Out of the Woodwork: Important Coins Are Coming Out of Hiding

Core Collection. Some believe the 1870-S $3 coin alone could fetch $5 million or even more. However, there are many other incredible treasures up for grabs, among them gems from some of the most advanced sets ever built. Th ese include a U.S. gold type set spanning from 1795 through 1933, a survey of various die states – some unique or among only a handful known, and early U.S. gold varieties.

Among the highlights are a quintuplet of diff erent 1795 Half Eagles, an 1804 Draped Bust Eagle graded PR63, and a 1907 High Relief Flat Rim Saint-Gaudens Double Eagle in PCGS MS65. Gold is not all that glitters in this collection, with a parade of rare patterns including an 1836 Name on Base Judd-60 / Pollock 65 R.1 Dollar in PCGS PR64, rainbowtinged 1875 Twenty Cents Judd-1412 / Pollock 1555 High R.6 in PCGS PR65BN, 1879 Judd-1608 / Pollock 1804 Low R.7 Schoolgirl Dollar graded PCGS PR67CAM, 1896 Judd1772 / Pollock 1989 High R.6 Five Cents in PCGS PR65, and many others.

“Th e sheer magnitude of rarity ensconced in this collection is simply unmatched,” observed Todd Imhof, executive vice president of Heritage Auctions. “We are not just talking about ultra-rarities like the 1870-S $3, but a virtually complete collection of all known die varieties of early United States gold coins, a complete collection of gold type coins from 1795 through 1933, and many rare U.S. pattern coins. It’s unfathomable, really, what this collection off ers. Heritage Auctions is proud to have the opportunity to off er this amazing collection of coins to the public in what will surely become one of most historic auctions ever held.”

Th e Harry W. Bass, Jr. Collection commenced with its fi rst sale of the Core Collection September 29, 2022, at the Long Beach Expo in Southern California. Fervent online bidding and standing-room-only crowds brought strong bids, and a repeat is expected at the next auction. For more information about the sale of the Harry W. Bass, Jr. Collection, please visit www.HA.com. To learn more about the Harry W. Bass, Jr. Foundation, check out HBRF.org.

Joshua McMorrow-Hernandez has won multiple awards from the NLG and ANA for his work as a numismatic journalist and editor. He has been a coin collector since 1992 and enjoys all areas of United States coinage and U.S. minting history.

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OutOut ofof thethe WoodworkWoodwork: : Important Coins Are ComingComing OutOut ofof HidingHiding

By Mark Ferguson

Th e legendary King of Siam Proof Set is now part of magnifi cent Tyrant Collection. Image from the Tyrant Collection and courtesy of Ira and Larry Goldberg Coins & Collectibles.

Many famous and important rare coins can be traced back to their origins through their provenance with a reasonable degree of certainty. For example, the King of Siam 1804 Dollar, and the magnifi cent presentation set it is a part of, can be traced all the way back to the U.S. Mint and U.S. special agent Edmund Roberts who, in 1836, presented the set as a gift from President Andrew Jackson to the King of Siam.

During more modern times in the numismatic world, the King of Siam presentation set had been rumored to exist, but some numismatists were skeptical. In the original version of their classic 1962 book, Th e Fantastic 1804 Dollar, authors Eric Newman and Kenneth Bressett wrote a chapter entitled “Th e Diplomatic Gift Delusion.” Th e books were being printed by Whitman Publishing in Racine, Wisconsin, when David Spink of London brought the King of Siam diplomatic gift set to the American Numismatic Association convention that year in Detroit to announce the set’s discovery. After the presentation, Ken Bressett literally ran to a phone, called Whitman, and said, “stop the presses!” Th e chapter was later rewritten with the title, “Th e Diplomatic Gift Background.”

Th at was a century and a quarter after the set was presented to the King of Siam, during which time the existence of these coins was only speculation in the numismatic world. “The Most Famous Provenance in American Numismatics”

Similarly, in a famous 1964 Christie’s auction that took place in London, the fi rm off ered a group of 30 mint state copper and silver coins from the United States that were struck during 1794 and 1795. Among the off erings were several large cents from 1794 as well as half dollars and dollars from 1794 and 1795. Researchers believe the coins were obtained directly from the U.S. Mint in Philadelphia by British collector William Strickland during his 10-month visit to America from September 1794 through July 1795.

One of these coins, a 1794 Dollar, later became part of the D. Brent Pogue Collection. Graded PCGS MS66+, the dollar was auctioned in 2015 by Stack’s Bowers Galleries in cooperation with Sotheby’s, realizing $4,993,750. Th e catalog stated, “Th e Most Famous Provenance in American Numismatics.” Also emphasized was the coin’s “Intact Provenance to 1794.” Th e coins were consigned to the 1964 Christie’s sale by “Major the Lord St. Oswald, M.C.,” a descendant of William Strickland. Prior to the 1964 sale, the collecting world was unaware of this group of high-grade early American coins. Known as the Lord St. Oswald 1794 Dollar, the coin was sold again in 2021 by Heritage Auctions for $6,600,000.

Th e Lord St. Oswald example of the 1794 Flowing Hair Dollar sold for $6.6 million in 2021. Courtesy of PCGS TrueView.

Researching the Provenance of an Important Rare Coin

Most important early American coins can be tracked back through time and previous ownership through auction catalogs. Coin descriptions in the catalogs normally list prior ownership, or provenance. Additionally, coins can often be identifi ed and compared through “plate matching.” But prior to the introduction of photographs and in-depth catalog descriptions, identifying specifi c coins can be diffi cult. Researchers must look for other clues.

For example, James Vila Dexter, famous for his ownership of the “Dexter Dollar,” one of 15 known 1804-dated dollars, was an advanced collector who was most active in the 1880s. He kept detailed inventory books of his coins. One of his extremely rare coins was a 1798 Small Eagle Half Eagle. Per PCGS CoinFacts, just seven examples of the gold coin are known today. Dexter’s inventory listing stated, “1798 13 stars (5 facing). Rev small eagle. Not in U.S. Mint [collection]. Very rare, only 4 known. Cut on edge. $51.”

Th e “Dexter” specimen of the 1804 Draped Bust Dollar is graded PCGS PR65. Courtesy of Stack’s Bowers Galleries.

Th e 1804 “Dexter” Dollar is unmistakable from its other 1804 Class I Draped Bust Dollar cohorts. Th is one has a small “D” inscribed in one of the clouds on the reverse of the coin – John Vila Dexter’s calling card. Courtesy of Stack’s Bowers Galleries.

“Cut on edge” is an identifying clue, especially with only seven examples known. But in this case, it’s not conclusive. Photographs of two examples of 1798 Small Eagle Half Eagles are provided on the PCGS CoinFacts page and grade AU55 and AU53. It turns out that both examples have minor edge bumps. Th e AU55 coin, formerly part of the Pogue Collection, shows a minor edge bump at the top of the reverse, while the AU53 coin shows a small edge bump on the left side of its reverse.

Further research, such as examining the other examples of the 1798 Small Eagle Half Eagle or photographs of them, could eliminate more of them from consideration as the Dexter coin. If the Dexter coin is one of the two illustrated on the CoinFacts page, it’s possible that one of them could be eliminated by piecing together its provenance. Th ere was no auction of James V. Dexter’s collection. It was sold privately, making later ownership of his coins diffi cult to track back to him. Th at is why James V. Dexter was primarily known for owning an 1804 Dollar, now known as the “Dexter Dollar,” and not for the rest of his collection.

As an aside, the AU55 Pogue example of the 1798 Small Eagle Half Eagle, which could very well have been the Dexter coin, sold at auction in 2015 for $1,175,000. Th is is a great example of how far coin prices have advanced since the 1880s era, when Dexter purchased his example for just $51! Was this 1798 Small Eagle Half Eagle, graded PCGS AU55 and sold as part of the D. Brent Pogue Collection, once in the cabinet of John Vila Dexter? Courtesy of PCGS TrueView.

A Contemporar y Discover y

Earlier this year, the PCGS Price Guide team was contacted by PCGS Registry collector James Swan. Mr. Swan was astounded to learn that a coin he previously owned was sold in a January 2022 Heritage Auctions sale for more than 15 times the price he paid for it in 2001! Th e coin in question is the second-highest-graded 1796 No Stars Quarter Eagle known. PCGS estimates there are up to 10 No Stars Quarter Eagles that grade mint state. Th e former Swan coin grades PCGS MS62+. PCGS has graded just one fi ner, at MS65.

Th e 1796 No Stars Draped Bust Quarter Eagle graded PCGS MS62+ has an illustrious pedigree. Courtesy of PCGS TrueView.

Jim Swan purchased his example from the late dealer Larry Whitlow who came across the coin at a Whitman Coin & Collectibles Expo in Baltimore. Swan remarked that “He [Whitlow] was amazed that the coin was really ‘new,’ as he called it. At that time few dealers had ever seen an actual mint state 1796 No Stars Quarter Eagle.” Swan paid $140,000 for the coin in 2001 and then sold it privately to well-known collector Oliver Jung in 2002 for $180,000. Jung’s coins were sold by American Numismatic Rarities in July 2004 when the coin realized $345,000. It then became part of the Samuel J. Berngard Collection and was sold by Stack’s Bowers in July 2008 for $488,750. Th e coin was purchased by Bob R. Simpson, from whose collection it was sold in the January 2022 Heritage Auctions sale for $2,160,000!

While that price was astounding to Mr. Swan, his main point in contacting us was the lack of a pedigree for this important coin. After he purchased it, he scoured old auction catalogs trying to fi nd it, but came up dry. He tried to “plate match” the coin by comparing photographs in auction catalogs but couldn’t identify the piece. As part of the provenance in the Stack’s Bowers Galleries sale of the Berngard collection, the catalog description stated, “James Swan U.S. Type Collection, earlier pedigree unrecorded.” Prior to Whitlow’s discovery of this coin at the 2001 Baltimore show, we wonder, where was this important coin hiding? The Harr y Bass “Holy Grail” Treasure Hunt Through Research

Digging deeper in 1796 No Stars Quarter Eagles, famous collector and researcher Harry Bass “re-discovered” that two reverse dies were used to strike these coins. In his extensive research on this coin issue, he found just one reference to the two die varieties – a mention made in the personal notes of numismatist Edgar H. Adams regarding an example that was sold in the William F. Gable Collection sale of 1914 by S.H. Chapman. Th e Chapman catalog description did not mention this die variety. Bass stated, “Evidently, Mr. Adams was the only person who to this day had recognized the two diff erent reverses.”

Th e tell-tale diagnostic is that on the short-lived fi rst issue of the 1796 No Stars Quarter Eagle (today known as BD-1 or Bass-Dannreuther 1) is the length of the arrows on the reverse that are held by the eagle’s talon. Th ey extend nearly to the “I” in UNITED, whereas on the “more common” variety (BD-2), the arrows are shorter, extending only about to the second leg of the “N” in UNITED.

Mr. Bass diligently searched for several years to fi nd an example of the BD-1 variety with the longer arrows. Finally, in 1972, his dealer friend Mike Brownlee brought a 1796 No Stars Quarter Eagle to Bass’s offi ce merely to show him, as a matter of interest, what he had just purchased. Bass later wrote, “You can imagine his surprise when I let out a loud yell

Th e 1795 Flowing Hair Half Dollar Overton 133 discovery coin, graded PCGS F15. Courtesy of PCGS TrueView.

‘Th is is it, this is it,’ for he did not know what I was talking about. I proceeded to explain to him that the coin in my hand was a specimen of the reverse die referred to by Edgar H. Adams in his private notebook and photographed in the Chapman-Gable auction catalog of 1914.”

Th e scarcer BD-1 is believed to have been from the fi rst mintage of 1796 No Stars Quarter Eagles, of which 66 coins were delivered on September 21, 1796. Bass wrote, “Th ere is a large vertical die crack running through the coin as well as a smaller and fainter lateral die crack running from 9 o’clock to the midpoint of the coin. Obviously, the fi rst reverse die quickly broke, as a result probably of having been improperly prepared.” An additional 897 examples of the 1796 No Stars Quarter Eagles, presumably with the “BD-2” reverse, were delivered on December 8, 1796, for a total mintage of 963 coins with the No Stars obverse.

Like Harry Bass, die-variety collectors and researchers get lucky once in a while in their quest to “cherry pick” scarce and rare varieties. While it’s a rare occurrence, unrecognized die varieties and die marriages have been discovered during recent times. Such an event occurred in 2020 when a new die marriage of an obverse and reverse die combination was discovered for a 1795 Half Dollar. Previously covered by PCGS’s Joshua McMorrow-Hernandez in 2020, he wrote, “Notably, it is the fi rst new die marriage discovered on a 1795 Flowing Hair Half Dollar in at least 91 years.”

Professional numismatist W. David Perkins submitted the newly discovered die marriage for this coin to PCGS which confi rmed the coin as a new variety, “Overton 133.” PCGS recognized this discovery by printing “Discovery Coin” on the coin’s encapsulated label. Perkins stated, “Only three Flowing Hair Half Dollars have been granted new Overton variety designations in the last 50 years, and all three are dated 1794.” He goes on, “Th e last 1795 Flowing Hair Dollar die marriage was discovered somewhere between 1881 and 1929.” A Condition Rarity “Popped Out of the Fabric of Numismatics”

In January 2005, Heritage Auctions sold a rare, high-grade 1839/8 Type of 1838 Liberty Eagle. Graded PCGS MS66 and described as “Th e Finest Known,” the coin sold for $402,500. Again, that was in 2005 and the coin’s auction price would undoubtedly be much higher today.

Quoting from the Heritage Auctions catalog description, “Th is is one of the most spectacular and important coins in