Feb. 16, 2001, The Benson Collection Part 1, Sale 8
Lot 1109
1873. Doubled "LIBERTY".
Snow-1. PCGS graded MS-65 Red and Brown. This is the finest known
example of the King of the Indian Cents. This coin has never been on the market
before this sale. It was originally purchased uncertified by Eagle Eye Rare
Coins in 1996, sold to a California collector, repurchased again 6 months later
and placed into the "Heathgate" collection. It exhibits 85% red color and
tremendous luster. It is fully struck with nearly perfect surfaces. This is an
early die state example with every strand of hair standing out with clear crisp
detail. There is slight browning on the high points and in the field to the
right of the portrait on the obverse and on the lower right half of the
reverse. A small tick is visible on the O in ONE.
Presently only 122
examples of the 1873 Double LIBERTY are reported, mostly in lower grades, as
reported by Jerry Wysong in his population study in "Longacre's Ledger". Three
examples are known in MS-65RB. The second finest is a close twin to this
example, although with a bit less red, and is graded by PCGS. Third finest is
an NGC graded example which was featured on the cover of "Flying Eagle and
Indian Cents" by Rick Snow.
The 1873 Double LIBERTY is the most
dramatic variety of the Indian Cent series, and one of the top varieties in all
of United States numismatics. Most advanced date set collectors desire to
include an example in their collection, not unlike how the 1955 doubled die is
included in top quality Lincoln cent collections. Because of this collector
demand, the values of this variety have increased dramatically over the past 10
years. This coin is one of the high points of the "Heathgate" collection and is
expected to set new records for this popular variety.
Estimated Value
$40,000-UP.
Includes Eagle Eye Photo Seal.
Lot 1110
1873. Open 3. PCGS
graded MS-64 Red. A beautiful fully struck example with very attractive
vibrant luster. There are very few marks on this coin and were it not for one
or two flyspecks one may think this coin could qualify for a higher grade.
The change in the digit punch style this year was due to a complaint
made by Chief Coiner A.L. Snowden early in the year that the 3 in the digit
punch for this and all other series looked too much like an 8. The new "Open 3"
digit punches were immediately prepared and used for the remainder of the
coinage this year. While more common that the "Closed 3" style, the Open 3 is
very difficult to find in gem full red condition. Less than 10% of the examples
seen in MS64RD and MS65RD qualify for the Eagle Eye Photo Seal. Although this
is not the highest graded example, it is one of the finer examples known.
Estimated Value $1,500-2,500.
Lot 1111
1874. PCGS graded
Proof 65 Red. A very crisp looking coin with moderate mirrors and pristine
surfaces. The devices exhibit a soft satiny luster. Really a very attractive
coin which is nicer than most coins of this issue. This example shows die
finishing lines from the 10:30 clock position to 4:30. These may look like
hairlines to the untrained eye. These are caused by a rougher polishing of the
die than typical for proofs. This is in fact a fairly early die state of this
issue. The mirrors are moderate at best, but represent best available for this
issue in this die state. The entire issue was struck from a single pair of
dies. The obverse exhibits a die anomaly by 4 in the date. This looks like a
repunched date but was probably caused by a defective digit punch. The reverse
is struck using the same workhorse proof die used in 1872 and 1873.
Estimated Value $2,000-2,500.
Includes Eagle Eye Photo Seal.
Lot 1112
1875. PCGS graded
Proof 64 Red. One of the few coins in the "Margene Heathgate" collection
where a high quality PR65RD was not available. This coin is high end for the
grade with frosted devices, spotless surfaces and moderate mirrors, as is
typical for this issue. This is a very tough date in gem full red.
This
is a year where the production of proofs was not given the quality control seen
in other years. Every denomination in the proof set is hard to find in the
higher grades due to this lack of quality standards. For years they were
unknown in PR65RD. A few are now known, but it is perhaps because the grading
services lowered their expectations due to the quality of extent examples.
Estimated Value $2,000-2,500.
Includes Eagle Eye Photo Seal.
Lot 1113
1876. PCGS graded
Proof 65 Red. A beautiful deep mirror cameo gem. This is an outstanding
coin for the issue, with fields that are nearly flawless and as deep as ever
seen. An early die state example. This example is perhaps undergraded
especially in light of the fact that the typical example has mirrors much less
reflective than those found on the present example. The reverse die is the same
die used to strike Proofs from 1872, 1873 and 1874 as well as a few 1875's. It
was lightly polished this year, removing some of the light die polish marks
seen on earlier issues.
Estimated Value $2,000-2,500.
Includes Eagle
Eye Photo Seal.
Lot 1114
1877. PCGS graded
Proof 66 Red. An outstanding example of this key date. As one should expect
for a coin in this grade, the surfaces are nearly perfect. A small Mint caused
planchet void is visible on the reverse inside the wreath at 3:00, but this is
not grade limiting. This example is virtually unimprovable with moderately deep
mirrors. Only 10 examples have been graded by PCGS in this lofty grade with 2
graded higher.
Always popular as a proof example of the key date in the
Indian Cent series. No precise mintage figure exists for the proof 1877 Indian,
but enough information is available to make an educated guess. Breen lists 510
in his Proof Encyclopedia. The present estimate is now 910. It is known that
510 "Silver" sets were sold which included the five silver coins, the two
nickel coins and the cent. Additionally, there were about 400 "Nickel" sets
struck which included just the cent and the two nickel coins, of which we know
260 were mailed out, with the unknown remainder being sold over the counter in
Philadelphia.
The reverse die used to strike this example is the
"Bulged T" reverse, which was first used in 1872 and was used to strike many of
the proof issues between that date and 1877. The right pennant of the T is in
much higher relief that the other parts of the letter. This feature neither
raises nor lowers the desirability of the coin. Color photo.
Estimated
Value $17,500-UP.
Includes Eagle Eye Photo Seal.
Lot 1115
1877. PCGS graded
MS-66 Red. This is an outstanding gem example with vibrant luster and great
strike. At present there are 5 examples graded by PCGS with none graded higher.
The obverse is virtually mark free, while the reverse does show two light
contact marks under the E in CENT and between the E in ONE and the wreath.
There is also a mark hidden in the wreath at 3:00. Other areas of alternating
luster are Mint caused. There are two planchet voids to the right of the E in
ONE caused by a liquid, probably machine oil, on the planchet at the time of
striking. There are light unobliterated planchet marks on the high points of
the right wreath. Three or four light clash marks are visible above the O and E
in ONE. These are transferred from the chin and last feather of the obverse
portrait. The clashing and Mint made anomalies are not grade limiting. This
example is an exquisite example and probably ranks as 3rd or 4th finest
known.
All non-proof 1877 Indian cents are seen struck using one
reverse die, which shows a shallow N in ONE. This is a reverse type used from
the 1860's until 1869 and sporadically thereafter until 1873. This reverse die
shows no die cracks, although 90% of this issue show the clashing described
above. How could the entire mintage of 852,000 pieces have been struck with
only one reverse? I do not have an answer. Mint records show 6 reverse dies
being produced for regular coinage in 1877, but 4 were not used until 1878,
leaving 2 reverse dies used for 1877. Where are the coins struck from the
second die? Is that one of the proof dies? Either the actual mintage is even
lower than the number customarily reported, or the entire batch of 1877's from
a second die is missing.
The mintage of 1877's was an all time low for
the series, not to be underproduced until the 1909 San Francisco Mint Indian
Cent. It is true that the low mintage is due in part to a slowdown in the
economy, which forced large quantities of older cents back into circulation.
This caused the Mint to produce less new cents. However, this explanation
oversimplifies the cause and effect. To get to the real reason of the scarcity
of cents of this date we must go back to the Mint act of 1864, which gave a
limited legal tender limit of only ten cents to the new bronze cent. No special
legislative action was made to allow Banks to move the quantities of cents that
accumulated in their vaults. The action needed to alleviate this problem came
in the form of the Mint act of March 3, 1871, which required The Mint to redeem
the older minor coins in any quantity. At first the coins, which in addition to
bronze cents included older copper cents, half cents, copper-nickel cents,
bronze two cent pieces, nickel three cents and nickel five cent pieces, were
melted and recoined into new three and five cent nickels and bronze cents. By
1874, as less and less of the pre-1864 coinage was being redeemed it became
obvious that the remaining bronze cents and nickel coinage could just be taken
in and paid out without going through the recoinage process. The Mint then
operated as a clearinghouse for the backlog of minor coins, reissuing them side
by side with newly minted coins. Since the coins were already on the books from
their original mintage, they were accounted for separately from the mintage of
new coinage. With the surge of redemption in 1877, new coinage was cut off
early in the year. Over 10 million cents were issued in 1877, but less than 1
million of them were new coins carrying that date. The rest of the issuance was
made up of older coins. Color photo.
Estimated Value $30,000-UP.
Includes Eagle Eye Photo Seal.
Lot 1116
1878. PCGS graded
Proof 65 Red. This is a very attractive example with moderately deep
mirrors and outstanding surfaces. Starting in 1878 many things changed at the
Mint. Proof production of minor coinage increased to two to three times the
previous year's mintage. The actual mintage of minor proofs were now recorded
with accuracy. The Mint's minor coin production was based more on expected
demand than actual demand. The many unsold examples were sold in bulk to local
coin dealers at or near face value. Also starting this year planchet production
for minor coinage was shifted from the Mint to outside sources. The quality of
proof coinage improved.
Estimated Value $800-1,000.
Includes Eagle
Eye Photo Seal.
Lot 1117
1879. PCGS graded
Proof 67 Red. An exquisite example with outstanding eye appeal commensurate
with the grade given. Moderately deep mirrors flash in the light with
unparalleled beauty. This date is more commonly found in higher grades than
most other dates in the proof series. This would be a perfect date for a high
quality type set.
Estimated Value $2,500-3,500.
Includes Eagle Eye
Photo Seal.
Lot 1118
1880. PCGS graded
Proof 67 Red. Another beautiful gem proof with moderately deep mirrors and
nearly perfect surfaces. A common date in the proof series, if in fact any date
can truly be called "common". The two 8's in the date show some punch breakage.
The digit punches used this year show broken or partially missing elements to
varying degrees. Many different dies were effected.
Estimated Value
$2,500-3,500.
Includes Eagle Eye Photo Seal.
Lot 1119
1881. PCGS graded
Proof 65 Red. A nearly flawless example with moderate mirrors and deep
reddish color. A patch of lighter tone is evident on the neck and chin.
Estimated Value $600-800.
Includes Eagle Eye Photo Seal.
Lot 1120
1882. PCGS graded
Proof 65 Red. Essentially flawless, possibly nicer than the grade implies.
The mirrors are moderately deep on the obverse and a bit more muted on the
reverse, perhaps the reason this did not grade higher.
Estimated Value
$700-1,000.
Includes Eagle Eye Photo Seal.
Lot 1121
1883. PCGS graded
Proof 66 Red. A really beautiful example with outstanding eye appeal. The
mirrors are quite deep, but not quite to cameo status. It is essentially
perfect, very high end for the grade. Full red gem proof Indian Cents for this
year are very tough to find. Presently the PCGS population is 4 in PR-66RD and
1 in PR-67. This is curious since the mintage is one of the highest of the
series. This situation also exists for the 1886 and 1888 issues which have an
even higher mintage and are even rarer than this date in gem full red.
Estimated Value $2,000-2,500.
Includes Eagle Eye Photo Seal.
Lot 1122
1883. Snow-8. PCGS
graded MS-66 Red. A really exciting variety with a bold misplaced digit
(either an 8 or a 3) punched in the field above the denticles below the 83 in
the date. Unknown to the numismatic community until 1995, this is a very rare
and dramatic variety. Only a handful of examples have been found. This one is
undoubtedly the finest known. This is fully struck with very early dies,
probably one of first few struck. The details are knife sharp and the fields
are prooflike with die striations indicative of a recently polished die. A real
opportunity for the variety collector.
Estimated Value $1,500-2,000.
Lot 1123
1884. PCGS graded
Proof 66 Red. Another sparkling beauty, a virtual twin to the 1883 just
offered. Nearly flawless surfaces with deep mirrors although not quite cameo
status. This is considered a common date and is one of the more available dates
in this grade.
Estimated Value $1,000-1,500.
Includes Eagle Eye
Photo Seal.
Lot 1124
1885. NGC graded
Proof 68 Red and Brown. An outstanding coin with great eye appeal. The coin
exhibits a beautiful "old gold" tone, which gives it a warm fiery look. This
example has a double die reverse, which is minor but visible on the outer
leaves of the right side of the wreath.
Estimated Value $3,000-4,500.
Lot 1125
1885. PCGS graded
Proof 66 Red. A stunning coin with outstanding eye appeal. The coin
exhibits moderately deep mirrors with nearly flawless surfaces. Clearly high
end for the grade given.
The date on this example shows slight
repunching. There are presently no collections of proof Indian cents by die
variety. The proof Indian cent is challenging enough. To add varieties to the
equation makes it a nearly impossible.
All presently known die pairs of
all proof Flying Eagle and Indian Cents are being listed in the new Flying
Eagle and Indian Cent attribution guide, 2nd edition by Rick Snow. It is being
published by Eagle Eye Rare Coins in 6 volumes throughout this year.
Estimated Value $1,000-1,500.
Includes Eagle Eye Photo Seal.
Lot 1126
1886. Variety 1.
PCGS graded Proof 66 Red. A very attractive example with moderately
deep mirrors. The tone is a bit deeper red compared to some of the coins
offered earlier. The more common design type with the last feather pointing
between the I & C of AMERICA. The PCGS population report grouped both the
Variety 1 and Variety 2 1886 Proof Indian into one listing as late as 1999.
When they were separated, the entire population was moved into the Variety 1
listing. This makes the Variety 1 seem more common than it actually is if one
looks solely at that data. However, the reality is not much different for gem
full red proofs. The Variety 2 turns out to be prohibitively rare in high
grades in full red. The population of 13 in PR65RD and 5 in PR66RD with none
higher is probably very close to correct for the 1886 Variety 1.
Estimated
Value $3,000-4,000.
Includes Eagle Eye Photo Seal.
Lot 1127
1886. Variety 2.
NGC graded Proof 67 Brown. Absolutely stunning. Although full brown,
the eye appeal of this coin is outstanding. Overall much scarcer than the
Variety 1 proof and at this grade level it is exceptionally rare. Charles
Barber redesigned the obverse of the Indian Cent in 1886. The slight
modification is noticeable by comparing the relationship of the last feather to
the ICA in AMERICA. The Vareity 1 style is used from 1864. The Variety 2 style
was used from late 1886 onward.
Estimated Value $1,500-2,500.
Includes Eagle Eye Photo Seal.
Lot 1128
1886. Variety 2.
PCGS graded Proof 64 Red. This is an exceptional example for this
issue. One of the rarest dates in the proof Indian Cent series in gem full red.
The coin has moderately deep mirrors with very good eye appeal.
The few
full red examples that exist have a light gold tone, nearly straw colored.
Other issues, like 1887 show this same peculiar color. Be aware that this is
normal for the issue and may be a clue to the reason so few have been graded of
these dates in full red. It's not that these get unfairly rejected by the
grading services, I think they know an original coin when they see them. The
coins are just not out there in full red.
Presently only 5 examples are
graded by PCGS in all grades with full red, 4 in MS-64RD and a sole PR66RD.
(The PR66RD was just offered in Heritage's F.U.N. sale featuring the "Joshua"
collection of proof Indian Cents.) NGC has graded a PR65RD example also. The
populations may not reflect the overall rarity of this issue properly due to
the addition of this listing in 1999, however years of experience have shown
this to be an outstanding rarity.
Estimated Value $4,000-6,000.
Includes Eagle Eye Photo Seal.
Lot 1129
1886. Variety 2.
PCGS graded MS-65 Red. Here is an outstanding example of one of the
toughest dates in the Indian Cent series to find in gem full red condition.
This is a fully struck example with outstanding eye appeal. An earlier die
state than is typically seen. Many coins of this date that exist in high grade
came from an original roll that was sold at auction in 1983 (Auction '83 lot
#1548). Coins from this source are all late die state pieces with wavy uneven
fields and softer devices. This coin is not from that group and is one of the
finest examples known.
Collectors usually underestimate this date when
assembling their collections. As a result this is usually one of the final
pieces to be added.
Estimated Value $10,000-UP.
Includes Eagle Eye
Photo Seal.
Lot 1130
1887. PCGS graded
Proof 65 Red. An outstanding coin with excellent mirrors and captivating
eye appeal. The coin is nearly perfect and is possibly worthy of a higher
grade. Presently only one coin is graded higher at PCGS. There are only 6
examples graded PR65RD. This is one of the top condition rarities of the
series.
As with the 1886 Variety 2, this issue is usually rather pale
in color when found full red. It would be interesting to know if this is due to
a different alloy used or if the cause was some external procedure used at the
Mint. Perhaps the cent planchets were washed in an acidic solution prior to
striking. Regardless of the cause, the coins remain very difficult to find full
red.
Estimated Value $3,500-5,000.
Includes Eagle Eye Photo Seal.
Lot 1131
1888. 8 over 7. Snow-1.
PCGS graded AU-58. This is a very memorable coin which has never
been auctioned. This is the 6th finest known of 23 known examples. This is the
absolute finest circulated specimen. The original prooflike surfaces are
essentially unimpaired. The coin has no major marks. There is only the faintest
rub on the highest points and some minor hairlines in the field. Nearly all
known examples have a die "cud" on the rim at the 9:00 position. Perhaps the
die failed very early in its life, accounting for the extreme rarity of this
coin.
Jim Ruddy, partner in the firm of Bowers and Ruddy, first discovered
this variety in 1970. Two uncirculated examples were found together in a
Virginia estate. The two coins were apparently together since their mintage. A
value of just under $5,000 was placed on the variety at the time. Since then,
collectors have searched in vain for additional specimens. Only 23 examples
have turned up since. A brief listing of the known specimens with some comments
may help shed some light on how rare this coin really is.
1). Reportedly
a gem full red example exists. It was sold for $43,000 in 1991.
2). The
finest certified example is the MS-64RB PCGS example. This coin is a beautiful
prooflike piece with perfect surfaces, except for a bold contact mark on the
cheek. It last sold privately for $60,000. This coin traces it's pedigree to
Superior's "Juan X Suros" Sale where it was graded MS-63 RB by PCGS (and still
accounted for in their Population Report) and described as being one of the
Ruddy discovery coins, a claim which is false. Earlier it was sold by Eagle Eye
Rare Coins privately for $22,500.
3). A MS-64BN coin is graded by NGC.
This coin was discovered a few years ago in the inventory of the New York
numismatic firm of Stack's, and subsequently sold in their October 1997 sale
for $33,000. It was later graded by NGC as MS-64 BN. The coin has a small "X"
scratch above the first three feathers. It was offered in Superior's February
2000 Pre Long Beach Sale where it was described as being one of the original
Ruddy discovery coins, a claim which is false.
4 & 5). The two Ruddy
discovery coins do not seem to have been on the market in the past 10 years.
These have been described as being MS-60. One was bought by Robert Marks and
was seen in no less than four auction appearances between 1972 and 1974
garnering winning bids between $1,500 and $4,000. Perhaps the ANACS graded
MS-61RB is one of these coins.
6). The present example. AU-58 PCGS. This
coin was sold by the Boston numismatic firm J.J. Teaparty in the early 1980's.
It surfaced again in 1998 and was graded and placed into the "Margene
Heathgate" collection by Eagle Eye Rare Coins.
7). ANACS graded AU-55
cleaned, net graded from MS-60. Sold on the internet auction eBay, December 11,
2000 by Eagle Eye Rare Coins for $10,000.
8). XF-40
9 - 14). Five
examples are known in Very Fine including 2 corroded examples.
15). One
example is graded Fine.
16-23). Eight examples are known in Very Good or
lower grades. One PCGS graded example is misattributed.
Estimated Value
$8,000-12,000.
Includes Eagle Eye Photo Seal.
Lot 1132
1888. PCGS graded
Proof 64 Red. A beautiful coin for the grade, in fact, aside from a few
minute flyspecks this is coin could qualify for a higher grade. The coin has
moderate mirrors with exceptional eye appeal.
The mintage indicates
that this is one of the more common dates in the proof Indian Cent series.
However experience and the PCGS population reports show that this is a
moderately scarce date over all, and an exceptionally scarce date in full red.
Only 10 examples are graded PR64RD, with 4 PR65RD's and 4 in PR66RD. Like the
1887, this date commands a large premium equal in gem full red.
Estimated
Value $1,200-1,500.
Includes Eagle Eye Photo Seal.
Lot 1133
1888. Snow-2, FND-002;
FS-010.7. NGC graded MS-64 Brown. This is the finest known example.
Only 22 examples are reported with just four examples known in MS grades. A
well struck example with hardly any surface impairments. A few field
depressions are visible but these are caused by machine oil on the planchet
during the striking process. These are not distracting and do not serve to
limit the grade. There are no design deficiencies.
This new variety was
discovered in the early 1990's by noted numismatist Bill Fivaz. Because the
Snow-1 1888/7 is virtually unobtainable, this variety has become a sort of hole
filler for that space in collector's albums. In addition to the overdate
feature, the base of a 1 digit is visible sticking out of the first pearl of
the necklace. The overdate feature is somewhat controversial. It was confirmed
by many numismatists at the time of ti's discovery by using overlays which
seemed to prove the overdate status of the variety. However, in the June 2000
issue of "Longacre's Ledger", Dr. Tim Larson challenged the overdate status,
claiming that it could be an 1888/888. The jury is still out. Listed in the
Cherrypicker's Guide at $7,500 for MS-63.
Estimated Value $2,000-UP.
Includes Eagle Eye Photo Seal.
Lot 1134
1889. PCGS graded
Proof 66 Red. Another attractive example with superb surfaces and great eye
appeal. The mirrors are moderate. There are clash marks clearly evident on both
sides of the coin. This is found on all coins from this die pair.
A
high percentage of the proof issues in the 1880's show some type of a lack of
quality control. It is common to find coins that were struck from known proof
dies that were obviously struck only once, possibly on a high speed press.
Although these coins will have mirrored fields, they will also have rounded
edges and some striking weakness on the feathertips and lower hair curl. These
were struck as proofs and included in the proof set sales of the year.
Estimated Value $3,000-4,000.
Includes Eagle Eye Photo Seal.
Lot 1135
1890. PCGS graded
Proof 65 Red. A dazzling deep mirror gem. This is a real beautiful example
held back from a higher grade due to a few light flyspecks and minor planchet
laminations. This date is moderately scarce, partly due to a lower mintage.
Estimated Value $2,000-3,000.
Includes Eagle Eye Photo Seal.