1795 1C Reeded Edge, BN MS(PCGS#1383)

August 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

1015

等级

G04BN

价格

917,010

详细说明

Exceedingly Rare 1795 Reeded Edge Cent Only 10 Known The Newcomb-Hines-ESM Specimen 1795 Liberty Cap Cent. Rarity-7-. Reeded Edge. Good-4 (PCGS). Type:Liberty Cap. Design: Obv: A head of Liberty faces right, the word LIBERTY above, the date 1795 below, and a liberty cap and pole behind the portrait. Liberty's hair is partly confined by a narrow ribbon. The Liberty Cap motif closely resembles that on the obverse of Augustin Dupre's famous Libertas Americana medal. Rev: A slender wreath surrounds the denomination ONE CENT, the base of the wreath bound by a ribbon tied into a bow. The legend UNITED STATES OF AMERICA is around the border and another expression of the denomination 1/100 is below. Weight Standard: 10.89 grams. Diameter: Approximately 29 mm. Die Variety: Sheldon-79, Breen-9. Obv: The letters in the word LIBERTY are crowded together with the junction of the forehead and hair under the right upright of the Y. This is the only use of this obverse die. Rev: Seven berries on both the left and right branches of the wreath, the latter terminates with a double leaf. A workhorse die, this reverse went on the strike 1796-dated cents of the S-106, S-107, S-108, S-109, S-110 and S-111 varieties (not necessarily in that order). Sheldon-79 is the only die marriage that corresponds to the Reeded Edge Guide Bookvariety of the 1795 Liberty Cap cent. Die State: Noyes A/A, Breen I. Obv: Perfect. Rev: Perfect. With so few examples confirmed, all of which are in low grades, die deterioration for the Sheldon-79 attribution is difficult, if not impossible to confirm. Edge: Reeded. Mintage: Unknown, although presumably (very) small, and perhaps included in the Mint's delivery of 501,500 Plain Edge cents from January 1 through March 12, 1796. Estimated Surviving Population for the Die Variety: Rarity-7-: Only 10 examples are known as of this writing. Strike: As far as the level of preservation will allow, this coin appears to have been sharply struck overall from a well centered impression. Denticulation is full around on the reverse, but only along the lower left obverse, perhaps a function of wear, or maybe due to less-than-perfect centering on that side. All devices are bold, the design fully appreciable on both sides. This coin has sharpness grades of VG-10 to VF-20 in most early copper census listings, the Good-4 assessment from PCGS is clearly a net grade to account for the surfaces (see below). Surfaces: Both sides exhibit intermingled steel and tan-brown patina over surfaces that are universally rough and pitted due to moderate corrosion. There are few marks of note, however. The reverse has a single shallow scuff to the right of the ribbon knot and a tiny edge nick outside the letter D in UNITED that serve as useful identifiers. Commentary: Rarest of the numbered Sheldon varieties, and rarer than several of the NC varieties, the 1795 Sheldon-79 cent is a legendary coin among early U.S. Mint coppers. As with the equally coveted 1794 S-48 Starred Reverse, the why of the S-79 Reeded Edge remains a mystery. Why was reeding applied to the edge of this one die pairing of the 1795-dated Liberty Cap cent issue? What was the purpose of the edge reeding on these coins? With no documentary evidence describing their creation, we are left with theories and conjecture. One thing is certain, however -- the 1795 S-79 is a genuine product of the United States Mint at Philadelphia. For although the obverse die of this variety appears in no other pairing, the reverse went on to strike six varieties of the first year 1796 Draped Bust cent. The most likely explanation for the edge reeding on examples of the S-79 variety is that it was an experiment in creating an anti-counterfeiting device for the cent. As summed up by Walter Breen (2000): "The reeded edge was an experiment which proved to be a needless frill, adding to the cost of manufacture without compensatory advantage. Unlike precious metals, copper, especially at the new weight standard, was unlikely to attract specialists in clipping and shaving coins. Most likely the reeded edge was an attempted measure to combat counterfeiting." The possible experimental nature of this variety has led to its listing in the standard numismatic references on United States Mint pattern and experimental coins by Dr. J. Hewitt Judd and Andrew W. Pollock III, where it is attributed as Judd-20 and Pollock-29, respectively. In his listing Pollock advances another theory that casts the S-79 variety merely as a transitional one between the Lettered Edge coins struck on thick planchets and the Plain Edge thin planchet cents: "It is thought these were produced experimentally in order that they might be compared with plain edge pieces. Evidently, the workmen at the Mint found that it was too difficult or uneconomical to apply edge lettering to the thin 168-grain cent planchets." Regardless of which, if either of these theories is correct, it is obvious that very few S-79 Reeded Edge cents were produced. With all confirmed survivors well worn, the Mint clearly did not treat these coins in any special way after their striking and simply distributed them into circulation alongside other contemporary cents. In his popular reference Penny Whimsy, Dr. William H. Sheldon describes the present example as the discovery coin for the S-79 Reeded Edge variety: "The Proskey-Hines piece, which was the discovery coin for the variety, is about G-5." The Proskey provenance is no longer associated with this piece in modern census listings, although this coin is the only S-79 that Henry Hines ever owned. Regardless, modern numismatic scholarship recognizes William H. Strobridge's May 1862 sale of the W.A. Lilliendahl Collection as the earliest known appearance of this variety. Offered as lot 538 therein, the discovery specimen was described by the cataloger as, "1795 Thick die, milled edge, in excellent preservation, and excessively rare." The identity of the Lilliendahl specimen is currently unknown. The next confirmed auction appearance for this variety was in W. Elliot Woodward's sale of April 1890, lot 866; that coin is now part of the ANS Collection. Interestingly for such a rare variety, four of the 10 confirmed examples have entered the numismatic market during the last two decades. The ESM specimen offered here, however, has been known since the early 20th century when it was discovered in a large lot of old coins by Henry Chapman, who placed it in his June 1916 George W. Lewis Collection sale as lot 634. Only six specimens were positively confirmed as of the 2000 Bland census, in which this coin was listed as CC#4 with an EAC grade of Good-5, "Sharpness of VG-10 but pitted." The 2007 Noyes census (of five coins) says G5(VF20) Scudzy and CC#3. The complete census of 10 known examples published by Heritage in their January 2016 FUN Signature Auction catalog lists this coin as CC#5 with an EAC grade of Good-5. When offered as part of that firm's January 2011 FUN Signature Auction, cataloger Mark Borckardt assigned a sharpness grade of Fine-15, net grade of Good-6. One of several standout highlights in the ESM Collection of Large Cents -- which is saying quite a lot given the quality and composition of this cabinet -- our offering of this coin represents an important opportunity for advanced early copper enthusiasts. Provenance: From the ESM Collection. Earlier ex Henry Chapman, discovered in a large lot of old coins; Henry Chapman's George W. Lewis Collection sale, June 1916, lot 634; Henry Chapman's sale of March 1917, lot 549; Howard R. Newcomb, February 1939; Henry C. Hines, 1945; Dr. William H. Sheldon; Dorothy I. Paschal, January 1974; Denis W. Loring, May 1974; Dr. Robert J. Shalowitz; George Korsing; our (Bowers and Ruddy's) Newport Collection sale, January 1975, lot 908; George Korsing; Hap Seiders; Ronald Cooper; NASCA's Matthew Bryan Collection sale, November 1977, lot 96; Heritage's FUN Signature & Platinum Night Auction of January 2011, lot 5422. PCGS# 1383. Click here for certification details from PCGS.