1793 1/2C C-2, BN MS(PCGS#35006)

December 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

1002

等级

MS62BN

价格

298,870

详细说明

Condition Rarity 1793 C-2 Half Cent 1793 Liberty Cap Half Cent. Head Left. C-2. Rarity-3. MS-62 BN (NGC). A noteworthy condition rarity for both the issue and variety, this 1793 Cohen-2 half cent is a significant highlight among the early copper offerings from the Larry H. Miller cabinet. The strike is impressive for its execution, as both sides are near-perfectly centered with complete border beading. All design elements are firmly impressed with universally bold to sharp detail throughout the design. The surfaces exhibit a hard, satiny texture with a generally smooth appearance and virtually no detracting blemishes. Two tiny carbon flecks at the obverse border before the date are out of the way and easily overlooked, while a pair of minor edge nicks at 10 and 12 o'clock on the same side are useful for provenance purposes. Handsomely toned in warm gray-brown, the surfaces retain plenty of faded mint orange color that is most pronounced in the protected areas around the design elements. Per Ronald P. Manley (The Half Cent Die State Book: 1793-1857, 1998), only a single major die state of this variety is known, which is characterized by considerable evidence of die rust on both sides. The present example shows more evidence of this rust on the obverse, typical of the variety, although its high grade also allows this feature to be seen on the reverse, especially through and around the right branch of the wreath. The 1793 half cent is significant as the first United States half cent, the only issue of the Liberty Cap, Head Left design type and one of just two denominations struck during the Mint's first full year of coinage operations (the other is the large cent). Henry Voigt engraved the dies, and by mid-May the Mint had already prepared more than 30,000 planchets for the half cents, including having their edges lettered. All of the planchets were made from sheet copper. Actual coinage did not commence until July 19, however, with production on that date probably accounting for most or all of the 7,000 examples delivered to the treasurer the following day. The remaining 24,934 half cents were struck from July 23 to 25 and delivered on July 26, for a total mintage of 31,934 pieces for the 1793 Liberty Cap issue. The oft-published mintage of 35,334 pieces for this issue includes an additional 3,400 coins delivered with the Liberty Cap cents on September 18, 1793, that William R. Eckberg (The Half Cent, 1793-1857: The Story of America's Greatest Little Coin, 2019) believes were actually cents based on the records of Mint Treasurer Tristram Dalton. When half cent coinage resumed in 1794, the denomination featured a modified Liberty Cap design by Robert Scot with the portrait facing to the right. Given its current popularity, it may be surprising that the 1793 half cent seems to have been generally overlooked by contemporary collectors. No notable high grade pieces appeared from English or other European sources in the 20th century, suggesting that few, if any, Mint State examples were set aside by numismatists and others who visited the early United States. It was not until the 1850s that numismatics as a hobby began to gain widespread popularity in the United States, and the earliest known interest in the 1793 half cent as a valuable collectible dates to that decade. In 1855 collector Winslow Howard purchased a lot of two examples in the Pierre Flandin sale, one of the first major numismatic auctions held in the United States. Mr. Howard paid $7 for his two 1793 half cents, a sizable sum, especially since half cents could still be found in commerce during the 1850s, at least in major Eastern cities like Philadelphia and New York. It is almost certainly the retrieval of coins from circulation during the decade preceding the Civil War that accounts for the majority of 1793 half cents known today, a theory that squares nicely with an extant population comprised almost exclusively of worn coins. The exact number of Mint State 1793 half cents extant is a matter of debate, although it certainly represents an infinitesimal proportion of all survivors. While NGC has assigned a Mint State grade on 17 occasions, and PCGS 29 times, Breen's Condition Census includes just 21 Uncirculated pieces, and even his list is full of evident duplication. The more stringent Condition Census listings published in William Noyes' Penny Pricesand Jack Robinson's Copper Quotes by Robinsoninclude just 12 and nine specimens respectively in Mint State, a grade defined perhaps more strictly by those parties than by the grading services and others. Most recently, Bill Eckberg provides as estimate of "possibly as many as 25 MS survivors." One thing is for certain: market appearances for Mint State 1793 half cents are few and far between; in the decade since 2009 we have offered only eight different Uncirculated coins through auction, including the present example. Numismatic researchers have identified four different die pairings for the 1793 half cent. Cohen-2, represented by the Miller specimen, shares its obverse with C-1 and its reverse with C-3. Bill Eckberg asserts that this variety was struck on July 23, 1793, and delivered with the C-3 and C-4 coins on July 26. The author's estimate on the number of survivors for the C-2 pairing is 250 to 325 coins. Although all four die marriages of this issue are of roughly equal availability in an absolute sense, the C-2 is very rare above Extremely Fine with Ronald Manley observing that examples are "usually available only in low grades." The present example is a strong contender for Condition Census, and it is a fabulous coin that is destined for inclusion in another world class cabinet. Provenance: From the Larry H. Miller Collection. NGC Census (all die marriages of the issue): 6; 7 finer (MS-66 BN finest). There are currently no RB or RD examples listed by this service. PCGS# 35006. NGC ID: 2222. Click here for certification details from NGC.