1796 $2.50 BD-2, No Stars MS(PCGS#45501)

The Huskey Collection

拍卖行

Stack's

批号

2029

等级

AU58

价格

1,277,334

详细说明

1796 BD-2. Rarity-4. No Stars. AU-58 (NGC). Delicate coppery yellow fields and design elements are wonderfully well balanced. The strike is quite enticing for the issue, and the surface quality is remarkably smooth. The slightest trace of central obverse adjustment is only visible with a glass, and is accompanied by a pleasant measure of mint frost beneath the toning on either side. This very rare and highly important first year of denomination is also the only date that bears this No Stars obverse design. With the typical survivor bearing either unsightly marks or noticeably more wear (or both), the splendid coin offered here certainly deserves plenty of bidder interest. The reason for having no stars on the obverse is not known today. This was a very early appearance of the Heraldic Eagle reverse in combination with this obverse. Earlier gold coins (in the half eagle and eagle series) depicted the national bird standing on a palm branch on the reverse, and had stars on the obverse. It seems logical to the writer that when the present quarter eagle was contemplated, it was thought at first that having stars on both the obverse and reverse would be redundant, and they were omitted from the obverse. Apparently, this thought was fleeting, as soon stars were added to the motif, and this combination continued in the quarter eagle series through 1807. NGC Census: 23; 13 finer (MS-65 finest). Provenance: ****INTROS***** TOP OF NEW PAGE Early United States Gold Coinage: An Introduction Welcome to what is certainly one of the most extensive as well as high quality offerings of early quarter eagles in recent times. The Husky Collection is particularly rich in the early issues from 1796 through 1807, plus the landmark 1808, after which choice, interesting, and rare other coins are presented. It was not until well into the 20th century that gold coins of all kinds were widely collected by numismatists. Indeed, the larger denominations, the $5, $10, and $20, were generally ignored. Some scattered exceptions being Proofs (which in any event were made in small numbers) and pieces set aside for type sets. There was no interest whatever in what today we recognize as Carson City rarities, elusive double eagles from the 1920s and early 1930s, and the like. There was, however, a demand for really early American gold coins, these being quarter eagles, half eagles, and eagles minted from the first year, 1795, through early 1834. From the earliest times of numismatic interest, scarce dates and varieties within this span drew interest and commanded respect. A typical catalogue issued by W.E. Woodward, Edward Cogan, or one or another of the catalogues of auctioneers of the 1860s was apt to showcase early gold but, except for Proofs and, to a lesser extent, gold dollars, ignored just about everything else. Because of this early desire, a dedicated student of quarter eagles, half eagles, and eagles can trace auction appearances from the 1850s down to the present day, gaining information about scarcities and rarities. Varieties, as fondly as we enjoy them today, were not usually mentioned. Sometimes a 1796 quarter eagle was not described as to whether it had or did not have obverse stars, and the star count on the reverse of an 1804 quarter eagle was not noted. So far as it known, the earliest study of die varieties for early gold coins was that of J. Colvin Randall, who was particularly active as a Philadelphia collector, dealer, and investor in the 1870s and 1880s. Randall enjoyed die varieties, and was the individual who compiled information on early silver coins, published by his one-time associate, J.W. Haseltine, under the title of Type Table in 1881, with no credit at all to Randall. However, contemporary auction catalogues, such as those by Woodward, do occasionally mention Randall numbers, including among early gold. Half eagles of the first year of issue, 1795, were sometimes described by Randall numbers. Unfortunately, no published list of these varieties and how to identify them has been found, although it is likely that such may have been issued. Early gold continued to be in the limelight in important collections as they were gathered, with T. Harrison Garrett and Lorin G. Parmelee, leading collectors of the 1880s, having particularly magnificent cabinets, but Heman Ely, Joseph J. Mickley, and over a dozen others had important holdings. In the early 20th century, William H. Woodin, a prominent industrialist who in 1933 became Franklin D. Roosevelt's first secretary of the Treasury, was enamored of early gold, and set about classifying half eagles by die varieties, intending to publish a study. As events would have it, the project never saw fruition. However, years later his close friend and "point person" for obtaining items for his collection, Edgar H. Adams, published a study of half eagles of this date, and still later Thomas Ollive Mabbott (who had a close relationship with our company and was a contributor to our Numismatic Review) did likewise. Interest continued as the years went by, but it was not until the late 20th century that notable studies were compiled. Walter Breen led the way, with many comments on early die varieties appearing in print in catalogues of the New Netherlands Coin Company as well as his various books, culminating in the masterful and highly useful Walter Breen's Complete Encyclopedia of Colonial and U.S. Coins, published in 1988. Various Breen attributions are given, although the listing was not complete. Although specialized texts were later created on half eagles and eagles, no such effort was attended to quarter eagles. The higher denominations will be discussed in the introduction to the $5 and $10 series. The capstone in research on early gold coins, the standard reference in use today, was compiled by John Dannreuther, from the extensive notes of the late Harry W. Bass, Jr. Titled Early U.S. Gold Coin Varieties 1795-1834, this gives detailed descriptions of each and every obverse and reverse die, together with much other information, a truly elegant study that is one of a kind. In our listings, "BD" numbers are used to reflect attributions to the text. ???TOP OF NEW PAGE! Early Quarter Eagles: A History and Appreciation The first $2.50 gold pieces, or quarter eagles, are dated 1796 and were issued that year, following the introduction of the $5 and $10 denominations the year before. For many years afterward the quarter eagle remained the smallest denomination federal gold coin, a status it enjoyed until the advent of the gold dollar in 1849. No doubt for this particular reason, in 1848 the quarter eagle was selected as the coin to showcase new gold from California (see the 1848 CAL. quarter eagle in the present offering). In America in the late 18th and early 19th centuries, most domestic commerce was conducted by credit, drafts, and currency. Gold coins seemed to have played a relatively minor part, especially in districts away from the larger cities. In financial centers and in metropolises, commerce was often conducted, in addition to paper money, by gold and silver coins, these being in favor for large transactions and also for overseas business. While the Philadelphia Mint made a valiant effort to turn out gold coins in the early years, they remained very scarce in comparison to issues of Spanish-America and elsewhere, many of which were specifically earmarked by Congress as having Legal Tender status. A visit to the counting room of the Bank of the United States in Philadelphia in, say, 1800, would have revealed Spanish-American (prominently from Mexico) silver and gold coins, and relatively few quarter eagles, half eagles, and eagles. There were simply not enough of them to go around. The quarter eagle was betwixt and between in American commerce. It was too small for convenient use in the maritime and export trade, as that mantle fell to the largest gold coin, the eagle, then after 1804, to the half eagle when $10 pieces were no longer made. Because of this, production of the quarter eagle tended to be intermittent and only in small quantities. Thus we have coinage dated from 1796 to 1798, and again 1802 to 1808, then a long span until the next coinage, 1829, after which it was again intermittent. As a handy comparison, the largest mintage early quarter eagle is the 1807, of which 6,812 were struck, amounting to $17,030 in face value. In the same year the largest gold denomination currently being struck, the half eagle, was made to the amount of 84,093 pieces valued at $420,465, over 24 times as much! The entire $2.50 coinage of 1796 to 1808 amounted to just 22,199 coins (no further pieces of this denomination were struck until 1821). In 1810 the third federal census listed the population of the United States at 7,239,881, including 1,211,364 slaves, 186,746 free Negroes, and 60,000 persons designated as immigrants. By this calculation this amounted to only one quarter eagle for every 326 people! It is highly likely that there were many Americans in this era who were born, grew to adulthood, and died without ever seeing one of these coins. Today in 2008, the quarter eagle is the most elusive of all of the three early denominations. No examples are known to have been saved numismatically at the time, although by the 1830s and 1840s they were collected by such enthusiasts as Robert Gilmor of Baltimore, the Mint Cabinet (instituted in June 1838), Matthew A. Stickney, and a handful of others. Their sources for early coins were primarily bullion dealers and exchange houses, who kept an eye out for interesting examples. The Husky Collection brings to the auction block an incredible selection, as noted. Contemplate the quality of the pieces, their rarity, and their part in American history. If you are a specialist, you will recognize this as a landmark opportunity. If the field is new to you, a great deal of numismatic pleasure and challenge awaits your investigation! Every effort has been made to ensure the integrity of the data but transcription and other errors may have occurred. Before using this information to make a buying or selling decision, confirm the data by consulting the actual sales catalog and prices realized. Stack’s Bowers Galleries disclaims any liability from the use of this information.