During the holiday season I often reflect on the many blessings I have in my life. One of those blessings is the joy I receive from handling and looking at rare coins. In fact, I love my job. I get to look at coins virtually every day as a coin dealer. I enjoy looking at most coins, but some coins are better than others. The coins I really get a ‘charge’ out of handling usually have a couple of factors that make them ‘special’.

What makes a coin ‘special’? Scarcity or outright rarity can make a coin special because you don’t often see them. Incredible eye appeal is always a big factor in making a coin special. Indeed, eye appeal can make a relatively common coin ‘special’. A strong or full strike, glowing luster, originality, and especially a high state of preservation (grade) are all factors that can make a coin ‘special’. When buying coins, I am always looking at the grade, but these other factors (strike, eye appeal, luster, and originality) all contribute to whether or not I find the coin ‘speciaI’ and write the check.

In last month’s RCMR-Rare Coin Market Report I discussed three sets of U.S. Coins that are always in demand. This month I am going to discuss three additional sets that are loved by collectors. First let me explain the difference between collecting a set of coins by DATE versus collecting a set of coins by TYPE.

In most cases, a date set of coins is every date and mint of a particular denomination and design of U.S. coin. For example, last month I explained DATE collections of a short set of Walking Liberty Half Dollars (from 1941 to 1947), Peace Dollars (from 1921 to 1935), and $2.5 Indian Gold coins (from 1908 to 1929). All three of these sets contain all the dates and mints of their particulate design type of that denomination.

There are a few variations with some DATE sets. Often times a collector will collect a single coin of each year of coins for a particular design type of coins. Budget and availability often contribute to a collector starting with a single coin of each year versus all the different mint examples of each date. I have often seen a Year DATE set of Morgan Dollars assembled. In other words, the collector collects one coin from each year that Morgan Dollars were made, which would include one coin from 1878, 1879, 1880 etcetera through 1904 and including a coin from the last year of issue in 1921.

A TYPE coin collection is different from a DATE coin collection, because the collector is trying to collect ONE coin of each design type for a particular area of U.S. Coins. For example, the classic U.S. Commemorative Coins were produced from 1892 through 1954. There are 144 different issues in the complete DATE set. This includes ALL the different mint issues from the multiple mint issues like Arkansas, Boone, Columbia, SC, and Oregon Halves among others. Most often classic U.S. Commemoratives are collected by design TYPE. This collection contains 50 different design types so a collector has one example of the Arkansas, Boone, and Oregon halves. Not only is this easier to complete, but collecting by type is more affordable.

One of the neat things about collecting coins by ‘type’ is that the collection can always be expanded to include more or all the dates within the set depending on your preference or budget. For example, I am currently expanding an eleven piece type gold set for a customer to include some of the No Motto issues as well as some of the earlier issues. This particular customer liked these coins so much he decided to keep going!

This month I am going to discuss the following desirable sets of U.S. Coins:

Two Cent pieces in Mintstate: 1864 through 1872, 10 coins total
All years plus the 1864 Small Motto variety.

Classic Commemorative type set: 1892 through 1954, 50 coins total
One of each of the 50 different design types, Including 48 different Commemorative 50C designs and the 1893 Isabella 25C and the 1900 Lafayette Dollar.

Gold Type Set-11 piece design type set:
One of each of the three different $1 Gold design types: Type One 1849 to 1854, Type Two 1854 to 1856, Type Three 1856 to 1889.
One of each $2.5 Liberty Head and $2.5 Indian designs.
One of each $5 Liberty Head and $5 Indian designs.
One of each $10 Liberty Head and $10 Indian designs.
One of each $20 Liberty Head and $20 Saint Gaudens designs.

The Two Cent piece was produced between 1864 and 1872 for circulation strikes. You can complete this set in most grades up to MS65RD although the Red specimens can become quite a challenge. Depending on your budget, this is a desirable set in even circulated grades, although a Uncirculated mint state set should be your goal. Look for spot free coins with good luster. Nice full Red specimens are difficult to find and the pricing guides are often inaccurate on higher grade examples in both Red/Brown and full Red. Both the 1864 Small Motto and the 1872 are considered keys to the set, but virtually all the dates are scarce, except for the more common 1864 Large Motto and 1865 issues. On a personal basis I have put together two sets of these over the years and did very well on both sets when I sold them.

Classic Commemoratives are incredibly cool. Each design tells a different story. Classic Commemoratives should be assembled in uncirculated Mint State condition. These were not meant to be circulated, although many were. Your goal for each coin should be a grade of MS64 or better. Look for coins with eye appeal. Whether your personal preference is blazing luster or lovely toning, there are coins out there in virtually all the different designs that will fit handsomely in your set. If you are contemplating a pretty toned set be prepared to pay a premium for pretty coins because they are very highly sought after.

Especially with rising gold prices, the eleven piece Type Gold Set is a great collector/investor play. Buying rare gold coins allows you to participate in both the bullion market and the rare coin market at the same time. Although all the coins in this set are desirable in all grades (for their bullion value in lower grades), I would recommend you concentrate on the highest grade you can find within your budget. I am currently assembling several sets of Type Gold coins for customers. These are always highly desirable. Many coins in this set are trading at a smaller premium over their bullion ‘melt’ value than we have seen since the early seventies.

Bozarth Numismatics would love to help you build a meaningful set of U.S. Coins. Not only will we actively look for the particular coins you need for your set, but we will call or email you first when an item becomes available. This ‘want list’ service carries no obligation and you always have a full return privilege with any item you order with BNI.

Bozarth Numismatics Inc and our website bozarthcoins.com stock and list hundreds of PCGS, NGC, and CAC certified U.S. Coins. We are constantly traveling to buy ‘fresh’ coins for our customers. Whether you are looking for one particular issue or need guidance in putting together a ‘meaningful set of U.S. Coins’ we can help you. Best Regards, Vic and Sherri Bozarth.

Related posts:

1. What Should I Collect? Tips for Building a Meaningful Set of U.S. Coins. Part One.
2. How To Collect Charlotte Gold Coins
3. Deciding What Coins to Collect

Continuing my fascination with Proof-only issues, I’d like to discuss the rare Proof-only double eagles dated 1883, 1884 and 1887. These issues are not all that well-known outside of Type Three Liberty Head collectors and I think they merit more than a passing mention.

Beginning in 1881, production of double eagles at the Philadelphia mint became little more than an afterthought. And it would remain as such until 1888. In 1883, there were no business strikes produced. The Mint did strike 92 Proofs; ostensibly for the limited numbers of collectors who were interested in Proof double eagles at this point in time.

The Mint struck considerably more Proof 1883 double eagles than they were able to sell and it is believed that as many as half of the original mintage was melted later in the year. Of the four dozen or so that were distributed to collectors and dealers, around twenty at most are known today. This figure includes at least three that are impounded in museums and another two or three that are impaired.

The 1883 is the second rarest collectable Liberty Head double eagle, trailing only the 1884 (I consider the 1849 and the 1861 Paquet reverse non-obtainable and do not include them). Despite this coin’s indisputable rarity, it is only fairly recently that the 1883 became known as a major rarity. Prices for this issue had remained fairly stagnant for many years, hovering in the $75,000-100,000 range. This only changed in 2004 when Heritage sold an example for $172,500. Today, a Gem is worth at least $200,000-225,000.

There are a small number of Gems that have been graded by the services and at least one has been slabbed as PR66 by NGC. I know of six or seven Gems and the two nicest that I have personally seen are Heritage 1/06: 3580 (graded PR65 Ultra Cameo by NGC) and Heritage 1/04: 3224 (graded PR65 Deep Cameo by PCGS and possibly also ex Dallas Bank collection).

There are a few diagnostic criteria that make this an easy issue to authenticate. All show roughness on the back of the eagle’s neck and fragmentation of the fleur de lys beneath its beak. These die markers do not exist on any business strike reverses of this era.

The 1884 is the rarest of these three Proof-only issues. A total of 71 were struck and it is possible (although unconfirmed) that a few were melted as unsold, given the fact that so many Proofs dated 1883 suffered this fate. There are slightly fewer than twenty known. I wrote in 2000 that 15-17 exist and I think this number might be a tiny bit on the low side. A total of twelve have sold at auction since 2000 but this includes a number of coins that have sold more than once.

The current auction record is $264,500 which was set by ANR 8/06: 1644, a coin graded PR66 Cameo by NGC. It had sold two years earlier (as Heritage 1/04: 3225) for $149,500.

The 1884 is much rarer in Gem than the 1883. I do not believe that a full-blown Gem exists and most that I have seen are in the PR63 to PR64 range. For some reason, this date was not as well handled as the 1883 or 1887 and most show signs of having been cleaned.

There are some interesting die characteristics for this issue that make it very easy to identify. All known examples show an uneven pattern of frost on Liberty’s face. It is thick on the right half of the neck and near the ear but it is quite light on the neck. This is why none have ever been designated as “deep cameo” or “ultra cameo” by PCGS or NGC. In addition, all 1884 double eagles have a noticeable diagonal die line just to the left of the Y in LIBERTY.

There is no question that, as a date, this is the rarest collectable Liberty Head double eagle. Given this fact, it seems fairly reasonably priced at current levels.

The last of the Three Kings is the 1887. This issue has a mintage of 121 struck. I believe that, as in 1883, a number went unsold and were later melted. My best guess is that around half were released to collectors and that there are 25-30 known today.

The 1887 tends to come better preserved than the 1883 and 1884 and it is more available in Gem than the other two Proof-only dates. There are around six to eight Gems known. The finest is an incredible NGC PR67+* Cameo that will be sold in the upcoming Heritage 2011 FUN auction. The current auction record for this issue is $161,000 that has been acheived twice (Goldberg 9/08: 1295 and Heritage 1/07: 3145) but this mark is certain to be broken by the aforementioned Heritage coin.

There are no major die characteristics seen on Proof 1887 double eagles. This tends to be a very well made issue and many of the examples that exist show excellent contrast between the frosted devices and the mirror fields.

The three Proof-only Liberty Hesd double eagles from the 1880’s are among the more interesting and desirable United States issues from the 19th century. I believe that they are all highly undervalued, considering how few are known for each isssue. As I have said in other recent blogs, if the Type Three series were to become more active among date collectors, these three issues would be considered true “stoppers” and would show dramatic increases in price.

Related posts:

1. Proof 1884-CC Morgan Dollar Headlines Heritage’s Houston Auction
2. Branch Mint Proof 1884-CC Dollar to be sold at FUN
3. Doug Winter Market Report: Liberty Head Double Eagles Set Records

A Weekly Column by Greg Reynolds

I. FUN Auctions

Two weeks ago, I wrote about Jim O’Neal’s set of Indian Head Half Eagles ($5 gold coins), which will be auctioned during the Jan. 6, 2011 FUN Platinum Night auction in Tampa. During the FUN Convention, Heritage will auction a wide variety of items, including the Henry Miller collection. Miller specialized in Proof gold coins and many of his coins will also be sold during this Platinum Night event. He also had business strikes. The topic here is the Henry Miller collection.

To attain some understanding of FUN Platinum Night events, please see my column two weeks ago and my articles concerning coins auctioned in Jan. 2009 and 2010: The Jan. 2010 Platinum Night, $3,737,500 for a nickel, the O’Neal Collection of Indian Head Eagles, and Jay Brahin’s $20 gold coins.

II. Henry Miller

Henry Miller collected coins for decades before passing in 2009. He lived and worked in New York City. Miller collected Proof Liberty Head Double Eagles ‘by date’ and gold coins from many other series mostly ‘by type.’ Though Miller had a few pre-1834 Half Eagles and some early 20th century gold coins, he generally focused on U.S. gold coins of the second half of the 19th century. Additionally, he had an accumulation of ‘not rare date’ Liberty Head and Saint Gaudens Double Eagles. Also, Miller had a complete 1887 Proof Set, copper, nickel, silver and gold, which Eric Streiner regards as “a fantastic set.”

Eric Streiner remembers Miller’s coins though he has not seen any of them for more than a dozen years. Streiner “knew the guy quite well. Miller really liked his coins. He spent a lot of time looking at his coins,” Streiner recounts. Eric emphasizes that Miller was an enthusiastic collector.

Eric reports that “Miller bought most of his coins in the 1970s from dealers in the New York area, many from Stack’s. He bought some at auction, but mostly he bought coins privately,” Streiner says. “He bought a few coins in the mid 1990s,” Eric adds.

Streiner relates that, “in the late 1980s or early 1990s,” Eric arranged for Miller’s coins to be submitted to the NGC for grading and encapsulation. Streiner remembers that Miller contacted him through Stack’s. At the time, Eric was a very young dealer who had a reputation as a grading wizard. I (this writer) heard many stories, some clearly verifiable, of Eric spotting coins that were undergraded, or not clearly graded, by other coin dealers.

John Albanese recollects that, “a long time ago, probably in the late 1980s, [he] had lunch at a seafood restaurant with Eric Streiner and Henry Miller, who was a really nice guy.” Albanese is glad to have had the opportunity to view Miller’s Proofs again. Recently, Heritage sent many of Miller’s Proof coins to the CAC.

John Albanese was the sole founder of the NGC in 1987. Mark Salzberg, the largest current shareholder in the NGC, joined Albanese as a partner in 1988. Ten years later, Albanese sold his shares in the NGC to Salzberg. In 2007, John founded the CAC, which evaluates the quality of coins that are already graded and encapsulated by the PCGS or the NGC. Submitted coins may be approved or rejected. Approved coins receive a CAC sticker.

Both Albanese and Streiner were very impressed by the quality of Miller’s coins. Streiner, “even around twenty years later,” recalls Miller’s coins “as great pieces, nice original stuff, mostly gem, definitely good eye appeal.” Indeed, John and Eric separately emphasized that Miller’s Proof gold coins tend to be “original,” meaning that these have never been dipped, substantially cleaned, or doctored.

Though Streiner “hates to say it,” Eric is concerned that “some of these coins might lose their original surfaces, after the auction”! Some dealers will dip or doctor them in efforts to get higher grades assigned.

I (this writer) suggest that collectors bid on many of Miller’s coins at the auction for several reasons, one of which would be to prevent dippers and coin doctors from buying them. Proof 19th century gold coins with natural toning and mostly to fully original surfaces are wonders to behold. In addition to Proof Double Eagles, the Miller collection contains a wide variety of gold type coins, some of which are not expensive.

III. 1823 $5 Gold Coin

An 1823 Half Eagle ($5 gold coin) is expensive and is the leading business strike in the Henry Miller collection. It is a prized type coin. Capped Head Half Eagles are the most difficult series of all U.S. coins to even 80% complete. Though the 1823 is one of the least rare dates of the whole type, there may be fewer than eighty known in all grades, including those that are ungradable.

It is my belief that there are fewer than forty true gems known for the whole Capped Head, Large size type, which was minted from 1813 to 1829. The data published by the PCGS and the NGC include some multiple counts of individual coins. The Miller 1823 may be the second finest known 1823 Half Eagle. It is the only 1823 Half Eagle that is NGC graded MS-65 and none have been assigned a higher grade by the PCGS or the NGC.

Miller’s 1823 has a CAC sticker of approval. Albanese remarks that “I [John] remember really liking the coin; it is mostly original and just beautiful. One of my favorite early gold coins seen over the last few years,” Albanese declares.

IV. Type Coins

While his 1823 Half Eagle is the most important, Miller had many gold type coins. The Miller collection, according to Heritage cataloguers, contains high grade business strikes of all three types of One Dollar Gold pieces, plus several Proof Gold Dollars of the third type. The most newsworthy of Miller’s One Dollar Gold pieces is his 1864, which is NGC certified Proof-64 Cameo and has a CAC sticker. (Please see last week’s column for a brief discussion of ‘Cameo’ designations.) Albanese was very impressed with this 1864.

Quarter Eagles ($2½ gold coins) are not really well represented in the Miller collection. His one business strike is worth noting. It is an 1848 with the ‘Cal.’ imprint on the reverse (back). For one year only, and only on Quarter Eagles, the Philadelphia Mint identified a relatively small number of gold coins as having been made from gold that was mined in California. The ‘California Gold Rush’ had just begun. Miller’s 1848 is NGC graded MS-64 with a star for eye appeal

All of Miller’s Proof Quarter Eagles have CAC stickers. He had at least five Proof Liberty Head Quarter Eagles and one Proof Indian Head Quarter Eagle, a 1913 that is NGC certified Proof-65.

Miller’s 1875 is NGC certified ‘Proof-64 Cameo.’ In fact, the Heritage website suggests that the Miller collection contains two such 1875 Quarter Eagles, lot #5035 and #5036, though the ‘print’ catalogue indicates that only one of these two is from the Miller collection. Either way, there seem to be two Proof 1875 Quarter Eagles in the upcoming Platinum Night event.

Proof 1875 Quarter Eagles are particularly important, as these are not only extremely rare in their own right, corresponding business strikes are very rare. As fewer than fifty business strikes survive with hardly any in choice condition, collectors of high quality business strike Quarter Eagles often demand Proofs.

A ‘64′ grade business strike 1875 would be much more difficult to obtain, if one could be obtained at all. Miller’s Proof 1864 Quarter Eagle is even more important than a Proof 1875.

Business strike 1864 Quarter Eagles are even rarer than business strike 1875 Quarter Eagles. While Proof 1864s are not quite as rare as Proof 1875s, the combined business strike and Proof total of 1864s is less than the respective combined total of 1875 Quarter Eagles. Most collectors are not aware of the extreme rarity of 1864 Quarter Eagles. The number known of Proofs and business strikes combined is less than forty-six, maybe substantially less.

Generally, Albanese has a high regard for Proof 1864 Quarter Eagles, which, he says, “come really nice. They were made very well, as good as any current Proof Gold coin that you will see. Collectors very much like them, they come with amazing contrast. They are similar to Proof 1896 and 1897 Quarter Eagles,” John explains. “For a Proof Liberty Head Quarter Eagle for a type set,” a collector may wish for an 1864, an 1896 or an 1897. Albanese emphasizes that Proofs of these dates tend to be special, with “great contrast and a lot of cool frost.” Also, Albanese mentions that 1864 Quarter Eagles are “popular as a Civil War date.”

Albanese finds that the Miller Proof 1864 Quarter Eagle is exceptional for its NGC assigned grade of “65.” It received a coveted CAC ‘Gold’ sticker. Typically, CAC stickers are green.

Miller made considerable progress towards a set of Proof Three Dollar Gold pieces, though I am not sure that he ever planned to complete such a set. As already noted, he had a complete 1887 Proof set. It may be true that Miller, at one time, planned to build gold Proof sets of certain dates, like 1861, 1863, 1864 and 1873. He has Proofs of multiple denominations of some of these dates.

In any event, Three Dollar Gold coins were minted from 1854 to 1889. The Miller collection contains Proofs of the following dates: 1858, 1861, 1863, 1864, 1868, 1870, 1876, 1881 and 1887.

As for Proof Half Eagles, Miller may have obtained his 1873 to serve as a type coin. I hypothesize that Miller’s Proof 1881 Half Eagle was part of an 1881 Proof gold set, though this set is not mentioned as such in the Heritage catalogue. Miller had a Proof 1881 One Dollar Gold piece, a Proof 1881 Quarter Eagle, a Proof 1881 Three Dollar gold coin, a Proof 1881 Half Eagle, a Proof 1881 Eagle and a Proof 1881 Double Eagle. Clearly, he had a set.

As for Eagles ($10 gold coins), Miller had four Proof Liberty Head Eagles and one Proof Indian Head Eagle, a 1914. His 1887 Eagle, NGC PF-65 Cameo with a CAC sticker, is part of his 1887 Proof set. As just mentioned, his 1881, NGC PF-65 with a CAC sticker, is part of an 1881 Proof gold set.

His Proof 1861 Eagle is PCGS graded Proof-65 and also has a CAC sticker. It is extremely rare as a Proof, though business strike 1861 Eagles are not rare. As best as I can tell, Miller has just one business strike Eagle, a 1908.

Most of the coins in the Miller consignment are Double Eagles. He had numerous business strikes from the 1850s, including some important New Orleans Mint issues. His two 1852-O Double Eagles have received much attention, as has his 1857-O, which is NGC graded MS-62 and has a CAC sticker.

The Miller collection contains numerous Liberty Head and Saint Gaudens Double Eagles of common dates and slightly better dates, mostly in grades from MS-61 to MS-64. These do not seem to fit into Miller’s collecting strategies, and may have been impulse purchases. Streiner insists that Miller was not collecting such coins and may have bought them “on whim” or “for bullion” related purposes.

The most important Philadelphia Mint business strike Double Eagle in the Miller collection is an 1881 that is NGC graded AU-55 and has a CAC sticker of approval. Tentatively, I suggest that there are less than fifteen 1881 Proofs and fewer than eighty-five business strikes, for a total of less than one hundred 1881 Double Eagles in existence.

V. Proof $20 Gold Coins

The Henry Miller collection will be best remembered for its awesome run of Proof Liberty Head Double Eagles. “A lot of Proof coins in the Miller collection have their original skin,” Albanese found. John remarks that the Miller Proof Double Eagles from the “1860s were fantastic.”

The following is a list of Proof Liberty Head Double Eagles in the Miller collection that are NGC graded and have CAC stickers: 1860 (64), 1863 (64), 1864 (65), 1865 (64), 1867 (65+), 1870 (64), 1874 (64), 1880 (63), 1881 (65), 1882 (64), 1885 (66), 1886 (64), 1888 (64), 1892 (65).

I am here omitting designations of ‘Cameo’ as many of these were certified before NGC introduced the ‘Ultra Cameo’ designation and because I strongly maintain that a Proof with a cameo designation is not necessarily superior to a Proof of the same grade without such a designation. Buyers are placing too much weight on Cameo and Ultra Cameo designations. When evaluating or just appreciating a Proof coin, there are several other factors to consider besides the extent of the contrast between the devices and the fields. A coin WITHOUT a strong cameo contrast may be more attractive and/or of higher quality than a coin of the same date, type and certified grade, with a cameo designation.

Miller’s 1887 is NGC certified “Proof-67+*” and does not have a CAC sticker. Most of Miller’s Proof Double Eagles are in holders that are more than fifteen years old. This 1887 Double Eagle is in a holder that was issued within the last few months. It has been upgraded by the NGC. It is an important coin because 1887 Double Eagles are a Proof-only date and are extremely rare. There are no business strike 1887 Double Eagles. So, a collector who wishes to own an 1887 Double Eagle must buy a coin that was struck as a Proof.

Henry Miller seems to have had the best collection of Proof Liberty Head Double Eagles that has ‘come to light’ in a long time. The upcoming Platinum Night event will probably be very exciting.

©2010 Greg Reynolds

No related posts.

Bowers and Merena, one of the world’s preeminent auctioneers for rare coins and currency, will conduct the January Rarities Sale as its first event of 2011. The single-session sale on Jan. 4 at the Grand Hyatt Tampa Bay will offer nearly 1,700 lots of rare and desirable United State and Colonial-era coinage.

“It is and honor and thrill to start my career with Bowers and Merena with such an important sale,” said Chris Napolitano, President of Bowers and Merena. “Our January 2011 Rarities Sale will be presenting a wide selection of United States, Colonial and Territorial coins which range from affordable collector coins to world-renowned absolute and condition pieces.”

Headlining the sale is Part II of the Malibu Collection. “The first part of this impressive Malibu Collection helped propel our Official Auction of the November Whitman Coin & Collectible Baltimore Expo to the forefront among numismatic events of 2010. Part II promises the same rarity, quality and eye appeal that we have come to expect from the collection,” said Napolitano.

Highlights from the Malibu Collection include lot 855, one of the finest-known 1866 Motto Seated Dollars in PCGS Secure Proof-66 Deep Cameo, as well as lot 594, an important strike and condition rarity 1918-S Standing Liberty Quarter certified MS-67 Full Head by NGC with a combined pop of just 2/0 by PCGS and NGC.

“From U.S. minors to patterns, bidders will also enjoy Part II of the G. Edward Reahl, Jr. M.D. Collection and the Abingdon Collection,” said Napolitano.

Additional highlights in the sale include:

* Lot 48, 1883 Hawaii Eighth Dollar, Proof-62 Cameo (PCGS), Secure Holder
* Lot 59, Undated (Circa 1616) Sommer Islands Twopence, BMA Type I, Small Star Below Hog, AG-3 (PCGS)
* Lot 73, 1776 Continental Dollar, CURENCY, Pewter, MS-63 (NGC)
* Lot 302, 1924-S Buffalo Nickel, MS-66 (NGC)
* Lot 304, 1925-D Buffalo Nickel, MS-66 (PCGS), Secure Holder
* Lot 722, 1865 Seated Liberty Half Dollar, Proof-67, Cameo (NGC), From the Malibu Collection
* Lot 1261, 1856 Pattern Flying Eagle Cent, Snow-4, Rarity-7+, Proof-63 (PCGS), From the G. Edward Reahl, Jr. M.D. Collection, Part II
* Lot 1351, 1879 Liberty Quarter Eagle, Proof-67 Cameo (NGC)
* Lot 1359, 1899 Liberty Quarter Eagle, Proof-68 Ultra Cameo (NGC)
* Lot 1383, 1911-D Indian Quarter Eagle, MS-65 (NGC)
* Lot 1412, 1854-D Three-Dollar Gold Piece, AU-55 (PCGS)
* Lot 1423, 1873 Three-Dollar Gold Piece, Closed 3, MS-61 (PCGS)
* Lot 1458, 1859-C Liberty Half Eagle, Winter Variety 1 (27-M), MS-63 (PCGS)
* Lot 1459, 1860-D Liberty Half Eagle, Winter 38-FF, MS-64 (NGC)
* Lot 1489, 1911 Indian Half Eagle, Proof-66 (NGC)
* Lot 1544, 1907 Indian Eagle, Wire Rim, MS-67 (PCGS), Secure Holder
* Lot 1556, 1913 Indian Eagle, Proof-66 (NGC)
* Lot 1584, 1876 Liberty Double Eagle, Proof-63 Cameo (PCGS)
* Lot 1609, 1905 Liberty Double Eagle, Proof-64 (NGC)
* Lot 1634, 1911 Saint-Gaudens Double Eagle, MS-67 (NGC)

All lot descriptions and images can be viewed online at the firm’s web site by visiting www.bowersandmerena.com and printed catalogs are available upon request by calling 800-458-4646. Bidding is open and pre-auction bids can be placed through the firm’s web site, by email at auction@bowersandmerena.com, via fax at 949-253-4091, by calling 800-458-4646 or by postal mail addressed to Bowers and Merena, Tampa Bay January 2011, 18061 Fitch, Irvine, CA 92614. Lots viewing will be conducted at the Grand Hyatt Tampa Bay in the White Ibis Room on Jan. 2-4.

Related posts:

1. BOWERS AND MERENA’S ORLANDO RARITIES SALE IN JANUARY HELPS TO LAUNCH 2009
2. BOWERS AND MERENA SETS RECORDS AT ORLANDO RARITIES SALE ON JANUARY 8
3. Bowers and Merena to Offer Hundreds of Breathtaking Rarities In Orlando on January 8 before the F.U.N. Show

Only a few proof 1834 half dollars are known, mostly restrikes from the dies used to produce the Crushed Lettered Edge coins. In the catalog of the George “Buddy” Byers Collection (Stack’s, 10/2006), the cataloger enumerated these Overton varieties used to produce the Crushed Lettered Edge restrikes, of which at least 10 pieces survive in all: O-101, O-103, O-104, O-106, O-114, and O-122.

The cataloger also included five Overton varieties known for the 1834 proof half dollars, each unique original coins, that were not CLE restrikes. Those varieties include: O-101 (Large Date, Large Letters, ex: Floyd Starr), O-103 (Large Date, Large Letters; in the King of Siam set), O-104 (the present piece, from the Norweb Collection), O-106 (Large Date, Small Letters; the Byers coin), and O-114 (Small Date, Small Letters; Bowers and Merena, 8/1991, lot 2268). Each one of those unique proof original half dollars is much, much rarer than the 1834 Crushed Lettered Edge restrikes.

The present coin is one of those original pieces, unique as far as we can determine. The catalogers in the Norweb Collection sale described it in this way:

“1834 O-104. Large Date, Small Letters. Proof-64/65. A glittering gem specimen with full Proof surface on all areas, including within the shield stripes on the reverse. This piece is breathtakingly beautiful and is toned a delicate blend of muted rainbow colors, ranging from magenta at the center, to electric and gunmetal blue, to gold at the borders.

“Perhaps unique as a die variety; Walter Breen did not know of other examples, but he was aware of this one, as he participated in the sale of it to Mrs. Norweb. “Here is a superb gem coin, a half dollar for the ages.”

Technical Description: Large Date, Small Letters. The 4 in the date is tall and recut, with the 18 wider than 834. The 4 is higher. The Overton reference describes the date “with an open 3 and extra tall tapered 1″ a half-millimeter from the drapery, “the closest of any large date 1834.” On the reverse the top of the C in the denomination is close to the olive stem. The I is centered left of the crossbar of the T. This die lacks the die lump normally seen on business strikes under TE, providing evidence that this proof was struck first. The thin left stand of the M is joined at its base to the center stand.

The coin realized $28,600 in the Norweb sale, a remarkably strong price for the time. We would add little to that glowing description–which is nonetheless completely accurate–except to say that the surfaces are little changed in 22-plus years, and to mention that the strike is virtually complete in all areas, save for trifling weakness on some peripheral obverse stars and the tops of 50 and C on the reverse. For the most advanced half dollar specialist, this coin could form the start of a marvelous adventure, trying to acquire as many different proof Overton varieties of the year as possible. Almost certainly the rarest single coin in this incredible set. Census (all varieties): 2 in 65, 1 finer (11/10).

Ex: Virgil Brand Collection; New Netherlands Coin Company (11/1954); Mrs. R. Henry Norweb, Jr.; Norweb Collection (Bowers and Merena, 11/1988), lot 3107, which realized $28,600. (#6217)

This coin will be sold on Platinum Night by Heritage at the 2010 Fun Auction as lot # 5332

Related posts:

1. Coin Profile: The Farouk-Norweb 1915 No S Panama-Pacific Half Dollar in Gold
2. Unique Items: 1865 50C Half Dollar, Judd-431, Pollock-504, Unique
3. Norweb 1797 MS-66 Half Dollar to be sold by Stacks