Coins and Banknotes

1880 $4 Stella Flowing Hair PF-67★ NGC
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.

Sold for US$ 959,400 inc. premium

1879 Stella Coiled Hair Cameo PF-67 NGC
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.

Sold for US$ 1,041,300 inc. premium

1855 $1 Type 2 Ultra Cameo PF-66★ NGC
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.

Sold for US$ 397,800 inc. premium

1836 $5 Ultra Cameo PF-67★ NGC
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.

Sold for US$ 690,300 inc. premium

The Coins, Medals and Banknotes department specialises in ancient Greek and Roman Coinage from the 6th century BC up to early 20th century issues and rarities, as well as military medals, commemorative medals, banknotes, bonds and share certificates. The department holds up to 10 auctions globally per year.

Whether it be a tetradrachm of 5th century Athens or a 1907 High Relief Double Eagle by Augustus Saint-Gaudens, we are pleased to handle single coins or entire collections ranging in value from $1,000 to over $1,000,000. We look forward to your complimentary inquiry and will provide the most professional and prompt service to both buyers and sellers.

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