Coins and Medals

James B. Longacre, designer

Obverse: Small head of Liberty facing left, wearing an Indian headdress with LIBERTY inscribed on the band; around, UNITED STATES OF AMERICA.

Reverse: 1 / DOLLAR / 1855, in three lines within wreath composed of agricultural elements bound with a bow.

Condition: NGC Proof 66★ Ultra Cameo (Certificate number 1963253-001 – Photo Proof 10-07)

A superb example with the finest details sharply struck. Rich frosted cameo effect highlighting the deeply mirrored field. Full, rich color, with only a few minuscule lint marks (as made, these are not defects), those most noticeable,one behind Liberty's head, and one below the truncation serve to identify this example. As noted by Q. David Bowers in the Eliasberg catalogue: "Lint marks are often seen among pre-1858 Proofs." An exceptional coin.

References: This Coin Published: Breen (Encyclopedia) 6040; Garrett & Guth (Encyclopedia) p. 30; Garrett & Dannreuther, Significant Auction Records 1990-1999, this piece illustrated on the cover; this piece used to illustrate the type on the NGC Coin Explorer website. Other references: Breen (Proofs) p. 99; Akers (1975) pp. 37-38; Garrett & Guth (100 Greatest U.S. Coins). (PCGS 97602)

Condition Census: Tied for finest known, with, according to NGC, only one other example graded Proof 66★ Ultra Cameo, none finer; PCGS records a single example at this grade (but lacking cameo or deep cameo designations).(07-13)

Rarity: As a proof, both extremely rare as a date, and exceptionally rare as a design type. This date is lacking in the National Coin Collection in the Smithsonian where the type is represented, according to Garrett & Guth (Encyclopedia of U.S. Gold Coins) by a "harshly cleaned" 1854. Walter Breen (Proofs) postulated a population of between six and ten examples; he identified six specific examples (but the one he noted as being in the Garrett collection was an error). Akers, in the John J. Pittman catalogue (Part One, lot 866), listed eight examples (including, in error, the Smithsonian) with the possibility of a ninth, and the two major grading services agree with this figure. In addition to the Pittman coin, one is the American Numismatic Society; other examples include those formerly in the Norman Stack, Floyd Starr, and Harold Bareford collections, as well as this example, formerly in the Clapp, Eliasberg, and Trompeter collections. The Type 2 design was struck in 1854-1856 yet only a dozen or so proofs exist for the entire series, three of which are in museum collections. Nothing even close to the quality of this Gem has appeared at auction for half a decade.

Provenance: Ed Trompeter, Superior Galleries, February 25, 1992, lot 1, Gem Brilliant Proof, "... resplendent, spotless .... On the envelope in which this Trompeter coin came was the notation 'Probably the finest of 7 known'." ($148,500); Jay Miller; Louis E. Eliasberg, Bowers and Ruddy Galleries, October 27-29, 1982 lot 26, Gem Brilliant Proof-67, "A superb, magnificent example .... a legendary piece which will be forever remembered in the annals of the series.... [its] condition sets it apart from nearly all, if not completely all of its rare companions." ($62,700); John H. Clapp Collection, 1942 (via Stack's); Elmer S. Sears, April 1909.

Note: Authorized by the Coinage Act of March 3, 1849, the gold dollar, like the double eagle, was created as a result of the vast discoveries of gold in California. Although the concept for a gold dollar coin reaches back to Alexander Hamilton's original blueprint for our nation's monetary system in 1791, it wasn't until the mid-nineteenth century that it saw the light of day. Congress forced the Mint to design and strike the denomination despite lengthy resistance from Mint Director Robert Patterson (a series of pattern gold dollars was produced in 1836). In 1849, the Mint's Chief Engraver, James B. Longacre was entrusted with designing the new denomination, whose obverse head of Liberty was enlarged and later used for the obverse of the double eagle through 1907. In the end the original design was doomed to failure, primarily because of its size (13mm) which was deemed too small for convenience.

1853 saw a change of leadership and the new Mint director, James Snowden, oversaw the change of design of the gold dollar, which he felt was too small and thick. Longacre was again entrusted with the new design (which this time resembled the newly invented denomination, the three dollar gold piece). Liberty was no longer seen as a neo-classical effigy, but an Indian princess wearing a feathered headdress in the style of 17th century Virginia. The planchet was thinned and spread to 15mm, which, with slightly higher relief cut for the head of Liberty, created technical difficulties in manufacture. The metal would not flow as intended and as a result there was an inability to properly strike up the designs, leaving the central details soft and unsatisfactory. These flaws were corrected by yet another, this time successful, redesign in 1856, which was used until the discontinuation of the denomination in 1889.

The Type 2 gold dollar has always held a certain allure for collectors, and the exceptionally rare proofs, because of the care with which they were produced, may be said to be the only examples of that design which show just what Longacre had intended; and none more so than this example, which is one of the very finest of the survivors.

James B. Longacre, designer

Obverse: Wider, shallower head of Liberty facing left, wearing an Indian headdress with LIBERTY inscribed on the band; around, UNITED STATES OF AMERICA.

Reverse: 1 / DOLLAR / 1884, in three lines within wreath composed of agricultural elements bound with a bow.

Condition: NGC Proof 68 Cameo (Certificate number: 1963253-002 – Photo Proof 10-07)

A deeply struck specimen with rich orange-peel effect and cameo devices that offset deeply reflective surfaces. A tiny lint mark to the left of the 1 in the date, and a 'dimple' in the field behind Liberty's head serve to identify this otherwise nearly perfect coin.

References: This Coin Published: Garrett & Guth (Encyclopedia) p. 40 ("Probably the finest known example..."), 567; this piece used to illustrate the date on the NGC Coin Explorer website. Other references: Breen (Encyclopedia) 6106; Breen (Proofs) p. 177; Akers (1975) pp. 95. (PCGS 87634)

Condition Census: Tied for finest known, with, according to NGC only one other example graded at this level, none finer; PCGS records no coins at this grade (Proof 67 Cameo, finest). (07-13)

Rarity: With only 6,236 gold dollars (both proof and business strikes) struck in 1884, the date is without question a scarce one. However, Breen (citing R.W. Julian) noted that beginning in 1882 a fad developed in the United States which saw the increased use of gold dollars for jewelry. To meet the demand, between 1884 and 1889 the Mint struck fairly substantial numbers of proof dollars (1,006 in 1884). However, one result of this craze was the high proportion of poorly preserved survivors, which is largely confirmed by population reports.

Provenance: J.F.S. Collection, Part 3, "FUN" Signature Auction, Heritage, January 5, 2006, lot 3403, Proof 68 Cameo NGC, "This is the finest known piece certified by either NGC or PCGS (11-02). A very special offering ...." ($32,200); 70th Anniversary Sale, Stack's, October 19, 2005, lot 1155, Proof 68 Cameo NGC, "no Proof Gold Dollar of any date from either [PCGS or NGC] surpasses the numerical grade of this coin!" ($29,900).

Note: As noted above, the relatively high relief of the Type 2 gold dollar proved to be a technical failure and Mint Director Snowden ordered Longacre to once again refine his design. Although with lowered relief, and a broader, flatter imagery, it was not perhaps, as artistically pleasing as the first Indian head design, it did solve the production problems, and was used without further refinement until 1889 when production of the denomination, which had never found widespread acceptance, ceased.

William Kneass, designer (after John Reich)

Obverse: Head of Liberty facing left, her hair bound in a fillet on which LIBERTY is inscribed, her hair curled and falling to the base of her neck; around, thirteen stars; below, 1836.

Reverse: Heraldic eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, 2½ D.

Condition: NGC Proof 66★ Ultra Cameo (Certificate number: 1963262-001 – Photo Proof 10-07; previous Photo Proof 07-06 [number 406767-001]).

An astonishing coin. A wonderful deep reddish gold. Typically for the issue there is slight weakness at the center of the obverse but fully struck elsewhere (the stars and their centers are razor sharp). Deep reflective fields contrast brilliantly with the well-frosted cameo devices; there are a few Mint-made die striae, a reverse lint mark in the field below OF,and planchet fleck above the A of STATES that act as identifiers. For the other coin from this set,the Half Eagle of 1836, see lot 1012.

References: This Coin Published: Garrett & Guth (Encyclopedia) p. 114; this example used to illustrate the 1836 type on the NGC Coin Explorer website. Other references: Breen (Encyclopedia) 6143; Breen (Proofs) p. 65 (Breen B3); Akers (1975) pp. 34-35. (PCGS 388943)

Condition Census: The finest known. According to NGC this is the only coin graded Proof 66★ Ultra Cameo, and none finer; PCGS records no specimens at this grade (Proof 65 Cameo, finest.) (07-13)

Rarity: A phenomenal rarity. Not only for being the finest known example of the date, but as a proof of this design in any grade. For a number of years there was an error on the NGC website, which listed two examples of the 1836 head of 1835 in Proof 66★ Ultra Cameo. However, during cataloguing a check of this coin's two Photo Proof numbers revealed that the earlier certificate had not been deleted when this coin was re-holdered. NGC has since corrected the error, thus confirming this coin's status as the single finest known example.

Akers (who agreed with Breen) thought three or four examples extant prior to his Pittman catalogue, where he added an example to his census; since then an additional example has been recorded. The list of known examples in addition to this coin (assembled from the Pittman and Heritage 2012 catalogues) includes the Smithsonian (National Coin Collection) example (Head of 1837); John J. Pittman, Part 2, May 20-21, 1998, lot 1720 (Small head of 1834); Harry Bass Collection, Part 3, May 25-26, 2000, lot 92 (Head of 1837); Dr. Robert Loewinger Collection (Heritage [January 2007], lot 3104 (Small head of 1834); Stack's 55th Anniversary sale (October, 1990), lot 1674 (incorrectly attributed as Head of 1835); Bowers and Merena Rarities sale (July, 2002), lot 577 (Head of 1835). It should be noted that although a half dozen examples are known of the date, three separate varieties have been identified, and of each variety, apparently only two examples have been attributed (although the Stack's 55th Anniversary coin is misidentified).

Provenance: The Rarities Sale, Bowers and Merena Galleries, July 31, 2000, lot 580 (part); prior to August 2000, the complete 8-piece set was sold to a private collector for a reported $1,000,000 (according to PCGS Coin Facts website); Brian Hendelson; Anonymous Philadelphia family (as part of a complete 1836 proof set, owned since the date of issue).

Note: For the quarter eagle, the Classic head design had a very short life-span from 1834 to 1839. The design replaced William Kneass's own capped head which was itself a technical improvement on John Reich's yet earlier design of the same type. In this case Kneass, a mechanical wizard, looked back to the designs of Reich's large cents of 1808-1814 and their Empire style for inspiration. Breen's suggestion that it was for uniformity of design fails by a simple comparison with the other denominations then in circulation. The reverse design saw the elimination of the motto E PLURIBUS UNUM, which, according to Breen, was to enable instant identification with the earlier 'old tenor' coins which were heavier and had a higher gold content. Ultimately the motto did not find its way back onto quarter eagles until 1908 and Bela Lyon Pratt's issues. With so many dies being prepared it is small wonder that despite the extraordinarily small number of proofs struck three separate varieties have been identified. During this period virtually all proofs were produced 'to order' (such as the renowned 1834 proof sets [which included 1804-dated proof specimens of the silver dollar and eagle] for diplomatic presentation), and since the proofs were struck from polished business strike dies, it is possible that the duplication of three different varieties of the 1836 quarter eagle proofs, represents three individual orders.

Christian Gobrecht, designer and engraver

Obverse: Head of Liberty facing left, her hair in an elaborate chignon with long curls trailing down her neck, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1845.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, 2½ D.

Condition: NGC Proof 67★ Cameo (Certificate number: 1963267-001 - Photo Proof 10-07; previous Photo Proof 07-05 [number: 1727697-001] ).

A spectacular, full strike, with all details fully delineated; a tiny lint mark at the tenth star, and an insignificant (mint-caused) planchet 'dimple' between the twelfth and thirteenth stars are identifiers. A rich medium red-gold; soft deeply reflective surfaces and a few raised die polish lines accentuate the freshness of this exceptional coin.

References: This Coin Published: Breen (Encyclopedia) 6177 (2 & 3); Breen (Proofs) p. 81 (2 & 3); Garrett & Guth (Encyclopedia) p. 117 (cited as part of the Pittman set); this coin used to illustrate the date on the NGC Coin Explorer site. Other references: Akers (1975) p. 67. (PCGS 87871)

Condition Census: Probably the finest known. According to NGC this is the only example graded Proof 67 with the Cameo ★ designation. Another example graded NGC Proof 67 Ultra Cameo was sold in August 2012 as "finest known." However, the currently offered Tacasyl coin was described in the July 2005 NGC Photo Proof that accompanies the lot as, "This astounding gem is the finer of just two pieces certified by NGC." The 2012 Heritage catalogue description of the recently sold example (lot 5305) notes that although "Currently graded PR67 Ultra Cameo NGC" in its previous "past two auction appearances" in 2004 and 2006 it was graded "PR 66 Ultra Cameo NGC." PCGS records no specimens at this grade (Proof 65 Deep Cameo, the finest). (07-13)

Rarity: Exceptionally rare. Breen cited three examples (including this specimen) with a fourth rumored; Akers (1975) cited "two or three," but in his 1998 catalogue of the Pittman collection, he confirmed the existence of three and guessed at the existence of a fourth; Garrett and Guth suggest as many as five many exist, but there is no confirmation of more than three. The roster includes: the National Coin Collection; the example formerly in the Ed Trompeter Collection; and this coin, formerly the John J. Pittman example which was part of a three-piece gold proof set. Despite the recent (August, 2012) suggestion in the catalogue offering the former Trompeter example of up to four to five survivors, the empirical evidence suggests that apart from the Smithsonian example, there are only two confirmed examples. For the Half Eagle and Eagle from this set see lots 1013, 1017.

Provenance: Carl A. Minning, Jr. Collection Sale, Bowers and Merena, August 31, 1999, lot 2149, PR 65 NGC; John Jay Pittman Collection, Part Two, David Akers Numismatics, Inc., May 20-21, 1998, lot 1711 (part); "A Memorable Collection" [Jacob Shapiro/J.F. Bell], Numismatic Galleries [Abe Kosoff and Abner Kreisberg], March 1-2, 1948, lot 347 ($160); Colonel Edward Howland Robinson Green, Stack's (via private placement), circa December 31, 1943/January 10, 1944; possibly (per Breen [Proofs]) ex Burdette G. Johnson (circa 1931), Waldo G. Newcomer (circa 1911), William H. Woodin, Lorin G. Parmelee.

Note: This design, by Christian Gobrecht was first issued for the quarter eagle in 1840 and would remain essentially unchanged for nearly seventy years. There was some tinkering with the reverse lettering and minor design details begun in 1859, but the small diameter prevented the addition of the motto IN GOD WE TRUST to the coin in 1866 which would have hopelessly cluttered the reverse design. Gobrecht's coronet head design may be considered the start of 'modern' United States gold coinage. The major features were completely hubbed (largely in an effort to prevent counterfeiting) and only the dates and mintmarks were punched by hand. This streamlined the production process and minimized the number of variants which the earlier issues display.

Proof coins of this early date, particularly in gold, have been called "Master coins" and were not produced for sale to the general public as in later years. Although specific documents relating to the production of the special issues are lost (or, at least have yet to be located in the National Archives) it is almost certain that they were produced exclusively for some official presentation or commemorative purpose.

Christian Gobrecht, designer

Obverse: Head of Liberty facing left, her hair in an elaborate chignon with long curls trailing down her neck, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1885.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, 2½ D.

Condition: NGC Proof 68 Cameo (Certificate number: 1963253-003 – Photo Proof 10-07; previous Photo Proof 01-07 [number 959009-004]).

Rich, orange peel surfaces of deep red-gold. Deeply frosted devices accentuate amazing deeply mirrored fields. A tiny obverse planchet flake in front of Liberty's face and faint reverse lint mark behind the eagle's head are identifiers, otherwise nearly perfect.

References: This Coin Published: Garrett and Guth (Encyclopedia) p. 129; this piece used to illustrate the NGC Coin Explorer website. Other references: Breen (Encyclopedia) 6304; Breen (Proofs) pp. 179-180; Akers (1975) p. 177. (PCGS 87911)

Condition Census: The finest known, with none even approaching its perfection. NGC notes a pair in Proof 67, while PCGS has graded none finer than Proof 66. Garrett and Guth cite this specific example as the finest graded (but record the incorrect price realized in 2007); significantly finer than either of the two in the National Coin Collection (the best of which has been graded by Garrett and Guth as Proof 65). (07-13)

Rarity: Extremely rare. 1885 is one of the rarest and most coveted dates in the coronet quarter eagle series. With a mere 800 business strikes it is one of only about a half dozen dates with a mintage below a thousand. Of the 87 examples that were struck as Proofs, Breen (Proofs) speculated a survival of only about thirty pieces of which he noted "many impaired;" Akers (1975) did not suggest a survival rate, but agreed with Breen that "most proofs I have seen were marked up or even circulated." He went on to note that "Gem quality proofs are very rare, certainly more so than other proofs with comparable mintages." Garrett and Guth suggest only "perhaps 20 or so" still survive, and this example, comfortably the most perfectly preserved, is the clear exception to the rule of impairment cited by the renowned authors above.

Provenance: Dr. Robert J. Loewinger Collection, Heritage, January 4, 2007, lot 3108, Pr 68 Cameo NGC, "... phenomenal ... unquestionably the finest graded [10-06]" ($48,875); probably Superior Galleries, Pre-Fun 04, January 6, 2004, lot 805.

Note: In 1859, the reverse design was modified ever so slightly; the lettering and arrowheads were marginally reduced in size and the most obvious visual difference with the earlier issues is the shortening and thickening of the letters' serifs.

Although it seems incredible today, in 1885, the year the Washington Monument (after 36 years of construction) was dedicated, the price of a complete gold proof set (one dollar through double eagle) ordered directly from the Philadelphia Mint in 1885 was $43 (and the face value of the coins was $41.50). Yet despite these 'bargain' prices, few sets were sold, as it was still a significant expenditure for the average American. However, in the 1880s mintage figures marginally increased for the lower denominations which could now be ordered separately (a Quarter Eagle sold for only twenty-five cents above face value [plus shipping and handling]) and were more affordable. Still, the aftermarket for proofs was sluggish and eventually some were simply spent.

Bela Lyon Pratt, designer

Obverse: In sunk relief: Head of Indian left, wearing a feathered war bonnet; thirteen stars; broken above by LIBERTY, and below by the date (1910); below truncation of bust, designer's initials, B.L.P.

Reverse: In sunk relief: Eagle standing left on a bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, 2½ DOLLARS; to left, E / PLURIBUS / UNUM, in three lines; to right, IN / GOD / WE / TRUST, in four lines.

Condition: NGC Proof 67★ (Certificate number: 1963253-004 – Photo Proof 10-07).

A wonderful example. Rich coppery-gold with bright satiny surfaces; an infinitesimal mint-caused 'dimple' below the R of LIBERTY. Unusually well preserved.

References: This Coin Published: Garrett & Guth (Encyclopedia) p. 137; Loewinger, R.J., Proof Gold Coinage of the United States, p. 41 (to illustrate the Roman [Satin] finish quarter eagle). Other references: Breen (Encyclopedia) 6332; Breen (Proofs) p. 213; Akers (1975) p. 212-213; United States Mint, Operating Records, "Medal Book," 1906-1916, National Archives and Records Administration (NARA), Philadelphia.(PCGS 7959)

Condition Census: One of the finest known. Although NGC has graded fourteen examples as Proof 67, only three (including the present lot) bear the star designation for exceptional eye appeal; only one coin has been graded higher by NGC, and PCGS has listed a single Proof-67 as their finest. (07-13)

Rarity: Very rare. Akers, Breen, and Garrett and Guth all comment that the traditionally reported mintage of 682 is an error, or that most were unsold and simply melted. The number of unsold pieces remains unknown, as does the quantity of those melted. The 682 mintage is an error. The Medal Book in the National Archives (Philadelphia) records a total of 700 struck on 5 different days with only 9 rejected by quality control: thus the proper mintage should be recorded as 691. Despite these seemingly large mintage figures the number of examples appearing on the market is not out-of-line with the other dates in the matte proof series. And certainly at this lofty level of preservation its rarity is a given (according to the PCGS auction records only a single comparably graded example has appeared at auction since 2007).

Provenance: Dr. Robert Loewinger Collection, Heritage, January 4, 2007, lot 3114 ("Ex Lisa L." Collection) PR 67 NGC, "We see no flaws on either side of this magnificent coin, and in fact, see no impediments to an even higher grading designation." ($38,812.50)

Note: The concept of the sunk-relief coins of Bela Lyon Pratt was the brainchild of one of President Theodore Roosevelt's closest friends from Boston, Dr. William Sturgis Bigelow. Having planted the idea with the president, Bigelow shepherded the project and acted as Pratt's go-between. The result, a forcefully realistic rendering of an American Indian, was a far cry from the idealized images of Liberty that had appeared on United States coinage from its inception (and which were continued by Augustus Saint-Gaudens) and may be seen as the first uniquely American coin design.

Bela Lyon Pratt, designer

Obverse: In sunk relief: Head of Indian left, wearing a feathered war bonnet; thirteen stars; broken above by LIBERTY, and below by the date (1913); below truncation of bust, designer's initials, B.L.P.

Reverse: In sunk relief: Eagle standing left on a bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, 2½ DOLLARS; to left, E / PLURIBUS / UNUM, in three lines; to right, IN / GOD / WE / TRUST, in four lines.

Condition: NGC Proof 68 (Certificate number: 1963253-005 - Photo Proof 10-07).

With attractive milky-pale matte surfaces, tightly granular with diamond-like sparkle; without the shiny spots that so often mar this most delicate of surfaces. A mint-made inclusion above the eagle's beak and a minor mint-caused circular dimple by star nine serve to identify this superb specimen.

References: Breen (Encyclopedia) 6336; Garrett & Guth (Encyclopedia) p. 139; Breen (Proofs) p. 215; Akers (1975) p. 220-221; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 7962)

Condition Census: Tied for finest known. There are only three other coins which have been graded as this well preserved by NGC and none finer. PCGS records a single Proof 67 as the finest they have graded. (07-13)

Rarity: Very rare. For once, the traditionally reported mintage of 165 proofs agrees with the Medal Book in the National Archives. In fact the gross mintage was 175 less ten rejected pieces. The entire issue was produced on a single day (along with all the other three denominations), January 11, 1913. Akers didn't speculate as to the total population, nor did Breen. More recently, Garrett and Guth have called it one of the scarcer issues of the matte proof quarter eagle series, and in this superb state of condition it is a significant rarity. The combined NGC and PCGS census reports for the entire Satin and Matte Proof quarter eagle series list no coins finer than Proof 68. The PCGS auction records list only one 1913 Proof 68 quarter eagle (this piece) appearing at auction over a twenty year period.

Provenance: Pre-Long Beach Coin Auction, Ira and Larry Goldberg Auctions, February 20-23, 2005, lot 2179, NGC Proof 68, "An immaculate shimmering gem...absolutely stunning." ($40,250)

Note: The changeover from the Satin Finish proofs of 1909-1910 to the Matte, or Sandblast, proofs was in part due to collector complaints. Most notable among these was later Secretary of the Treasury, William H. Woodin, who in no uncertain terms expressed his dismay of their "rotten" nature. It was a reaction to the surfaces of the Satin proofs which, unlike the mirrored surfaces to which collectors had become accustomed, were flat and made them look like early circulation strikes, and therefore nothing 'special.' The preferred Matte Proofs were struck in the same manner as the Satin Proofs, but post-striking were then subjected to light sandblasting, which makes each coin slightly different from the other, and with surfaces that are extremely delicate.

James B. Longacre, designer

Obverse: Head of Liberty facing left, wearing a feathered headdress with LIBERTY inscribed on the band; around, UNITED STATES OF AMERICA.

Reverse: 3 / DOLLARS / 1885, in three lines within wreath composed of agricultural elements bound with a bow.

Condition: NGC Proof 67 Cameo (Certificate number: 1963253-006 – Photo Proof 10-07).

Well-frosted cameo devices and richly mirrored fields ripple with ample orange-peel effect; the whole lightly toned an original deep, russet-orange. Two miniscule reverse mint-caused planchet flecks between dentils and left ribbon, and near the rim at one o'clock serve as identifiers.

References: Breen (Encyclopedia) 6399; Breen (Proofs) p. 180; Akers (1976) pp. 69-70; Garrett & Guth (Encyclopedia) p. 167: they note [in 2008] that "Three PF-67 examples have been certified, but none have appeared at auction..." Since then a single example (NGC PF-67 Cameo CAC) was sold in March, 2011 (PCGS 88049).

Condition Census: Tied for finest known, with, according to NGC three other coins at this level, none finer; PCGS records a single example at this grade (but lacking the cameo designation). As a matter of some interest, Garrett and Guth note that the example in the Smithsonian (which has been there since 1885) grades a full three points less than this piece. (07-13)

Rarity: Rare. A mere 800 business strikes and 110 proofs were struck for this year. However, the survival rate has been somewhat higher than would be expected. Neither Breen, in either of his works, speculated on the survival rate; nor did Akers (1976), but Bowers in the United States Gold Coin Collection (Eliasberg, 1982) was of the opinion that there are about forty known. Few, as can been seen from the condition census, can match this example for perfection of preservation. Only the second example to have been offered at auction certified at this high grade.

Provenance: The Tacasyl Collection; possibly Auction '80 (Superior), August 14-15, 1980, lot 381, Gem Brilliant Proof, "Certainly among the finest..."

Note: The Three Dollar denomination is today a collector's favorite, but while it was being produced it was barely used by the American public. Authorized in early 1853, its design was essentially an enlarged version of the Type 3 Indian Head one dollar gold piece, also by James Longacre. The reasons for creating such an odd denomination remain somewhat hazy, but the first suggestion for the denomination dates back to June, 1832. Whether historically founded or not, numismatists have suggested with some common-sense that the denomination was created to pay for large purchases of 3-cent postage stamps (100 to a sheet). Regardless of the reasoning, the denomination was never popular. (Professor John Alexander, one of the first proponents of an international coinage in the mid-1850s, called the denomination "an excrescence"). During its entire thirty-five year production from 1854 until 1889 only about 16,300 three dollar gold pieces were produced in total (compared, for example, with the nearly 600,000 Quarter Eagles struck in Philadelphia in 1854 alone). Of that total a meager 2,000 pieces were struck as proofs, and a fraction of those have survived.

Charles E. Barber, designer

Obverse: Head of Liberty facing left, wearing diadem inscribed LIBERTY, her hair flowing in long locks; around, ★6★G★.3★S★.7★C★7★G★R★A★M★S★; below, 1879.

Reverse: Large five-pointed star inscribed in incuse: ONE / STELLA / — / 400 / CENTS, in five lines; around outer rim: UNITED STATES OF AMERICA — FOUR DOL.; around, within outer legend: E – PLURIBUS – UNUM — DEO – EST – GLORIA.

Condition: NGC Proof 67 Cameo (Certificate number: 1963260-001 – Photo Proof 10-07; previous Photo Proof 04-05 [number: 115855-001]).

A pale golden hue, with a faint milky cloudiness over superbly frosted devices which contrast starkly against the mirrored fields. Two tiny impressions on Liberty's neck and small marks at the top of the star serve as identifiers of this exceptional example.

References: Judd 1635; Pollock 1832; Breen (Encyclopedia) 6407/6408; Breen (Proofs) p.164; Akers (1976) pp. 80-81; Akers (Patterns) p. 51, 103-104; Garrett and Guth (Encyclopedia) p. 170; Garrett and Guth, 100 Greatest U.S. Coins. (PCGS 88057)

Condition Census: One of the finest known. NGC records ten coins as Proof 67 Cameo including three bearing the star designation (as well as two Ultra Cameo), and a single coin graded Proof 68. (When the earlier Photo Proof for this specimen was prepared in April 2005 [see above], NGC noted only six examples of equal grade to the presently offered coin, and nothing finer was cited). PCGS records four examples as Proof 67 Cameo, and one Deep Cameo. (07-13)

Rarity: Very rare. Although 15 originals and 425 official restrikes were reportedly produced, a substantial number were used as jewelry or pocket pieces. Determining the difference between originals (which are supposed to be un-striated) and restrikes has confounded numismatists for years. As noted from the above census the number of Superb Gem quality Flowing Hair Stellas is remarkably small with only a dozen or so of the quality of this example. According to the PCGS data base of Auction Prices, this example when sold at auction in January 2005 realized, by a substantial margin, a record amount for the variety and was, at that time, included among the 250 all-time top auction prices for U.S. coins as recorded in the 2007 edition of A Guide Book of United States Coins [The Red Book], and it was still on the list in the 2009 edition.

Provenance: Gold Rush Collection, Heritage, January 12, 2005, lot 30042, Proof 67 Cameo NGC, "a simply glorious specimen... magnificent." ($310,500)

Note: Although the Stella is undoubtedly America's best known physical manifestation of an international currency, the idea of coinages which were of equivalent value and convertible in other countries was not new. According to a recent article, in 1855 Professor John H. Alexander published a pamphlet on an international coinage for the United States and Great Britain. The concept was to have the sovereign and half eagle of equal gold content and value. The idea reached the halls of Congress, which subsidized an exploratory trip to Great Britain for the professor, but following Alexander's report the program failed to win support.

In Europe, the Latin Union was formed in 1865 and seven countries agreed to adopt the French currency system. The members of the Union would produce coins of a national character, but their value and underlying gold content would be based on the French franc. In Paris, two years later at an International Monetary Conference it was agreed (in principal) that all conferees would adopt a similar system, but in subsequent debates the system, largely on nationalistic grounds, was defeated.

France's defeat in the Franco-Prussian War ended enthusiasm for the idea until 1878, when a second conference was held, again in Paris, at the urging of the United States. This time it was an international bimetallic standard that was proposed and it was as a result of this second conference that the Stellas were developed, largely at the urging of John Kasson, the United States Minister to Austria.

With Congressional approval and the support of the Secretary of State, the Mint was ordered to develop a coin which could not only circulate around the world, be recognized as an international coin, but also indicate its value in a similarly multi-national way.

The Mint's solution to all of its charges was common sense: the value of the coin was expressed not only in dollars (Four), but in the metallic composition of the coin itself; 6 grams gold; .3 grams silver; .7 grams copper. To achieve this alloy, the Philadelphia Mint's assay shop simply mixed the correct proportions. Finally, to create an odd sized planchet, half eagle blanks were adjusted (probably by hand, as the striations vary from one example to another) to the correct weight.

When completed, the newly struck patterns were forwarded on to the Coinage Committee in Congress for approval. Word of their unusual design and beauty quickly made the Washington, D.C. rounds and additional examples of the 1879 Flowing Hair variety were struck to satisfy Congressional demand. Ultimately though, like earlier efforts to create international coinage, legislators scuttled the plan, but not before creating one of the United States' most sought-after collector coins.

George T. Morgan, designer (attributed)

Obverse: Head of Liberty facing left, wearing diadem inscribed LIBERTY, her hair braided and tightly coiled on top of her head; around, ★6★G★.3★S★.7★C★7★G★R★A★M★S★; below, 1879.

Reverse: Large five-pointed star inscribed in incuse: ONE / STELLA / — / 400 / CENTS, in five lines; around outer rim: UNITED STATES OF AMERICA — FOUR DOL.; around, within outer legend: E – PLURIBUS – UNUM — DEO – EST – GLORIA.

Condition: NGC Proof 67 Cameo (Certificate number: 1963260-002 – Photo Proof 10-07; previous Photo Proof 04-05 [number 116535-001]).

Faint cloudiness over deep, clear, pale yellow surfaces, with superb cameo-effect, and slight weakness at the centers (diagnostic for this issue). A minuscule mint-caused fleck in the reverse field between the star and N of UNUM and a shallow 'dimple' by the right foot of M on the obverse help to identify this fantastic gem.

References: This Coin Published: Breen (Encyclopedia) 6409; Breen (Proofs) p. 165; Akers (1976) p. 82; Akers (Patterns) pp. 53, 104; Garrett & Guth (Encyclopedia) p. 170 ("...one of the finest pieces known..."), 570; A Guide Book to United States Coins (The Red Book), 59th ed., 2006, pp. 233, 399; 66th ed., 2013, pp. 252, 424; this piece used to illustrate the type on the NGC Coin Explorer website. Other references: Judd 1638; Pollack 1838; Garrett & Guth, 100 Greatest U.S. Coins. (PCGS 88058)

Condition Census: Tied for finest known. NGC records only two other coins of comparable quality, and PCGS a single specimen (though not designated cameo); none finer graded by either service. (07-13)

Rarity: Exceptionally rare. All references are in general accordance that the original mintage was only about fifteen pieces (Breen [Proofs] cites ten). The census information which has been published over the years seems to confirm the survival of most though with a fair share of impaired examples. Akers (1975) estimated 13-15 survivors, and Teichman (US Patterns website) positively identifies twelve, including 2 in the Smithsonian. According to the PCGS records of auction appearances, this is the single finest example to have been sold at auction: In its most recent appearance (2005) it more than doubled the price of any 1879 Coiled Hair Stella offered before. Immediately following that sale, according to the Red Book (2006 ed.), it ranked within the upper 40 of the 250 most valuable U.S. coins ever sold. In the most recent Red Book (2013), it still ranks in the top 100. Since the sale of this coin 2005, nothing remotely as fine has been offered at auction (two Proof 63 NGC examples have made four appearances, and in May, 2013 a Proof 64 Cameo PCGS example was sold).

Provenance: Gold Rush Collection, Heritage, January 12, 2005, lot 30041, PR 67 Cameo NGC, "one of the very finest known" ($655,500), this coin is number 7 in their census (largely adapted from the US Patterns website); The Western Collection of United States Gold Coins, Stack's, December 12, 1981, lot 1137 ($80,000); a further comparison of catalogue images may further extend this coin's ownership history. However, because of photographs of differing quality, it appears that there are two possibilities, which may intersect at the 1992 Ed Trompeter sale.

The Western Collection coin appears to come from a set which appeared in the Stack's 1976 ANA sale, lot 2920 ($225,000); that set, from the Grant Pierce and Son Collection had previously been in the Will W. Neil Collection, B. Max Mehl, June 17, 1947, lots 2602-2605 (sold as a set: $3,850). The identifying 'smudge' between the 9 and the neck appears to be a photographic blemish, and not on the coin. Further plate comparisons of the Tacasyl coin with the Trompeter coin correspond to various identifiers including: on the obverse, a toning "smudge" between the rim and third star, a minute "flake" at the right foot of the M, a toning spot between the S and the last star; and on the reverse, toning flecks between the S and T and T and E of STATES [Note: the reverse enlargement in the Trompeter catalogue is of the wrong coin]; therefore the provenance may also include: Ed Trompeter Collection, Superior Galleries, February 25, 1992, lot 134, Gem Brilliant Proof, "... Pristine ... outstanding." ($198,000)

Neither the Neil Collection nor the Western Collection were mentioned in the Trompeter catalogue census for lot 134, and therefore they may substitute the pedigree given in that catalogue of the Lighthouse Sale, Stack's June 16-17, 1978, lot 828 ($90,000), and Rio Rancho Sale, Superior Galleries, October 15, 1974, lot 133 ($105,000). All these pedigree chains are impressive, but prospective bidders should to come to their own opinion.

Note: The Stella is one of the few patterns collected alongside adopted issues that saw general circulation. The reason is unknown, but may be a combination of the allure of such an odd denomination and because enough 1879 Flowing Hair examples were struck to make acquiring an example possible for most advanced collectors. Also, perhaps, was the fact that some have clearly seen circulation or have been mounted as jewelry, supposedly given by congressmen to some of Washington, D.C.'s more prominent bordello owners. Regardless of the reason, Stellas have found their way into mainstream collections of regular issue coins.

Charles E. Barber, designer

Obverse: Head of Liberty facing left, wearing diadem inscribed LIBERTY, hair flowing in long locks; around, ★6★G★.3★S★.7★C★7★G★R★A★M★S★; below, 1880.

Reverse: Large five-pointed star inscribed in incuse: ONE / STELLA / — / 400 / CENTS, in five lines; around outer rim: UNITED STATES OF AMERICA — FOUR DOL.; around, within outer legend: E – PLURIBUS – UNUM — DEO – EST – GLORIA.

Condition: NGC Proof 67★ (Certificate number: 1963260-003 – Photo Proof 10-07; previous Photo Proof 10-01 [number 1634634-001], PF-67 [without star]: "...this is the finest example of the rare 1880 Flowing Hair type certified by NGC...Perhaps the finest of an estimated two dozen survivors, this fabulous coin is a sheer delight.").

A spectacular, beautifully toned coin of medium red gold. This is an unusually well-struck example with the central strands of Liberty's hair well defined. Lightly mirrored fields with subdued, but frosted devices. The central striations seen on all examples are virtually invisible on this specimen. A small mint-caused 'comma' extending from the tail of the first 7 in the peripheral inscription (the Trompeter example has a similar feature), a thin reverse toning line from the right foot of the R of FOUR to the rim, and a tiny raised dot at the tail of the first S in the obverse inscription serve as an identifiers. A magnificent superb gem.

References: This Coin Published: Breen (Proofs) p. 167 (5); Akers (Patterns) pp. 53, 85; A Guide Book to United States Coins (The Red Book), 59th ed., 2006, p. 402; this piece used to illustrate the type on the NGC Coin Explorer website. Other references: Judd 1635; Pollack 1832; Breen (Encyclopedia) 6410; Akers (1976) pp. 80-81, 103-104; Garrett & Guth (Encyclopedia) p. 170; Garrett & Guth, 100 Greatest U.S. Coins. (PCGS 8059)

Condition Census: Tied for finest known. Perhaps the finest; while NGC records only two other examples as Proof 67 (cameo), this is the only example to bear the star designation for eye appeal. PCGS has graded a single coin at this grade, with the cameo designation. Neither firm has graded anything finer. As the Sotheby's/Stack's cataloguers of the H. Jeff Browning (Dallas Bank) Collection stated, "it is hard to imagine any of comparable quality." Garrett and Guth, noted it is one of the finest seen by them, and graded the Smithsonian's example as Proof 65, two full points lower than this exceptional coin. (07-13)

Rarity: Exceedingly rare. An underappreciated rarity, perhaps because it is the same design as the much more abundant 1879 flowing hair issue. Breen (Proofs) estimated only 15 struck, a figure that Akers agrees with (but notes that a second, smaller mintage, must have supplemented the original number). Garrett and Guth suggest a total mintage of only 25 coins and a survival of about 15 to 20 pieces (which Teichman's census appears to bear out). The PCGS census of auction prices (which is reasonably comprehensive back to 1979) lists no Proof 67 examples having ever been offered at auction (with the exception of this specimen, which was sold uncertified in 2001 and, by nearly $100,000, exceeded the highest price ever recorded to that date for an example of this variety). Nothing remotely comparable to this example has appeared at auction in more than a decade, but a Proof 66 (NGC) example was sold in January, 2013. Regardless of the total number known, as noted above, few, if any, can match this remarkable coin, superbly preserved and with a distinguished pedigree. Even five years after its 2001 auction appearance it ranked among the Red Book's (2006 ed.) top 250 auction prices realized.

Provenance: H. Jeff Browning Collection ("The Dallas Bank Collection"), Sotheby's/Stack's, October 29-30, 2001, lot 362, Gem Brilliant Proof, "... Monumental" ($241,500); Dr. John E. Wilkison Collection (via David W. Akers and Mike Brownlee prior to 1973).

Note: When Mint engravers approached the design of the international coinage, they had any number of challenges to overcome. As noted above, the issues of alloy, weight, and how to express the intrinsic value of the coin internationally were all cleverly and quite simply dealt with. But, it should be remembered that the Stella was also meant to circulate in the United States (where an understanding of the metric standard was not then, and is still not, commonplace) and it also had to meet certain legal requirements regarding various portions of its design; so, the obverse bore a head (and inscription) emblematic of Liberty, while the reverse bore the inscriptions UNITED STATES OF AMERICA and E PLURIBUS UNUM. The use of the motto IN GOD WE TRUST was optional at this time, and was replaced by the DEO EST GLORIA (the Glory is God's). The denomination was expressed in three different ways: 400 Cents, Four Dol., and finally One Stella (within the star for which the denomination was named). Despite the number of competing design elements, the Stellas are well-conceived, uncluttered and, like so many unadopted patterns, in many ways artistically superior to the designs ultimately accepted for circulation.

As also noted above, Congressional interest in the proposed international coinage caused that body to order more examples for the membership; according to Breen (Encyclopedia) many of the 1879 dated issues were in fact struck in 1880 (in January, April, and May). However, the concept of the international coinage was scuttled by legislators when no difference in the alloys could be readily distinguished (the standard circulating U.S. coins were .900 pure, and the Stellas .857 pure). Nevertheless, the concept of a Four Dollar gold piece did greatly appeal to numismatists as an oddity and the two issues of 1880 are widely accepted as having been produced for well-placed collectors of pattern coinage.

George T. Morgan, designer (attributed)

Obverse: Head of Liberty facing left, wearing diadem inscribed LIBERTY, her hair braided and tightly coiled on top of her head; around, ★6★G★.3★S★.7★C★7★G★R★A★M★S★; below, 1880.

Reverse: Large five-pointed star inscribed in incuse: ONE / STELLA / — / 400 / CENTS, in five lines; around outer rim: UNITED STATES OF AMERICA — FOUR DOL.; around, within outer legend: E – PLURIBUS – UNUM — DEO – EST – GLORIA.

Condition: NGC Proof 67 Cameo (Certificate number: 1963260-004 – Photo Proof 10-07; previous Photo Proof 04-05 [number 1916321-002]: "NGC has certified just one other as PF67 Cameo and none finer").

A rich yellow-red color with exceptional frosting of the devices over deeply mirrored surfaces. A minimal lint mark to the right of the second 7 on the obverse, and a small (mint-caused) line ascending from the upper left point of the star between .7 and C are two hallmarks to identify this specimen. An amazing example which is virtually unimprovable.

References: This Coin Published: Breen (Proofs) p. 167 (8); Akers (1976) p. 82; Akers (Patterns) pp. 53, 104; Garrett & Guth (Encyclopedia) p. 170 ("One of the finest pieces known for the issue..."), 570; A Guide Book to United States Coins (The Red Book), 59th ed., 2006, pp. 233, 399; 66th ed., 2013, pp. 252, 423; this piece used to illustrate the type on the NGC Coin Explorer website. Other references: Judd 1660; Pollack 1860; Breen (Encyclopedia) 6411; Garrett & Guth, 100 Greatest U.S. Coins. (PCGS 88060)

Condition Census: Tied for finest known. NGC records only two other examples as Proof 67 Cameo, none finer; PCGS records none graded this perfectly preserved (Proof 64+ Cameo and Proof 66 without the cameo designation, the finest). (07-13)

Rarity: Exceptionally rare. One of the classic rarities of the entire United States series. Although the precise mintage records are thus far lost, the consensus of researchers is that no more than ten to fifteen were produced, with nearly ten surviving examples (though the Red Book cites only eight) having been confirmed (without duplication of listing); Teichman (U.S. Patterns website) lists nine confirmed examples including the Smithsonian example (the presently offered lot is his number 2). According to the PCGS records of auction appearances this is the finest certified piece ever sold at auction, and according to Guth & Garrett is finer than the Smithsonian coin by three full points. According to the 2006 Red Book, this coin when last sold at auction realized a price within the top-20 all-time U.S. coin prices ever realized up to that time, its price only exceeded by such iconic rarities as the 1933 Double Eagle, 1804 Dollar, 1913 Liberty Head Nickel, Brasher Doubloon, and 1894-S Dime.

Provenance: Gold Rush Collection, Heritage, January 12, 2005, lot 30044, PR66 Cameo NGC, "an exceptional cameo proof," (but incorrectly identified in the census as example 2 or 5 [Kern or DuPont]; it is example 3), ($977,500); Stack's Fixed Price List, Summer 1997 as part of a complete set ($875,000); Winner F. Delp Collection, Stack's, November 17, 1972, lot 792 ($35,000).

Note: The Coiled Hair design has long been attributed to George T. Morgan, and a close comparison of the two designs clearly defines the hands of two different engravers. Charles Barber, succeeded his father, William as the sixth Chief Engraver of the Mint in 1879. He was, by almost universal agreement, technically gifted but a lackluster artist. Morgan, an Englishman, by comparison, was recommended for the assistant engraver's post precisely because of his artistic gifts, which were amply displayed in his series of pattern half dollars in 1877 and 1878, and of course his well-known silver dollar.

Here the coiled hair design is not only treated with greater naturalism than Barber's flowing hair design (even the pupil of Liberty's eye is delineated), but the design itself is more sophisticated. The braided plait on top of Liberty's head is delicately and intricately engraved, and the portrait of Liberty is fully modeled and has a distinct individual personality. By contrast, the flowing hair design presents a more distant, cool effigy of Liberty with her hair more heavily engraved, both aspects of which are more in keeping with Barber's well-established use of classical sculpture for his inspiration.

David Akers also noted that there may be an aura of mystery surrounding the issue of 1880 Coiled Hair Stellas. In his extensive examination of examples during his long career, he noticed that the issue came with two distinctly different finishes. The first group (as displayed on this specimen and that in the Smithsonian, for example) has frosted devices and mirrorlike fields; those of the second variety are effectively brilliant proofs with little if any cameo contrast (indeed, Akers states that they appear polished). He suggested that one variety, probably the first group (as the Smithsonian's example bears these features) may be original strikes, and the other re-strikes, but there is no data thus far known which would support such a conjecture.

Suffice it to say, as Akers did, "this stella remains the rarest of the four." In fact, the 1880 Coiled Hair Stella has long been thought of as the 'great white whale' of the four coin series, and while the voracious collector Virgil Brand is known to have owned more than one example, it eluded even such great and sophisticated collectors as T. Harrison and John Work Garrett, the Norwebs, and Harry Bass.

William Kneass, designer (after John Reich); refined by Christian Gobrecht

Obverse: Head of Liberty facing left, her hair bound in a fillet on which LIBERTY is inscribed, her hair curled and falling to the base of her neck; around, thirteen stars; below, 1836.

Reverse: Heraldic eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, 5 D.

Condition: NGC Proof 67★ Ultra Cameo (Certificate number: 1963262-002 – Photo Proof 10-05; previous Photo Proof 10-07 [number 2019387-009] "This delightful proof is the only one certified by NGC, confirming its important status."

Deeply mirrored, almost 'black' limpid fields highlight the richly frosted designs. Struck from incredibly dense, dark gold, with dies so fresh that a few raised die polish lines are still visible (these are part of the manufacturing process and not defects). Star nine slightly flat, which is a feature shared by all the known examples. A spectacular coin without peer.

References: This Coin Published: Garrett & Guth (Encyclopedia) p. 286. Other references: Breen (Encyclopedia) 6510; Breen (Proofs) p. 65 (this example unknown); Akers (1979) pp. 86-87. (PCGS 45300)

Condition Census: The finest known. NGC has graded no other examples as perfectly preserved as this piece; the other Proof 67 graded by NGC (probably the Pittman example) lacks both the Ultra Cameo and star designations; PCGS has graded nothing even remotely as fine (Proof 63 cameo, the finest). (07-13)

Rarity: Of the highest rarity. Breen (in both Proofs and Encyclopedia) knew of only two examples, that in the National Coin Collection in the Smithsonian, and the example he identified as 'NY Specialist' (John J. Pittman). Akers (1979) concurred, but when he sold the Pittman Collection (1997), he cited the existence of a third example and, more recently (2000) a fourth (not nearly as fine as the other three) was discovered. The list of known examples includes the National Coin Collection (Smithsonian) example; John J. Pittman (Part 1 [October 1997], lot 938); Brian Hendelson, 1996 (this coin), as part of a complete proof set; Harry Bass Collection (Part 4 [November 2000], lot 344). Only three auction appearances of this exceptionally rare issue have been recorded since the Farouk sale in 1954.

As with the proof quarter eagle of 1836 in the present sale (lot 1002), for a number of years NGC had not deleted the original certification number for this coin when it was re-holdered in 2007. This gave the false impression that there was another coin as perfectly preserved as the Tacasyl coin. NGC has corrected this error, confirming the unique finest-known status of this amazing coin.

Provenance: The Rarities Sale, Bowers and Merena Galleries, July 31, 2000, lot 580 (part); prior to August 2000, the complete 8-piece set was sold to a private collector for a reported $1,000,000 (according to PCGS Coin Facts website); Brian Hendelson, 1996; Anonymous Philadelphia family (as part of a complete 1836 proof set, owned since the date of issue).

Note: The design development of the Classic Head half eagle is essentially the same as the quarter eagle (described above in lot 1002). As has been explained in some detail by Breen (Encyclopedia), the passage of the Mint Act of June 28, 1834 (which reduced the weight and purity of all gold coins) required the production of a substantial number of new dies which would clearly differentiate the new issues from the 'old tenor' coinage. The re-use of John Reich's Empire head (which Breen, peculiarly, saw as androgynous), and the elimination of the motto, E PLURIBUS UNUM, were the two distinctly new design elements. Producing the large number of dies was a chore as so many different design elements had to be imparted by hand and over the short life of the design numerous small adjustments were made, first by Kneass and then, following his stroke in August 1835, by Christian Gobrecht, who created a series of transitional designs which culminated with his coronet design in 1839.

Although the specific authorization and purpose for the striking of Proof coins in 1836 has thus far eluded researchers (Breen [Proofs] suggested sets may have produced early in the year to celebrate the admission of Arkansas as a state, or late in the year in anticipation of Michigan's admission), it is logical to infer that they were produced for presentation purposes, possibly, as with the 1834/1804 proof sets as diplomatic gifts. The two 1836 gold proofs in this sale have been together since the year they were struck, and together represent the finest 1836 gold proof set obtainable.

Christian Gobrecht, designer and engraver

Obverse: Head of Liberty facing left, her hair in an elaborate chignon, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1845.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, FIVE D.

Condition: NGC Proof 66 Ultra Cameo (Certificate number: 1963267-002 – Photo Proof 10-07).

A deeply struck example, so fresh that raised die polish lines (as made) can still be seen under magnification. With rich orange-peel surfaces, deep mirroring and spectacular contrast. A few scattered mint-caused planchet flecks in the reverse field, and a toning spot in the reverse dentils between the F and I help serve to identify this superb example.

References: This Coin Published: Breen (Encyclopedia) 6555, 4; Garrett & Guth (Encyclopedia) p. 289. Other references: Breen (Proofs) p. 81; Akers (1979) p. 126. (PCGS 98435)

Condition Census: The finest known. NGC lists another far inferior example and PCGS lists two examples (Proof 65 deep cameo, the finest). Based on the known number of surviving specimens in private hands (2), the four listings in both reports combined clearly represent re-submissions. (07-13)

Rarity: Of the highest rarity. Breen (Proofs) cited three examples but erroneously listed the example in Pittman's ("NY State Specialist") set twice; in his Encyclopedia, Breen repeated the error, and added the example from the set found in England and sold at Bowers and Ruddy in 1979 (the present coin); Akers (1979) cited "three or four" but in his 1998 catalogue of the Pittman collection, he was only able to confirm the existence of three examples; Garrett and Guth suggest four to five, but there is no confirmation of more than three. The roster includes: the National Coin Collection; the present coin, formerly in the Ed Trompeter Collection (and unknown prior to 1979); and the (lesser quality) John J. Pittman example which was part of a three-piece gold proof set. Akers noted only one appearance of an 1845 proof half eagle in his comprehensive analysis of auction catalogues. That coin appeared as part of the Memorable Collection in 1948 and reappeared as part of a set in the Pittman collection sale in 1998. With the exception of the four previous auction appearances of the presently offered coin (since its discovery in 1979), no other 1845 proof half eagle has appeared at auction in nearly a century.

Provenance: Bowers and Merena, Baltimore Auction, July 8, 2004, lot 3070, PR 66 Ultra Cameo NGC ($149,500); Ed Trompeter [Dennis Mendelson Collection Auction], Superior, February 2-3, 1991, lot 2596; Auction '84 (Paramount), July 25-26, 1984, lot 906, Gem Proof 65 ($35,750); Paul D. Williams Collection Sale, Bowers and Ruddy, September, 27-29, 1979, lot 1816 (as part of an original three-piece gold proof set that "reposed in a bank vault in England for more than a century").

Note: The half eagle was very much one of the true working denominations issued by the United States government. No other gold denomination had such a long production run.

Beginning in 1795 and continuing until 1929, it was effectively produced without interruption until 1916, and there were only a very few years that saw none produced (two years in the nineteenth century). This continuity, liberally laced with some major rarities, has made it one of the most popular and challenging denominations to collect.

The earliest Proof examples of Gobrecht's half eagle design were struck in extremely small amounts. The specific number struck between their introduction in 1839 and 1858 (when the Mint began to strike proofs in greater quantities for sale to the public) is unknown, but the number of survivors from this eighteen year period is minuscule. Garrett and Guth estimated a survival of about thirty pieces of all dates. Based on the combined PCGS and NGC population reports, no other proof half eagle of any date struck during this period is of superior quality to the Tacasyl coin, and that includes the Smithsonian's specimens.

As discussed elsewhere, proof sets produced during this period were intended for presentation and while the specific reasons are essentially unknown, in 1845 such celebratory occasions might include the admission of Florida to the Union in March; James Polk's inauguration the same month; the opening of the Naval Academy in Annapolis in October; or Texas's admission as the twenty-eighth state in December.

(For the 1845 proof quarter eagle and eagle in this sale, see lots 1003 and 1017.)

Christian Gobrecht, designer and engraver

Obverse: Head of Liberty facing left, her hair in an elaborate chignon, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1899.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; above eagle on scroll, the motto, IN GOD WE TRUST; below, FIVE D.

Condition: NGC Proof 68★ Ultra Cameo (Certificate number: 1963253-007 – Photo Proof 10-07).

White, frosty devices, sit on extremely deep, nearly 'black' mirrored orange-peel surfaces. Richly toned a deep reddish-yellow. An infinitesimal (mint-made) lintmark before Liberty's nose. A shadowy toning spot to the left of D on the reverse, and 'breaks' in the frost on the left wing are consistent with the Carter coin. A nearly flawless coin, as the grade suggests.

References: Breen (Encyclopedia) 6767; Breen (Proofs) p. 200; Garrett & Guth (Encyclopedia) p. 305; Akers (1979) p. 303-304. (PCGS 98494)

Condition Census: One of the finest known. NGC lists but one other example as equivalent, and one finer (however, when the Tacasyl coin was certified by NGC [10-07] the Photo Proof noted "...tied with just three others as finest certified..."); the example sold August 2009, and possibly in October 2008, was catalogued as NGC PF 68 Ultra Cameo CAC, but lacked the star designation; PCGS has lists no examples finer than Proof 66+ deep cameo. (07-13)

Rarity: Very rare. The official mintage is 99 proofs, but Breen (Proofs) calls the survivors "underappreciated," Akers calls all proofs of this date "rare," and Garrett and Guth note that as the last proof issue of the 19th century it is quite a popular date.

Provenance: The Tacasyl Collection; possibly The Amon G. Carter, Jr. Family Collection, Stack's, January 18-21, 1984, lot 714, Gem Proof, "A sensational coin of which there can only be two or three in this state of preservation." ($22,000)

Note: In the wake of the defeat of the Confederacy in 1865, northerners insisted that a token of their faith (which they saw has having guided them through the Civil War) be emblazoned on our nation's coinage. Congress passed enabling legislation on March 3, 1865, and the following year the addition of the Motto, IN GOD WE TRUST began to appear on the new issues (with the exception of the quarter eagle), creating a new design variety.

1899 was a relatively quiet year in United States history. The close of 1898 saw the Treaty of Paris signed to end the Spanish-American War (although its ratification in February 1899 followed a bitter debate in the Senate). As the year drew to a close, Garret A. Hobart, the well-liked and well-respected Vice President died. This set the stage for the selection of a new running mate for President McKinley in 1900, and the beginning of the remarkable ascent of New York Governor Theodore Roosevelt to the Presidency.

Bela Lyon Pratt, designer

Obverse: In sunk relief: Head of Indian left, wearing a feathered war bonnet; thirteen stars; broken above by LIBERTY, and below by date (1910); below truncation of bust, designer's initials, B.L.P.

Reverse: In sunk relief: Eagle standing left on a bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, FIVE•DOLLARS; to left, E / PLURIBUS / UNUM, in three lines; to right, IN / GOD / WE / TRUST, in four lines.

Condition: NGC Proof 68 (Certificate number: 1963253-008 – 10-07 "tied for finest certified by NGC"; previous Photo Proof 01-07 [number 641260-004]).

A virtually flawless example. Surfaces of rich red-gold, bright and velvet-like, but with hint of matte-like granularity (most noticeable on the obverse); a tiny toning spot on the Indian's jaw is an identifier. A nearly unimprovable coin.

References: Breen (Encyclopedia) 6811; Garrett & Guth (Encyclopedia) p. 309; Breen (Proofs) p. 213; Akers (1979) p. 343-344; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 8541)

Condition Census: One of the finest known. NGC lists a mere three other coins as Proof 68 (one with the plus designation) and none higher; PCGS lists no examples this fine (two Proof 66, and a single Proof 67+). As noted elsewhere, the Bloomfield pedigree of this coin emphasizes it being one of the best in existence (its price realized in the Bloomfield sale [1995] was considerably higher than had previously been realized for the date). (07-13)

Rarity: Very rare. The usually recorded mintage is 250 pieces. Akers, due to the relatively few appearances of this date at auction, felt this figure was an error, or that many had been "subsequently melted." Neither Breen, nor Garrett and Guth have any estimate of survivors. This issue, like others of this series, has had skewed mintage figures reported for decades (if not longer). The Medal Book in the National Archives notes a gross mintage of 300 pieces (struck in batches of 100 each in January, May, and August) and the rejection of only a single coin. So the net mintage should be recorded as 299 (not 250) although as with all satin proofs, the number sold, melted, and those which slipped into circulation as business strikes is probably considerable. Garrett and Guth also noted (in 2008) that no specimen grading Proof 68 had ever crossed the auction block(apart from this coin which was sold uncertified in 1996), and the current combined PCGS and NGC tallies of auction appearances confirm this observation five years later.

Provenance: Sam and Rie Bloomfield Foundation Collection, Sotheby's, December 16, 1996, lot 37, "spectacular" ($37,400); Sam Bloomfield (prior to 1979); via Abe Kosoff, circa 1970.

Note: This finish has for years been called either Satin or Roman finish. The terms are the invention of numismatists. Satin is certainly self-explanatory, whereas the origin of Roman finish is less so. This was originally called a "Roman Gold" finish by Walter Breen (without explanation why) and it seems to have caught on. It has been suggested that this is because the surfaces are similar to late Roman or Byzantine gold coins, but this seems unlikely as ancient gold coins do not display similar surface characteristics, which can, in fact be highly variable.

Bela Lyon Pratt, designer

Obverse: In sunk relief: Head of Indian left, wearing a feathered war bonnet; thirteen stars; broken above by LIBERTY, and below by the date (1914); below truncation of bust, designer's initials, B.L.P.

Reverse: In sunk relief: Eagle standing left on a bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, FIVE•DOLLARS; to left, E / PLURIBUS / UNUM, in three lines; to right, IN / GOD / WE / TRUST, in four lines.

Condition: NGC Proof 68 (Certificate number: 1963253-009 – Photo Proof 10-07).

Tightly granular surfaces with no shiny spots to mar the olive finish which is highlighted by sparkling golden flashes. A minuscule mint-caused planchet 'dimple' above the Indian's head is an identifier. The tiny mint-caused inclusion on the reverse near the T of LIBERTY is diagnostic and appears on most examples. A great coin.

References: Breen (Encyclopedia) 6822; Breen (Proofs) p. 216; Garrett-Guth (Encyclopedia) p. 311; Akers (1979) p. 359; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 8545)

Condition Census: Tied for finest known. NGC lists a mere three other coins as Proof 68 and none higher; PCGS lists no examples this fine (topping out at Proof 66+). An analysis of auction records and the NGC census reveals that all the Proof 68 examples were certified prior to November 2005, and none have appeared at auction since 2006. (07-13)

Rarity: Extremely rare. The long-accepted mintage of 125 pieces is accurate; 160 were struck, but there was a high rejection rate, and it is well-known as a difficult date to find so well-preserved. Akers notes it is "very rare." Breen notes that it was less often seen than some, while Garrett and Guth noted 45 examples have been graded, but this will include duplications.

Provenance: Sam and Rie Bloomfield Foundation Collection, Sotheby's, December 16, 1995, lot 53; "superb" ($20,900), Sam Bloomfield (prior to 1979); via Abe Kosoff, circa 1970.

Note: The so-called Satin or Roman finish proofs were unpopular from the start, not only because they didn't resemble any proof surface collectors were used to, but they didn't look like anything special at all. William H. Woodin took up the cause on behalf of his fellow collectors (whom Woodin amusingly called "a very peculiar class of people"), contacting Mint Director (and later Assistant Treasury Secretary) A. Piatt Andrew. After some back and forth, in late summer of 1910 the matter was settled by a resolution passed by the American Numismatic Association. A side-by-side comparison with the Satin Finish and Matte Finish (called "dull finish" in the contemporary documents) found that the matte surfaces better highlighted the designs and beginning in 1911 until the end of gold proof production in 1915, all future gold proof issues would bear this surface.

Christian Gobrecht, designer and engraver

Obverse: Head of Liberty facing left, her hair in an elaborate chignon, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1845.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; around, UNITED STATES OF AMERICA; below, TEN D.

Condition: NGC Proof 65 Cameo (Certificate number: 1963267-003 – Photo Proof 10-07; previous Photo Proof 07-05 [number 1727697-003] ).

Exceptionally deep orange-gold; a superbly struck example with only a few faint hairlines on the chin of Liberty and a couple of minor mint-made lint marks (one above the head of Liberty, another above the E in TEN) noticeable to aid in pedigree determination. A magnificent coin.

References: This Coin Published: Breen (Encyclopedia) 6866, 2; Breen (Proofs) p. 81, 2-3; Garrett & Guth (Encyclopedia) p. 397; Akers (1980) p. 39; this piece used to illustrate the NGC Coin Explorer website. (PCGS 88781)

Condition Census: The finest known. The only example certified by NGC. PCGS lists four examples (none finer than Proof 64), but since only three are known in private hands (the fourth is in the Smithsonian) the PCGS census obviously represents multiple re-submissions. Regarding the presently offered coin, Akers, who had handled the other two other known specimens in private hands, unequivocally stated in his catalogue of the John J. Pittman Collection (Part Two, 1998, lot 1711) that: "this piece is decidedly superior to either of those two examples." He called it "even slightly finer" than Pittman's 1848 Proof Eagle which appeared in the same sale and brought a stunning price ($176,000). (07-13)

Rarity: Of the greatest rarity. Walter Breen (Proofs) cited three examples, but, as above, counted the Col. Green and Pittman examples as two separate coins when they are the same; in his Encyclopedia (1987) he corrected this error, but added the Garrett Collection example and the example from the set discovered in England circa 1979. Akers (1980) reckoned on a survival rate of five to six specimens although in 1998, in his catalogue of the Pittman collection, he was still only able to account for four examples. Akers could cite only two auction appearances between 1948 and 1979 and since then the only auction records for an 1845 Eagle are the Garrett specimen (twice, first in 1980 and then in 1999) and the Pittman example (this coin) in 1998 as part of a proof set. Garrett and Guth estimate a mintage of four.

Provenance: John Jay Pittman, Part Two, David Akers Numismatics, Inc., May 20-21, 1998, lot 1711 (part of a complete 10 piece set) ($756,250); "A Memorable Collection" [Jacob Shapiro/J.F. Bell], Numismatic Galleries [Abe Kosoff and Abner Kreisberg], March 1-2, 1948, lot 548 ($210); Colonel Edward Howland Robinson Green, Stack's (via private placement), circa December 31, 1943/January 10, 1944; possibly ex Burdette G. Johnson (circa 1931), Waldo G. Newcomer (circa 1911), William H. Woodin, Lorin G. Parmelee.

Note: John Jay Pittman purchased his three 1845 gold proofs from the sale of the "Memorable Collection" as separate lots. The collector who assembled the presently-offered Tacasyl collection managed to locate a finer half eagle than the Memorable-Pittman coin, and therefore the three lots in the present sale (1003, 1013, 1017) comprise the finest 1845 gold proof set obtainable.

Like the half eagle, proof issues of the No Motto, coronet type struck from the inception of the design (for eagles it is 1839) until the beginning of production of proofs for public sale in 1858 are of the utmost rarity. Garrett & Guth have estimated not more than thirty examples exist for all dates, which, for a nearly twenty year period is notable, especially as the number of examples in private hands is only about twenty (the Smithsonian has nine proof eagles from this period, and an additional two are in the collection of the American Numismatic Society). Of those in private hands of all dates, and graded by either PCGS or NGC, only one coin is of equivalent quality to this piece, and one exceeds it by a point. As noted for the half eagle these proof sets could have been produced to commemorate the entry of either Florida or Texas to the Union, or President Polk's inauguration.

Christian Gobrecht, designer; motto added by James Longacre

Obverse: Head of Liberty facing left, her hair in an elaborate chignon, wearing a coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1905.

Reverse: Displayed eagle, head facing left, with shield emblazoned on its chest holding olive branch and three arrows in its talons; above eagle, inscribed on a ribbon: the motto, IN GOD WE TRUST; around, UNITED STATES OF AMERICA; below, TEN D.

Condition: NGC Proof 67 Cameo (Certificate number: 1963253-010 – Photo Proof 10-07; previous Photo Proof 07-06 [number 1962650-001]).

Exceptionally well-struck with deeper and richer contrast than usually encountered with these early twentieth century proofs. An un-toned deep golden color, with nearly 'black' fields. Minor lintmarks before the coronet and behind the eagle's neck are hallmarks of this example, as are two tiny carbon spots, one below Liberty's neck, and one to the left of OF. This issue is notoriously prone toward heavy carbon spotting, from which this wonderful example is remarkably free.

References: Breen (Encyclopedia) 7083; Breen (Proofs) p. 204; Akers (1980) p. 233. Garrett & Guth (Encyclopedia) p. 416. (PCGS 88845)

Condition Census: One of the finest known. NGC has graded three examples as Proof 67, one with a star and one Ultra cameo, none finer. The PCGS population report lists no examples finer than Proof 65, but a PCGS Proof 66 (with heavy carbon spotting) was sold at auction in June 2004, and was most probably re-graded by NGC. (07-13)

Rarity: Rare. Mint records indicate that 86 proofs were struck, and the standard works all speculate a survival rate of anywhere from twenty examples (Akers) to thirty-five examples (Akers in the John J. Pittman catalogue), a number with which Breen agrees, though he does call the issue "under appreciated"; Garrett and Guth suggest a few more, but emphasize that it is one of the scarcer of the twentieth century proofs, and that Gems are rare. This comment is confirmed by both the PCGS and NGC auction price statistics which cite no 1905 eagle certified Proof 67 ever appearing at auction; the highest graded example recorded at auction was a Proof 66 PCGS nearly a decade ago.

Provenance: The Tacasyl Collection.

Note: In 1905 Gobrecht's design, after a nearly seventy-year run had only a couple of more years of production. Even as they were being struck their demise was already in the works. At the very end of 1904 President Theodore Roosevelt wrote his famous letter condemning the neo-classical imagery of the then-circulating U.S. coins as being of "atrocious hideousness," a comment which was the start of Roosevelt's grand scheme to get Augustus Saint-Gaudens to commit to a redesign of the nation's gold coinage.

Augustus Saint-Gaudens, designer; Henry Hering modeler; modified by Charles Barber

Obverse: Head of Liberty left, wearing feathered war bonnet; the band inscribed: LIBERTY. Thirteen stars above; below bust: 1910.

Reverse: Eagle standing left on bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, TEN•DOLLARS; to left, IN / GOD WE / TRUST, in three lines; to right, E / PLURIBUS / UNUM, in three lines.

Edge: Forty-six stars.

Condition: NGC Proof 67★ (Certificate number: 1963253-011 – Photo Proof 10-07; previous Photo Proof 01-07, without star [number 3025847-010]).

A superb, clear strike with essentially flawless surfaces. An orangey red-gold accentuates this near perfection. The rims perfectly squared without defects. A small shadow before the chin and nose of Liberty, as well as a toning spot between the legs of the R in DOLLARS are identifiers, as is a mint-caused 'smudge' below the last A in AMERICA.

References: Breen (Encyclopedia) 7111; Breen (Proofs) pp. 213; Akers (1980) p.268-269; Garrett and Guth (Encyclopedia) p. 420; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 8892).

Condition Census: One of the finest known. Although NGC lists a total of seven pieces at the Proof 67 level, only one (this example) bears the star designation; one other, marginally finer, bears both the plus and star designations; PCGS has graded only a single specimen this fine. (07-13)

Rarity: Extremely rare. Guth and Garrett consider this to be the second rarest of the Saint-Gaudens proof eagle series. Akers didn't hazard an estimate of known survivors, but thought the reported mintage [204] was an error because of the extreme rarity of known pieces. Again references quoted above record the incorrect mintage. The United States Mint's Medal Book records the following: 50 examples struck in January (only 42 accepted); 63 in March (55 accepted); 58 in May (56 made the cut); and 100 in August (97 recorded as 'good'). So, the total struck was 271 pieces but only 250 passed quality control. The number melted or sold is currently unknown, but it should be remembered that the 'satin' finish was to many so similar to a business strike that it is highly possible that numerous proofs found their way into circulation.

Provenance: The Tacasyl Collection; possibly The Amon G. Carter, Jr. Family Collection, Stack's, January 18-21, 1984, lot 813 ($33,000).

Note: Saint-Gaudens's Indian head eagle in many ways is the culmination of his artistic life, and the dying artist thought nothing of borrowing from himself. The profile of Liberty (as an Indian maiden) is for all intents and purposes identical to the face of Victory on his monumental Sherman monument. Reduced bronze figures of Victory were cast for sale, as were heads of Victory, and in 1905 the effigy was again reproduced as a plaquette. The reverse eagle is freely borrowed from the Saint-Gaudens designed, and Adolph Weinman modeled inaugural medal for Theodore Roosevelt (and which is itself a conscious re-creation of the standing eagles found on Ptolemaic coinage of third to first century B.C. Egypt). The elements all blended together well and struck examples of the design, though not yet in its final form, were sent to Saint-Gaudens on July 28, 1907. He sent the Mint a check to cover their cost (Saint-Gaudens never purchased any of his double eagle design) and it was the last of his work he saw prior to his death on August 3, 1907.

Augustus Saint-Gaudens, designer; Henry Hering modeler; modified by Charles Barber

Obverse: Head of Liberty left, wearing feathered war bonnet; the band inscribed: LIBERTY. Thirteen stars above; below bust: 1914.

Reverse: Eagle standing left on bundle of arrows entwined with a laurel branch; above, UNITED•STATES•OF•AMERICA; below, TEN•DOLLARS; to left, IN / GOD WE / TRUST, in three lines; to right, E / PLURIBUS / UNUM, in three lines.

Edge: Forty-eight stars.

Condition: NGC Proof 67 (Certificate number: 1963253-012 – Photo Proof 10-07; previous Photo Proof 01-07 [number 1741227-027]).

An exceptional example. Medium khaki in color with more tightly grained surfaces than are usually encountered with this date. A small mint-caused inclusion above the motto, near the base of the E of UNITED identifies this coin as the Bloomfield piece.

References: Breen (Encyclopedia) 7124; Breen (Proofs) p. 216; Akers (1980) p. 287-288; Garrett & Guth (Encyclopedia) p. 421; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 8896)

Condition Census: Among the finest known. NGC lists a total of seven pieces this level and only one finer; PCGS has graded no examples nearly this fine (Proof 65+ the finest). This coin comes from the Sam and Rie Bloomfield Foundation Collection which attests to its perfection. According to that auction catalogue, Bloomfield was a stickler for grade before it was popular. He assembled two sets of matte proofs through Abe Kosoff, and his "A" set was sold by Sotheby's in 1996. That sale also included the finest of all Ultra-High relief double eagles, as well as two of the finest seen Gold Rush $50 slugs. (07-13)

Rarity: Extremely rare by any standard. According to Mint records in the National Archives thirty-five 1914 proof eagles each were struck on two days (in September and November), and of these 70 struck, only 50 were accepted by the coiner. Unlike some of the other dates (noted above) this figure agrees with that published in all standard works of reference and is the lowest mintage of any of the Matte proof eagle series. Garrett and Guth consider this to be the "fourth-scarcest issue" of the series and David Akers felt a survival of half or slightly less was probable.

Provenance: Sam and Rie Bloomfield Foundation Collection, Sotheby's, December 16, 1996, lot 54, "exceedingly attractive" ($34,100); Sam Bloomfield (prior to 1979); via Abe Kosoff, circa 1970.

Note: Saint-Gaudens's designs did not lend themselves technically to the polishing of the dies as had the earlier designs that they replaced, so the concept of a brilliant or cameo proof was never seriously considered.

One of the primary reasons for the popularity of the matte finish (however short-lived it might have been) was that the finish removed any reflective surface, so the engraved details did not have to compete with uncontrolled light sources to be seen and appreciated to their full potential. Unlike traditional proofs, neither the dies nor the planchets were polished. The planchets were, however, selected for their high quality (although some examples slipped through and can exhibit tiny flaws) and they were struck on the hydraulic press (used for medals). The struck coins were then subjected to a fine stream of sand at high velocity, which is why they are quite properly referred to by some as sandblast proofs (although the official Mint term for the finish was simply "dull").

The results were inconsistent (which today is part of their allure); the color of the coins could be highly variable, as could the fineness or coarseness of the surface (1914 proofs as a rule are more granular than some other years), but the finish's fatal flaw was the extremely delicacy of the completed product, which could be spoiled by the slightest mishandling or friction. This is not the case with this superb example.

James B. Longacre, Designer

Obverse: Head of Liberty facing left, wearing a bejeweled coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1863.

Reverse: Heraldic eagle, head facing left, with spread wings and shield emblazoned on its chest holding olive branch and three arrows in its talons; above, an oval of thirteen stars amidst rays of Glory; around, UNITED STATES OF AMERICA; below, TWENTY D.

Condition: NGC Proof 65 Cameo (Certificate number: 1963253-013 – Photo Proof 10-07 "...tied with just two others as the finest Cameo pieces certified by NGC."; previous Photo Proof 07-06 [number 1633877-039]) "...tied with just two others as the finest certified by NGC.").

Excellent, rich orange-peel surfaces, with crisply defined cameo contrast against nearly "black" deeply-mirrored fields with minimal hairlines. Insignificant planchet specks between the last star and head of Liberty, a 'smudge' of inclusions above the eagle's head, and a minuscule 'accent' above the T of TWENTY, confirm the amazing pedigree of this gem.

References: This Coin Published: Breen (Proofs) p. 122; Akers (1982) p. 65; Garrett & Guth (Encyclopedia) p. 495; Bowers (Guide Book of Double Eagles) p. 108, this piece illustrated. Other references: Breen (Encyclopedia) 7215. (PCGS 89075)

Condition Census: One of the finest known, NGC cites one example of equivalent grade (with a star), and one finer; PCGS has graded none this fine (Proof-64 Cameo, finest). (07-13)

Rarity: Extremely rare, only thirty proofs were produced. Walter Breen (Proofs) was able to pinpoint ten specific examples, a figure that he slightly expanded (12-15) in his Encyclopedia. Breen quoted from coin dealer S. Hudson Chapman (though cautioned as to the veracity),who had been told by John F. McCoy (a prominent collector in the 1860s) that "he knew only 30 pieces were struck and of these some were remelted at the mint." Akers estimated a survival of 11 to 12 pieces, an estimate with which Garrett and Guth essentially agree (including those in the Smithsonian and American Numismatic Society Collections); they also note that in addition to the impaired examples, the population estimates are skewed by multiple re-submissions. Regardless, the present lot, formerly in the collections of Harry Bass and Gaston DiBello, has been cited as one of the very finest known, exceeding in grade even the lovely (Cameo Proof 64 NGC CAC) Henry Miller specimen (ex Johns Hopkins University, Garrett [1976, lot 404] and Ely collections [though not so-noted in the catalogue]), whose catalogue description noted presently offered coin as a noteworthy example.

Provenance: Harry W. Bass Collection, Part II, Bowers and Merena, October 2-4, 1999, lot 1759, Proof-64 PCGS, "Dazzling ... A Fantastic Rarity ... None Finer Graded" ($66,700); Gaston DiBello Collection, Stack's, May 14-16, 1970, lot 1224.

Note: The double eagle was created as a result of the huge discoveries of gold in California in 1848 and the ensuing Gold Rush. It was an event that put the United States on the map as a world power of immense wealth and with an unlimited future. However, just over a decade later the Civil War rocked the optimism of the nation to its core.

It seems difficult to imagine that the United States government, mid-way through one of the most traumatic and tragic episodes in American history, continued to make Proof coins for collectors. Even though they were made in extremely limited quantities, most remained unsold and were later melted. In addition to the wartime drag on the economy, beginning in 1862 the Mint required all purchasers of Proof gold coins to buy complete sets only, making their acquisition that much more expensive. And, to make the transaction ever more difficult, the Mint required that the gold Proofs had to be paid for in gold (or a gold draft) as the then circulating paper money was valued at a discount.

James B. Longacre, Designer

Obverse: Head of Liberty facing left, wearing a bejeweled coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1870.

Reverse: Heraldic eagle, head facing left, with spread wings and shield emblazoned on its chest holding olive branch and three arrows in its talons; above, the motto, IN GOD WE TRUST within an oval of thirteen stars amidst rays of Glory; around, UNITED STATES OF AMERICA; below, TWENTY D.

Condition: NGC Proof 67 Ultra Cameo (Certificate number: 1963253-014 – Photo Proof 10-07; previous Photo Proof 01-07 [number 1560799-001]).

A superb coin with incredible, deeply mirrored fields, rich orange-peel effect and intense and nearly perfect cameo devices. Fresh dies, a faint pair of mint-caused specks that flank the lowest point of the ninth star serve to identify this example, as does a tiny inclusion through the arrowheads. The apparent planchet flake at 10 o'clock on the reverse, breaks in the frost on some of the reverse lettering, and the 'dimple' on Liberty's cheek are characteristics apparently shared by all specimens.

References: This Coin Published: Breen (Proofs) p. 140, 5; Akers (1982) p. 93; Garrett & Guth (Encyclopedia) p. 498; this coin used to illustrate the date on the NGC Coin Explorer website. Other references: Breen (Encyclopedia) 7234; Bowers (Guide Book of Double Eagles) p. 130, (PCGS 99085).

Condition Census: The finest known, NGC lists no other examples this perfectly preserved; PCGS lists none this fine (Proof 65 cameo the finest). In fact, an examination of the combined population reports of both services reveals that this coin is tied with only one other as the finest known specimen of the entire design type. A splendid coin with a fantastic pedigree. (07-13)

Rarity: Exceptionally rare, thirty-five proofs are recorded as having been made. Breen (Proofs) was only able to trace the whereabouts of eight examples, more accurately seven, as he noted two coins that were probably identical; he later refined this figure to 10 to 12; Akers (1982) estimated that "no more than 10 proofs still exist" (a figure which falls midway in Bowers assessment [A Guidebook of Double Eagle Gold Coins]); Garrett and Guth, in their Encyclopedia note an example in the American Numismatic Society (ex J.P. Morgan and Brock Collections), two in the Smithsonian (neither of which is nearly as fine as this example), and estimate less than ten examples in private hands (with the population reports swollen by re-submissions). However, the recent 2011 auction of probably the second finest known example (NGC Ultra Cameo Proof 65 CAC), noted that only 4 to 5 examples were confirmed in private hands and cited (as number 1 in their census) the presently offered example as the finest known. Following its most recent (2007) auction appearance, the presently offered coin, according to the Red Book (2009 ed.), ranked among the 250 most valuable U.S. coins ever sold, and among the ten most valuable 19th century double eagles ever sold [including examples of the 1861 Paquet, 1854-O, 1856-O and 1870-CC].

Provenance: The Orlando Sale, January 2, 2007, lot 1410, Proof-66 PCGS, "Magnificent ... stunning ... superlative condition" ($368,000); Ed Trompeter Collection; Louis E. Eliasberg Collection ("The United States Gold Coin Collection"), Bowers and Ruddy, October 27-29, 1982, lot 924, Proof-65 ($28,600); "Believed to be from the John H. Clapp Collection, 1942 [via Stack's]. Earlier from the Richard Collection (New York Coin and Stamp Co., June 1899.)"

Note: In 1866 the double eagle saw its first change in design since being issued in 1850 with the addition of the motto, IN GOD WE TRUST to the reverse in the ellipse of stars above the eagle's head. Eleven years later the design was changed once again, but during this post-Civil War period demand for proof gold was minimal. Mint records indicate that a paltry 335 proof double eagles were struck of the entire design type (fewer even than the initial eight years of proof coinage of the No Motto variety).

James B. Longacre, William Barber, designers

Obverse: Head of Liberty facing left, wearing a bejeweled coronet on which LIBERTY is emblazoned; around, thirteen stars; below, 1891.

Reverse: Heraldic eagle, head facing left, with spread wings and shield emblazoned on its chest holding olive branch and three arrows in its talons; above, IN GOD WE / TRUST in two lines within an oval of thirteen stars amidst rays of Glory; around, UNITED STATES OF AMERICA; below, TWENTY DOLLARS.

Condition: NGC Proof 68★ Ultra Cameo (Certificate number: 1963253-015 – Photo Proof 10-07; previous certificate number [on or before 11-05]: 1704497-001).

An absolutely amazing, nearly indescribable gem of the first water. An intense, razor-sharp strike, fathomless, mirrored surfaces with devices that are as richly and fully frosted as can be imagined. A minuscule (mint-caused) dimple on Liberty's cheek is diagnostic, which with an infinitesimal (also mint-caused) depression to the right of the upper serif of the F in OF serve as pedigree points of identification. Virtually as perfect as the day it left the dies. Immaculate, and by consensus without peer.

References: This Coin Published: Breen (Proofs) p. 192, 7; Akers (1982) p. 199; Garrett & Guth (Encyclopedia) p. 505 ("Finest Proof $20 ever seen."); Bowers (Guide Book of Double Eagles) p. 183, this piece illustrated . Other references: Breen (Encyclopedia) 7307. (PCGS 99107)

Condition Census: The finest known, not only for the date, but for the entire Liberty Head series (1850-1907): Jeff Garrett has lauded it as the "The finest Proof $20 ever seen." Needless to say, this is the finest graded by NGC, and PCGS has graded none finer than Proof 66. A review of the combined census reports for both NGC and PCGS reveals that of the more than one million Liberty Head double eagles graded (both proof and business strikes) a mere six have been graded as 68, and this example gains pride of place as the only example with the star designation; simply put, no Liberty Head double eagle has ever been certified as perfectly preserved as this coin. (07-13)

Rarity: Extremely rare, one of the key dates of the entire denomination, with a mere 1,390 business strikes and 52 proofs produced. Breen (Proofs) specifically identified fourteen examples (including the present lot); Akers (1982) estimated a survival of 20 to 25 pieces, an estimate with which more recently Garrett and Guth have concurred. Regardless of the number of survivors of the date, this specimen, which has been published as the most perfectly preserved of all Liberty head proof double eagles is, for all intents and purposes, unique.

Provenance: The Clausen Family Collection, Heritage, January 5, 2006, lot 3581, PR68★ Ultra Cameo NGC (11-05)[certificate number: 1704497-001], "Spectacular ... phenomenal ... virtually flawless" ($299,000); Harry W. Bass, Jr. Collection, Part II, Bowers and Merena, October 2-4, 1999, lot 1906 Proof-67 PCGS, "Memorable ... incredible ... no peer" ($166,750); Gaston DiBello Collection, Stack's, May 14-16, 1970, lot 1281; believed to be (according to Breen [Proofs]) "A Memorable Collection" [Jacob Shapiro/J.F. Bell], Numismatic Galleries [Abe Kosoff and Abner Kreisberg], March 1-2, 1948, lot 711.

Note: The 1891 Double Eagle displays the third and last design change for the Liberty head double eagles. In 1877 the reverse design was altered to spell out the denomination in full: TWENTY DOLLARS. Since the denomination's inception as a circulating coin in 1850, for reasons unknown the value had only been abbreviated TWENTY D. It may be that Mint officials used the abbreviated version to keep a degree of uniformity with the other then-circulating denominations (quarter eagle through eagle) which also abbreviated the word dollar (of course the tiny gold dollar, which was developed as a contemporary of the double eagle, had the word spelled out in full from the start, as did the three dollar gold piece). The larger size of the double eagle planchet would certainly have not been an impediment to spelling it out in full (as the re-design in 1877 proves). In 1891 the design had another 16 years to run before Theodore Roosevelt hatched his plan to have Saint-Gaudens design a coin worthy of the ancients (though ironically the inspiration for Liberty's portrait on this coin was the enormous cult statue heads of the ancient Romans).

Augustus Saint-Gaudens, designer; Henry Hering modeler; modified by Charles Barber

Obverse: Liberty striding forward, wearing flowing gown, and hair blowing in the wind; her left foot on a rock, beside which is an oak branch; she holds a lighted torch in her right hand, and an olive branch in her left. To her lower right, a small representation of the Capitol building, behind which 23 rays of the sun emanate, around, 46 stars; above, LIBERTY; at lower right, M•C•M•VII. Around, broad border.

Reverse: Eagle flying left, across rays of the sun; above, •UNITED•STATES•OF•AMERICA• / •TWENTY•DOLLARS• in two lines.

Edge: E✴PLURIBUS✴UNUM✴✴✴✴✴✴✴✴✴✴✴ in Roman Face letters from triple-segment collar.

Condition: NGC Proof 69 Wire Rim (Certificate number: 1963253-016 – Photo Proof 10-07; previous Photo Proof 10-05 [number 163434-001]).

Wire rim. Warm, softly satiny fields, with the Mint-made swirls of raised die polish lines that are a hallmark. The small shadow at the rim at 5.30 on the obverse is not a flaw, but a raised, mint-caused bulge of metal. Under 10 power magnification three or four mint-made specks can be seen above the leading edge of the eagle's front wing and help to identify this exceptional coin (these can also be seen on the Browning collection example). Simply spectacular, and as the grade suggests the coin is mint-fresh, and essentially unimprovable.

References: This Coin Published: Garrett & Guth (Encyclopedia) p. 511, 573; Bowers (A Guide Book of Double Eagles) p. 233; A Guide Book to United States Coins (The Red Book), 60th – 65 eds., 2007 - 2012; A Guide Book to United States Coins (The Red Book) 66th ed., 2013, pp. 278, 425; this coin cited on the NGC Coin Explorer website in Jeff Garrett's Description and Analysis: "The finest High Relief graded by NGC is a PR 69 that sold for $534,000 in 2005." Other references: Breen (Proofs) p. 209; Breen (Encyclopedia) 7358; Akers (1982) pp. 282-285. (PCGS 9136)

Condition Census: Tied for finest known, or the finest (although until recently one other coin appeared in the NGC census), none finer; PCGS (which does not acknowledge the Proof term for Saint-Gaudens high relief issues) has graded a single Mint State 69 example and none finer. (07-13)

Rarity: While scarce as a type, the high relief Saint-Gaudens double eagles are probably the most popular coins in the entire gold series. The combined number graded at both NGC and PCGS (which, naturally, includes a fair number of re-submissions) exceeds 8,500 pieces, or approximately two-thirds of the total produced. However, the air gets much thinner when one realizes that only two examples (or approximately two-one-hundredths of one percent) have been graded as perfectly preserved as the present lot. Jeff Garrett on the NGC website notes this example as the finest graded by NGC (however, the 2005 Photo Proof cites one other at this grade, and the 2007 Photo Proof adds yet another; but as noted above, the current census cites only this single coin). A remarkably rare coin, especially when one takes into consideration that of the approximately 1.8 million Saint-Gaudens double eagles (proof and business strike) graded by the big-two firms, only about a dozen 69s have been graded; and this, as one of the most admired and desired designs in the entire US coin series is in a class apart. Since the Morse Collection sale in 2005,no examples of comparable grade have appeared at auction (apart from reappearances of the MS 69 Morse coin).

Provenance: The Philip H. Morse Collection of Saint Gaudens Coinage, Heritage, November 3, 2005, lot 6529, Flat Rim PR 69 NGC (Certificate number: 163434-001), "Possible Finest known 1907 Specimen Striking .... essentially perfect..." ($534,750) ) [Note: Although catalogued in the Morse sale as a flat rim, it is a wire rim specimen. The old NGC insert did not specify the type, and the holder in which it was then housed may have obscured the true type of rim.]; probably [as noted above, the microscopic specks above the eagle's wing are present] H. Jeff Browning Collection ("The Dallas Bank Collection"), Sotheby's/Stack's, October 29-30, 2001, lot 151, "Wire Rim...Superb Gem Satin Finish Proof. Spectacular." ($115,000); most of the Browning Double Eagles were acquired privately (via a group of dealers including Mike Brownlee) as a single purchase of the R.E. ("Ted") Naftzger Collection in the early 1970s. Naftzger assembled much of his collection in the 1940s and 1950s via Abe Kosoff, and it is entirely possible that this amazing superb gem comes from this source.

Note: The history of the Saint-Gaudens gold coin designs has been published in various forms for years, and in the last decade or so more information than ever has been made public. President Theodore Roosevelt intensely disliked the look of the 19th century coin designs and pressured a dying Augustus Saint-Gaudens to take the commission in 1905. The intent was to develop coins struck in high relief to emulate the coins of ancient Greece. Saint-Gaudens, mortally ill, designed the coins and left the modeling to his assistant Henry Hering. Throughout the Mint's Chief Engraver Charles Barber fought the President and his chosen artist every step of the way. But in the end a handful of patterns with exceptionally high relief were struck. Although they delighted the President they were useless for commercial use. Following Saint-Gaudens' death in August 1907 the President ordered an extensive run of examples with slightly reduced relief be struck for general circulation; both to show what could be achieved and probably to honor the dead artist. With approximately 12,000 produced, examples of the 'regular' high relief double eagle are probably the most popular of all collectible American coin designs, and is widely acclaimed as America's most beautiful.

The archival record regarding the production of Proofs of this design is scant. However, according to Breen, Charles Barber confirmed their production, and approximately seven examples were contained in his estate. While the pedigrees of these have become hopelessly muddled over the years, the extraordinary quality of this example may point to it having been one of those saved by Barber.

Augustus Saint-Gaudens, designer; Henry Hering modeler; modified by Charles Barber

Obverse: In lowered relief: Liberty striding forward, wearing flowing gown, and hair blowing in the wind; her left foot on a rock, beside which is an oak branch; she holds a lighted torch in her right hand, and an olive branch in her left. To her lower right, a small representation of the Capitol building, behind which 23 rays of the sun emanate, around, 46 stars. Above, LIBERTY; at lower right, 1909, below, monogram, ASG.

Reverse: Eagle flying left, across rays of the sun; above, UNITED•STATES•OF•AMERICA / TWENTY•DOLLARS in two lines; above sun, IN•GOD•WE•TRUST

Edge: E✴PLURIBUS✴UNUM✴✴✴✴✴✴✴✴✴✴✴ in Roman Face letters from triple-segment collar.

Condition: NGC Proof 68 (Certificate number: 1963253-017 – Photo Proof 10-07; previous Photo Proof 10-05 [number 1965668-001]).

Beautiful, pale orange tone, with deeper peripheral color; a small mint-caused depression below Liberty's left elbow (this appears on most other examples as well); virtually free of the carbon spots which plague this series, a small inclusion on the third from the bottom of the eagle's tail feathers and, noticeable only under at least 6 power magnification, an even smaller vertical smudge in the sun are identifiers.

References: Breen (Encyclopedia) 7372; Breen (Proofs) pp. 212-213; Akers (1982) pp. 304-305; Garrett & Guth (Encyclopedia) p. 513 (PCGS 9206); Bowers (A Guide Book of Double Eagles) p. 247; Bowers (Garrett) pp. 477-478; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 9206)

Condition Census: Tied for finest known. NGC lists two other coins of comparable grade and none finer; PCGS has graded none this fine (Proof 67+ the finest). (07-13)

Rarity: Very rare. Breen does not speculate the number of survivors, Akers suggested 20-25 survivors, Bowers slightly more. Garrett and Guth dismiss the larger number of auction appearances noted by Akers as "a statistical aberration." However, Garrett and Guth base their comment on the traditionally reported mintage of 67 pieces (as do both the PCGS and NGC websites). This is an error which has been repeated for decades; according to the United States Mint's Operating records for this period 200 1909 proof double eagles were struck, and 34 were rejected. Thus, the mintage should be 166 pieces, and would explain Akers' figures. This correct figure is used by Bowers in his work on Double Eagles. Of course, neither figure accounts the number actually sold or those that slipped into circulation.

The presently offered example is the finest certified by either PCGS or NGC to ever appear at auction. In 2008, Garrett and Guth noted that the finest example in the Smithsonian grades Proof-65, and the two most notable sales recorded by them are for a PCGS PF-67 and NGC PF-66 sold in November 2005. They cite no auction records of any Proof-68 examples having appeared; an observation confirmed by both the NGC and PCGS auction surveys.

Despite the upwardly revised mintage data 1909 Proof Sets were remarkably difficult to acquire, even after a year after their issuance. As has been previously published (Bowers, The History of United States Coinage as Illustrated by the Garrett Collection, 1979, pp. 477-478), Robert Garrett ordered his set from Henry Chapman, on May 11, 1910. Although Chapman advertised "for months" to buy a set, it took the well-connected Philadelphia dealer two and a half years to secure one. On January 18, 1913, he charged Garrett $65 for the set, compared to his usual price of $40 for the just produced 1913 Proof set.

Provenance: The Tacasyl Collection; possibly Property from a Collection formed in the 1930s, Sotheby's, June 10,1993, lot 185, "exceptional" ($118,250) (The grainy quality of the Sotheby's photograph prevents a conclusive match.)

Note: Although the majesty of the Saint-Gaudens high relief design was, and is, greatly admired it was not suitable for day to day commerce. It was a time when banks and counting-houses neatly stacked gold coins on counting boards and uniformity of thickness was essential to getting a quick and accurate figure.

There was also the issue of the motto IN GOD WE TRUST, which had been carried by virtually all coins since 1866. Nevertheless, its use was optional (the relevant Mint Regulations stated that such terms as LIBERTY and E PLURIBUS UNUM and the country's name "shall" be part of the coin design, but in the case of IN GOD WE TRUST the imperative "shall" was replaced by the optional "may." Saint-Gaudens (who thought it an "inartistic intrusion") dropped its inclusion in the interests of artistic simplicity and even relegated E PLURIBUS UNUM to the edge to further enhance the cleanliness of his design. Roosevelt, who could have ordered it to be used, felt the use of the Almighty's name on a coin was blasphemous, and so all the 1907 issues did not bear the Motto. But Congress exploded in a fury, put its foot down, and midway through 1908 the Motto was added to coins of all succeeding years.

Augustus Saint-Gaudens, designer; Henry Hering modeler; modified by Charles Barber

Obverse: In lowered relief: Liberty striding forward, wearing flowing gown, and hair blowing in the wind; her left foot on a rock, beside which is an oak branch; she holds a lighted torch in her right hand, and an olive branch in her left. To her lower right, a small representation of the Capitol building, behind which 23 rays of the sun emanate, around, 46 stars. LIBERTY; at lower right, 1911, below, monogram, ASG.

Reverse: Eagle flying left, across rays of the sun; above, UNITED•STATES•OF•AMERICA / TWENTY•DOLLARS in two lines; above sun, IN•GOD•WE•TRUST

Edge: E✴PLURIBUS✴UNUM✴✴✴✴✴✴✴✴✴✴✴ in Roman Face letters from triple-segment collar.

Condition: NGC Proof 68 (Certificate number: 1963253-018 – Photo Proof 10-07; previous Photo Proof 10-05 [number 1745730-001]).

Exquisite, pale olive-mustard toning, tightly grained, crystalline, nearly diamond-like facets enhance the devices; a razor sharp strike, two infinitesimal flecks noticeable under magnification on the uppermost feather of the leading wing, otherwise, with essentially unflawed surfaces.

References: This Coin Published: Garrett and Guth (Encyclopedia) p. 514; this piece used to illustrate the NGC Coin Explorer website. Other references: Breen (Proofs) pp. 214; Breen (Encyclopedia) 7380; Akers (1982) pp. 316-317; Bowers (A Guide Book of Double Eagles) p. 253; United States Mint, Operating Records, "Medal Book," 1906-1916, NARA, Philadelphia. (PCGS 9208)

Condition Census: Tied for finest known, NGC lists four other coins of comparable grade and none finer; PCGS has graded none this fine (Proof 67 the finest). The astonishing Philip Morse Collection contained three examples graded as Proof 68 and this example appeared in Part I of that sale. Therefore from the standpoint of both eye-appeal and price realized it may be considered the finest of the three. (07-13)

Rarity: Extremely rare. Breen wondered if the number of survivors would even reach 20, while Akers and Bowers suggested 20 to 25. Garrett and Guth consider this issue to be the fifth rarest of matte proof double eagles. All of the above references quote the incorrect mintage however. The United States Mint's Medal Book records 150 1911 proof double eagles struck in January (with 80 rejected on quality grounds), and 50 struck in May, of which 40 made the grade. Therefore the mintage should be 110 pieces not 100 as is found in virtually all references. The number actually sold remains, at this time, unknown.

Provenance: The Philip H. Morse Collection of Saint-Gaudens Coinage, Heritage, November 3, 2005, lot 6956; PR 68 NGC, "Remarkable....a true museum-quality piece that appears totally without blemish...This is a truly remarkable piece." ($184,000)

Note: In 1911, Theodore Roosevelt, at whose urging Saint-Gaudens produced his final masterpiece, was no longer president, but he began to chaff at the policies of his successor and onetime protégé, William Howard Taft. So much so, that he would ultimately once again throw his hat in the ring and run for President. His insurgent third-party break-away candidacy from the Republican Party ultimately garnered more votes than the sitting president, but by splitting the vote ushered Democrat Woodrow Wilson into the White House.

By 1911, collector interest in the matte proof finish continued to wane, and mintage figures continued to decline. The use of gold coins as a circulating medium was also entering its sunset years. As citizens became more used to paper money, the weight of a gold coin in their pocket became a nuisance. Gold coins, particularly double eagles continued to be produced however, as by law there was a set percentage that had to be held by the Government to back its issuance of gold certificates. They were also widely used for making international payments, and as a result millions of United States gold coins found their way out of the country and escaped Franklin Roosevelt's 1933 recall of all gold coins and their ultimate destruction.

3.7 g. Struck on a deeply cupped flan and slightly off-center to 4 o'clock. Good detail remains. Housed in a lucite holder.

Each with weight of 2.7g, unusually light. One exhibits a cracked flan.

KM-189, HZ-2005. Very well detailed and sharply impressed. Deep steel-gray surfaces with darker charcoal tones in the recesses.

Fr-B65; KM-517. Lunar series, Year of the Cock. Certificate of authenticity included, #52 from a mintage of only 99 pieces. Housed in its original capsule of issue. Essentially perfect as issued and highly in demand.

Fr.355, S-3728. 4th Bust. Abundant detail and luster remain overall. One minor mark is mentioned on the King's upper neck. Desirable and highly collectible.

Fr. 400, S-3969. Light wear and no mentionable marks. Near full luster remains.

Including 1804 TH; 1809 TH; together with Peru, 1811 JP 8 Reales, Lima Mint. All are well-centered and there are no reportable defects on any.

KM-90. A well detailed example with slightly porous surfaces, the result of having been "whizzed" at one time. Still, a noteworthy example of this collectible issue.

KM-162.4. Deep gunmetal-gray surfaces lend a fully original appearance. Just a few minor marks are noted in the fields.

KM-182.1. Obverse: Bust of Peter II right; Reverse: Four crowned, cruciform Russian pillars with two I's in each of the angles, the date, and a dot, in the center. Attractive argent-gray surfaces with modest wear and no mentionable distractions.

KM-C-101a. Notably worn with some central weakness on the reverse. Medium argent-gray surfaces with no mentionable distractions.

KM-Y-24. Bright silver-gray surfaces are essentially untoned and show only light wear and a few small scuffs in the fields.

KM-Y-70. A lightly handled piece with some irregular toning on the obverse.

KM-Y-83. Bright silver surfaces with frosty luster throughout. Well defined.

KM-Y-84. Well defined and fully lustrous throughout with hints of peripheral toning.

KM-Y-89.2 Near full luster remains on this silver-gray example.

KM-Y-90.1. A well preserved example with only the lightest rubbing visible in the fields and on the highpoints.

Bit-64. Obverse: Bust left; Reverse: Triple crowned Imperial eagle with date and value. Deep steel-gray surfaces with even wear and no surface impairments.

KM-Y-26. Obverse: Crowned double-headed Imperial eagle; Reverse: date and value in circle. Bright yellow-gold with a bold strike.

Fr. 179. Typical light wear shows overall.

Fr. 179. Bright and lustrous with a thin coating of hazy patina overall.