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

The February 2016 Rarities Auction

拍卖行

Stack's Bowers

批号

168

等级

AU58

价格

811,105

详细说明

Impressive 1796 No Stars Quarter Eagle Classic Single Year Type 1796 Capped Bust Right Quarter Eagle. No Stars on Obverse. BD-2. Rarity-4. Die State d/b. Normal Arrows. AU-58 (NGC). This is an extraordinary example of an American numismatic classic, the first year of issue for the quarter eagle denomination and a one-year type coin. Both sides exhibit a generally crisp strike that comes up just a bit short over the central features on the obverse and reverse, this being typical. As often seen, the letter E in LIBERTY is softly struck; that feature is directly opposite the eagle's tail, and the dies were not spaced close enough together to bring both of these features up fully. The surfaces are bright olive-gold with traces of luster in the protected areas around and among the devices. The reverse die of the 1796 BD-2 quarter eagle deserves further comment. The style and master hub on the three reverse dies used to strike all 1796-dated quarter eagles (No Stars and Stars on Obverse) are quite different from those that follow for later issues. Numismatic scholars attribute these dies to Mint engraver John Smith Gardner, although specific records confirming this attribution have not been seen. Gardner was employed at the Mint until late 1795, then left full time employment but was brought back on a contract basis in 1796 to complete the master reverse hubs used to create dies for each silver and gold denomination in 1796. Gardner’s master hubs have distinctive features. The eagle has a long neck, and the stars above are arranged in the "star cross" pattern, more or less in straight lines as opposed to the arc pattern where stars follow the placement of the clouds above. The shield's vertical lines begin with a solid stripe and then alternate between open and solid to the right, ending with an open stripe. The eagle's tail feathers show two rows, and there are three talons reaching over each device. In total four dies were created from this master hub. Three appear on the three varieties of 1796 quarter eagles, as related above, while the fourth was not used until needed for the production of 1797 quarter eagles. This fourth die was also used for the 1798/7 JR-1 Draped Bust dime, as the reverse dies were designed to be interchangeable to produce coins of both denominations and, thus, preserve precious high-quality steel. Die state d/b is the latest state reported for the variety, although on the present example the final obverse crack above the one that originates at 9 o’clock on the edge has not yet developed. An irregular lumpy crack is noted down the right side of the letter E in LIBERTY to the cap and curl junction below, with lighter cracks connecting the edge to the letter B and the letter L to the back of Liberty's cap. On the reverse, a small die break lump is present at the top of the eagle's right (facing) wing. Additional, similar features are present along the tops of several letters in AMERICA, although these appear to be residual guide lines used by the engraver to place the letters when preparing this die. Similar deep guide lines are known on other gold coin varieties from this era, such as the 1798 BD-2 half eagle where guide lines are evident through the base of the date. Based on delivery records for the denomination, the mintage for the 1796 BD-2 quarter eagle is believed to be 897 coins, of which only 100 to 125 examples are known today. Some of the survivors are impaired, and many are in lower grades or otherwise are less appealing than the coin offered here. Collector demand has always far exceeded the quantity of examples that come to market, this being one of the most distinctive designs in U.S. coinage history. Est. $110,000-$160,000 NGC Census (both die marriages of the issue): 15; 12 finer (MS-65 finest). PCGS# 7645. NGC ID: 25F2.