrored dies. This lack of quality standards at the Mint has
made this a real tough issue to locate in gem condition. Out on an original
mintage of 1000 pieces, only about 400 were released. The survivor rate seems
to be quite low, perhaps many substandard examples were subsequently spent, or
included collections as non-proofs.
There is enormous collector demand
for this issue in gem condition. Expect fierce competition for this beauty.
Estimated Value $7,500-12,500.
Includes Eagle Eye Photo Seal.
Lot 1088
1862. PCGS graded
Proof 65. A beautiful example with flawless surfaces and moderate mirrors.
This is the "type" date in the copper-nickel Indian Cent series. Usually
available much more often than any other date from 1860 to 1864, even though
the mintage of 550 is not substantially higher. This issue is found much better
than 1860 and 1861. In addition to higher quality standards at the Mint, there
was a substantial hoard of approximately 200 coins, which came to light many
years ago.
Estimated Value $1,750-2,500.
Includes Eagle Eye Photo
Seal.
Lot 1089
1863. PCGS graded
Proof 66. A stunning deep mirror cameo gem! A touch of golden toning is
visible on the obverse. This is an outstanding opportunity to acquire a high
end example of a copper nickel Indian Cent. Only 6 example are currently graded
by PCGS with one better.
Nearly the entire issue of 460 pieces was
struck from a single set of dies. Later in the year a new set of regular proof
dies were made to strike the bronze pattern issue, J-299 to test the
feasibility of changing the composition of the cent from copper-nickel to
bronze. About 100 bronze 1863 cents were struck with some examples sent to
Treasury Secretary Salmon P. Chase on December 8th, 1863. This coin is struck
with these same dies after this pattern press run. This coin is of course not a
pattern, as it is struck on a copper-nickel planchet. It is interesting that it
can be linked to the pattern issue. This is the only copper-nickel example from
these dies that has been identified.
The die diagnostics for nearly all
proofs of 1863 (PR-1) is unpolished centers in the final A in AMERICA. This
example and the J-299 proofs show the center of the final A in AMERICA
polished, with the lower loops of the 8 & 6 unpolished (PR-2).
Estimated
Value $3,000-5,000.
Includes Eagle Eye Photo Seal.
Lot 1090
1864. Copper-nickel.
PCGS graded Proof 66. A beautiful ultra-deep mirror example with
fully frosted devices. Nearly perfect, the sole exception being a few light
flyspecks, which are visible with high magnification. The reported mintage of
370 pieces is the lowest of all the copper-nickel Indian Cents. Survivors are
typically below average compared to the quality of the 1862 issue. This example
is one of the notable exceptions. Except spirited bidding on this gem. The
reverse is slightly rotated to the left.
Estimated Value $3,500-5,000.
Includes Eagle Eye Photo Seal.
Lot 1091
1864. Pattern Cent.
Judd-358, Pollock-429, Rarity-7, Copper-nickel with "L". PCGS graded
Proof 64. The rare 1864 with L proof, struck in copper nickel. Only 3
examples are known to exist. This coin, another PR-64 PCGS example which is in
an upstate New York collection, and an XF example rumored to exist. This
example exhibits moderately deep mirrors, frosty devices and nearly flawless
surfaces. Only a few insignificant contact marks limit the grade.
This
is actually a transitional issue, which could easily be argued to be an
essential part of a complete collection of Indian Cents -- an extension of the
copper-nickel series into the design change to the "With L" redesign by James
Longacre. Although the addition of the designers initial to the lower ribbon is
part of the design change, the whole portrait was given a much needed redesign.
The feather headdress is now much sharper, as is the hair detail. The bust
truncation is now very narrow, very similar to the 1859 and 1860 pointed bust
issues.
The dies used to strike this issue are the same dies that struck
the 10 known original 1864 with L proofs in bronze (PR-1). The reverse die was
also used on the 1864 No L proofs, confirming that this coin was indeed struck
in 1864. It now is widely known that the other half of the 20 known 1864-L
bronze proofs (PR-2) were struck during the "Linderman" restriking period of
1868-71. Proof of this came when this author compared an 1864-L with later
proofs from 1870 and 1871 and found the reverses to be identical. Who said
reverse dies are boring!
We can only speculate about the reason this
coin exists. Perhaps Longacre planned a redesign of the Indian Cent in 1864
independent of the decision to change the composition to bronze following the
passage of the Mint Act of April 22, 1864. If so, then the 1st issue of bronze
1864 With L's would also have been struck before that date, making them
patterns as well. By comparing the die polishing marks on the reverse of this
coin with the next lot, the 1864 No L proof issue was struck first. This shows
that in all likelihood the proof 1864 With L's in both copper-nickel and bronze
were indeed struck late in the year after the changeover to bronze was
official, which is why this coin gets the pattern number and the bronze 1864
with L's do not.
The rarity and importance of this coin is tremendous.
This coin has not been available in a public auction for many, many years, if
at all. In fact, when this coin surfaced in the 1990's, it resided in a major
third party encapsulation without any indication as to its importance. The coin
had labeled as a regular 1864 CN proof! Of course, it is the coin that is
important, not the label, and this coin was never in doubt as to its real
status as the nearly unique 1864 With L Proof in copper nickel.
Estimated
Value $10,000-UP.
Includes Eagle Eye Photo Seal.
Lot 1092
1864. Bronze, no "L".
PCGS graded Proof 66 Red. A very important coin as a one-year type,
the type of 1860 - 1864 struck in the new bronze alloy. This example had until
recently been tied with one other example as the finest graded by PCGS. The
coin has outstanding deep mirrors with frosted devices and essentially perfect
surfaces. The coin has acquired a beautiful golden color with the passage of
time. This is one of the rarest dates in the proof Indian Cent
collection.
The mintage of 1864 proof cents is open to some debate.
Breen recorded a total of 470 proof sets of the silver and minor coins sold by
the Mint. He breaks down the deliveries to those made before the Mint Act of
April 22 as the mintage of the copper nickel examples (370) and those after as
the mintage of the bronze No L pieces (100). This cannot be correct, since
there are nearly 200 1864 No L proofs graded from all the grading services
combined. There must have been an unknown number of specimens made and
distributed later in the year. Up until this time, and continuing until 1878,
the mintage figures of minor coins must be reconstructed from sales figures of
sets and any other collateral evidence that can be found. The Mint was under no
legal obligation to record mintage figures for minor coin proofs. We can guess
at the original figures based on what we see in the marketplace, accounting for
a quantity of examples being lost to the ravages of time, but even an educated
guess will undoubtedly be off the mark. Regardless, perhaps 300 is the correct
mintage. Color photo.
Estimated Value $20,000-UP.
Includes Eagle Eye
Photo Seal.
Lot 1093
1864. Bronze, with "L".
PCGS graded MS-65 Red. A fabulous example with a full strike and
outstanding eye appeal. Nearly flawless surfaces. Typically, the dies used to
strike the issues this year were used until they literally fell apart. Finding
a gem with surfaces as clean as this coin is quite a task. This is one of the
most beautiful 1864 With L's there is. It certainly looks better than the
typical a MS65RD.
The 1864 With L design is a modification made
presumably late in the year. With an estimated mintage of about 5 million, this
is one of the key dates in the series. This new design with Chief Engraver
James B. Longacre's initial "L" on the lower ribbon. All issues after this year
have this feature. The portrait was also redesigned, changing back to a narrow
bust point style used for the 1859 and 1860 pointed bust issues.
Estimated
Value $2,500-3,500.
Includes Eagle Eye Photo Seal.
Lot 1094
1865. PCGS graded
Proof 65 Red. An outstanding deep mirror cameo gem with spectacular eye
appeal. The surfaces are virtually flawless and except for one small spot on
the obverse in the field below the portrait, border on perfection.
This
is a very difficult date to find in gem full red. Like many other dates in this
series, the rarity of the coins struck in proof format have no relation to the
rarity of the regular issues. Non-proofs are fairly common for this date. Not
so for the proofs. The mintage currently given in references is 500, which may
be generous.
This issue is notorious for having low percentage of red.
Many of the planchets used for the proofs were on streaky planchets. When the
alloys of Tin and Zinc are not mixed well into the copper, pockets of alloy
remain in the bronze ingot. As the ingot is rolled out, these pockets get
elongated and eventually turn into streaks on the finished planchets. Tin and
Zinc are very volatile and will not hold the original color of the coin. The
few 1865's that remain in full red are presumably from a higher quality melt,
and are very rare and desirable because of this.
Estimated Value
$6,000-9,000.
Includes Eagle Eye Photo Seal.
Lot 1095
1865. Fancy 5. PCGS
graded MS-66 Red. Two commonly collected date styles exist for this year.
The Plain 5, which was used to strike both business strikes and proofs and the
Fancy 5, offered here. The difference is obvious by comparison. The Fancy 5 has
a squared top with a spoon shaped end. The Fancy 5 does not exist struck in
proof format.
This coin is an outstanding example with a full strike and
great luster. Certainly one of the finest known. In October of last year, PCGS
decided to divide the 1865 submissions into the Plain 5 and Fancy 5
designations. Their population figures will be inaccurate reflection of the
comparative rarity between the two date styles. Overall the Plain 5 is just
slightly scarcer of the two.
Estimated Value $2,500-3,500.
Includes
Eagle Eye Photo Seal.
Lot 1096
1865. Plain 5. PCGS
graded MS-65 Red. Flaming bright red on both sides and well struck. Traces
of an old fingerprint in the left obverse field and some spotting on the lower
reverse. Seldom found in full Red condition.
Estimated Value $1,000-1,500.
Includes Eagle Eye Photo Seal.
Lot 1097
1865. Double die reverse.
Snow-2, FS#1¢ - 007 (not listed in Breen). ANACS graded AU-58.
This is a very rare and dramatic doubled die. The entire reverse is
dramatically shifted to the left. The present condition census lists 6 coins
grading MS and 3 in AU grade with 22 examples reported. This is a really rare
coin. The coin is very nearly uncirculated with a trace of red still evident.
No major marks are visible. The Cherry Picker's Guide lists the price for AU's
at $1,700 and MS-60's at $2,500. The values are low due to the lack of coins
being traded. This variety was unlisted in Breen.
Estimated Value
$2,500-3,500.
Lot 1098
1866. PCGS graded
Proof 65 Red. Visually stunning! Deep, deep mirror cameo gem with fully
frosted devices. A few flyspecks are visible under magnification and keep the
grade of this coin from something closer to total perfection. Closer inspection
will reveal small depressions on Liberty's cheek and neck. These are presumably
die rust marks and are on every example and are therefore not considered in
determining the grade of any 1866 proof. The reverse die is the same die used
on the previous lot, the 1865, although it was repolished between the two
issues.
Estimated Value $4,000-6,000.
Lot 1099
1866. Snow-1, FND-001,
Breen-1971, FS-007.6. NGC graded MS-66 Brown. The Finest Known! This
is essentially a flawless coin. Although graded 66BN, it does have about 10%
red remaining. This is one of the top varieties in the entire Indian Cent
series. This variety exhibits bold doubling on the portrait visible most on the
LIBERTY. It also has the base of a 1 digit boldly visible in the third and
fourth pearl on the necklace. There are also the tops of three 6's visible in
the denticles below the first 6 in the date. Only seven MS examples are
presently reported, with three being MS-64 and one MS-65. Thirty-nine are
reported in all grades. This is a very rare and popular variety.
Last
reported sales for this variety are all about 4 years old when a PCGS MS64BN
sold for $2,400, the sole NGC MS-65RB sold for $5,000. The last sale price
noted for this coin was $7,500. Considering the rarity and popularity of this
variety and the growth of Indian Cent variety collecting, these values seem
relatively cheap.
Estimated Value $5,000-UP.
Includes Eagle Eye
Photo Seal.
Lot 1100
1867. PCGS graded
Proof 65 Red. A beautiful deep mirror cameo gem. This is an exceptional
example for this date. Except for a few light flyspecks the coin is virtually
as struck. The dies used for proofs this year show many anomalies, which
sometimes get mistaken for problems on the coin. On the obverse there is always
a die line on the neck, which to the uninitiated eye may look like a scratch.
The reverse die is a leftover die used in 1865 and 1866. By its usage in 1867
it has acquired numerous die polishing marks which may look like hairlines.
None of these are grade limiting and are on all examples seen to date.
Estimated Value $4,000-6,000.
Includes Eagle Eye Photo Seal.
Lot 1101
1867 Snow-1, FND-001,
Breen-1974, FS-008. PCGS graded MS-65 Red and Brown. This is one of
the top repunched dates in the series, one of the few that are collected as
part of the regular date set. The 6 & 7 are repunched boldly above the date.
This example is one of the top examples known. The surfaces are virtually
perfect. The strike is full and the eye appeal is wonderful. Only 2 examples
are known in full red (MS-64RD) and only 5 examples are reported in MS65RB. One
MS66RB is known. The Cherry Picker's guide prices this variety at $2,500 in
this grade.
Curiously, this variety is always seen with a late die state
obverse, with numerous clash marks and roughness in the fields. It is probably
that the repunching on the date was done after the die was used for an extended
period. The problem with this scenario is that the die would be too hard to
accept the new repunching. However, the die could have been softened,
accounting for the buckling and surface roughness. Later die states of this
variety actually show a smoother field due to additional repunching. A very
interesting variety.
Estimated Value $1,500-2,000.
Includes Eagle
Eye Photo Seal.
Lot 1102
1868. PCGS graded
Proof 65 Red. Another beautiful gem with moderately deep mirrors and frosty
devices. The coin has acquired a distinctive "Old Gold" look. A bit redder than
the bright gold typically seen. This example is one of the 100 or so examples
struck with a widely rotate reverse (about 170 degrees). A very interesting
piece. Examples of this date are very hard to locate in gem condition.
Presently only 8 are graded by PCGS with 2 better.
Estimated Value
$4,000-6,000.
Includes Eagle Eye Photo Seal.
Lot 1103
1869. PCGS graded
Proof 66 Red. A stunning moderately deep mirror gem with a beautiful cameo
contrast. Only a couple light contact marks hidden in the portrait keep this
coin from a higher level. Many die polishing lines in the field may be mistaken
for hairlines.
Many of the dates in the late 1860's and early 1870's are
only found with moderately deep mirrors. The reason for this seems to be that
the dies had been polished after they were hardened, which does not impart as
deep a mirror as found on later dates. Additionally the reverse dies were
normally held over and used for many years, being repolished many times
throughout its life.
Estimated Value $5,000-7,000.
Includes Eagle
Eye Photo Seal.
Lot 1104
1869. NGC graded
MS-66 Red and Brown. Fully struck with essentially flawless surfaces. This
is a nearly full red example. This is one of the bolder repunched dates in the
series. It is commonly collected in the regular date set.
There are
many repunched dates known for this year, none of which have any clear claim to
being the overdate - 1869/8. The 1869/8 overdate was discovered by Walter Breen
in 1953 and widely publicized by dealers. Overdates like the 1858/7 and 1888/7
have always been included in the basic date set, increasing their demand in the
process. In the late 1980's numismatists at the ANA showed that any real 1869/8
overdate should have dramatic repunching visible on the flag of the 1 as well.
The reason is that the 1868 digit punch has a very different shape to the 1
than the 1869 issues. Old habits die hard, and collectors still search for the
very elusive 1869/8.
Estimated Value $2,000-3,000.
Includes Eagle
Eye Photo Seal.
Lot 1105
1870. PCGS graded
Proof 65 Red. A moderately deep mirror gem. There are very few grade
limiting marks on this coin. However, as is seen on all 1870 proof Indian
Cents, the dies are rather roughly polished on both sides. The resulting
crisscrossing die polishing marks may be confused with hairlines on the field
of the coin. The reverse die used to strike this example is the same die that
struck some of the 1864 With L proofs (PR-2).
Estimated Value $2,000-3,000.
Includes Eagle Eye Photo Seal.
Lot 1106
1871. PCGS graded
Proof 65 Red. An outstanding example of this date. Stunning eye appeal.
Virtually perfect surfaces. All 1871 Indian Cents come with moderate mirrors,
and this coin is no exception. The beauty of this example is magnified when you
realize how the typical 1871 looks. As in the previous lot, the apparent
hairlines on the fields are actually die polish lines imparted at the Mint.
These do not limit the grade, however they may have influenced the graders to
be a bit too conservative on this example. A wonderful example. The reverse die
used on this example is the same as used in 1870. This is a shallow N reverse,
which was the old style used prior to this date. Most 1871 non-proof Indian
Cents have the new redesigned reverse which has a bold N in "ONE".
Estimated Value $2,000-3,000.
Includes Eagle Eye Photo Seal.
Lot 1107
1872. PCGS graded
Proof 65 Red. A beautiful cameo gem example. Moderate mirrors, as deep as
ever seen for this date. This die exhibits light die polishing lines that may
look like hairlines at first glance. There are a few Mint made lint
strike-throughs, but these are mostly hidden and don't detract from the coin's
beauty. These are made when the coin is struck and do not affect the grade at
this level. In fact, there is nothing on this coin which should limit the grade
to only a PR-65RD.
The 1872 proof issue was struck in about the same
quantities as the other dates in the early 1870's, but for some reason, are
much scarcer than other dates in gem full red grades. Most of the encountered
examples are some shade of red brown. There is strong additional date demand
for this issue due to the rarity of the non-proof format issues.
The
reverse die used on this coin has a curios anomaly. There is a distinct bulge
on the right serif of the T in CENT. This die is seen on later issues until
1877.
Estimated Value $4,000-6,000.
Includes Eagle Eye Photo Seal.
Lot 1108
1873. PCGS graded
Proof 65 Red. An attractive coin with nearly flawless surfaces. An
outstanding coin for this issue which typically comes with moderate mirrors.
The obverse fields has been drastically polished to the point where the eye
socket is now part of the field and the first feather is disconnected from the
headband. Nearly all 1873 proofs seen to date are like this. The reverse die is
a reuse of a die first used for the 1872 proof.
The Closed 3 date style
is used on the early dies made prior to Chief Coiner A.L. Snowden's complaint
on January 18th regarding the similarities of the look of the date to 1878. All
proofs this year are of the closed 3 style. The reported mintage of 1100 seems
to be in line with the rarity of examples seen in the marketplace. This is a
very tough coin to locate in gem full red condition. This is due to the sloppy
die preparation, which produced coins that do not seem to excite very often. As
a result only 18 coins are graded by PCGS in PR65RD with 2 better.
Estimated Value $2,000-3,000.
Includes Eagle Eye Photo Seal.