The Magnolia Sale

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T h e M ag n o l i a C o l l e c t i o n

May 3, 2011

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May 3, 2011 • New York COINS BANKNOTES STOCKS & BONDS MEDALS AUTOGRAPHS STAMPS

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Coins, Stamps, Banknotes, Medals, Bonds & Shares, Autographs & Books

Olivier D. Stocker Group Chairman & CEO SPINK UK Timothy Hirsch Director Anthony Spink Non-Executivc Director Monica Kruber Executive Assistant to CEO Auction and Client Management Team Emily Johnston Miroslava Adusei-Poku Luca Borgo Phillipa Brown Finance Alison Bennet Mina Bhagat Alison Kinnaird Shyam Padhiar James Willan IT & Administration Berdia Qamarauli Segun Magbagbeola Liz Cones Curlene Spencer John Winchcombe

James McGuire

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Clyde Townsend

SPINK ASIA Gary Tan SPECIALISTS Banknotes Barnaby Faull Matthew Orsini Jim Fitzgerald Francesca Girelli Stamps David Parsons Nick Startup Neill Granger Paul Mathews Guy Croton Dominic Savastano Chris Anderson Charles Shreve Tim Hirsch George Eveleth Ed Robinson Coins Richard Bishop Paul Dawson John Pett William MacKay Julie-Morgane Lecoindre Jim Fitzgerald Arthur Bryant Matthew Orsini Thomas Tesoriero Normand Pepin Bonds & Shares Mike Veissid Autographs Robert Litzenberger Orders, Decorations, Medals & Militaria Mark Quayle Oliver Pepys Books Philip Skingley Rebecca Mason

AUCTION CALENDAR 2011 Stamps 24/25 March 12 April 5 May 24/25 September

Philatelic Collector’s Series Sale Civil War Sesquicentennial Sale Spring Collector’s Series Sale Fine Stamps & Covers of South East Asia

New York Dallas London Singapore

Banknotes 12 April 12 April 13 April (am) 13 (pm)/14 April 20/21 May 24/25 September 27/28/29 September 8 December

The Laurence Pope Collection of World Banknotes Civil War Sesquicentennial Sale The Peter Griffiths Collection of World Banknotes World Banknotes Texas Numismatic Association Sale Banknotes & Bonds of South East Asia World Banknotes World Banknotes

London Dallas London London Fort Worth Singapore London London

11017 11019 11020

Bonds and Shares 12 April 20/21 May 20 May 21 October

Civil War Sesquicentennial Sale Texas Numismatic Association Sale Bonds & Share Certificates of the World Bonds & Share Certificates of the World

Dallas Fort Worth London London

11006 11022

Coins 24 March 12 April 20/21 May 23 June 6 October 1 December

Ancient, English & Foreign Coins and Civil War Sesquicentennial Sale Texas Numismatic Association Sale Ancient, English & Foreign Coins and Ancient, English & Foreign Coins and Ancient, English & Foreign Coins and

London Dallas Fort Worth London London London

11009 11023 11024

Medals 21 April 21 July 24 November

Orders, Decorations, Campaign Medals & Militaria Orders, Decorations, Campaign Medals & Militaria Orders, Decorations, Campaign Medals & Militaria

London London London

11007 11010 11011

Commemorative Medals

Commemorative Medals Commemorative Medals Commemorative Medals

The above sale dates are subject to change Our Environmental Commitment: Paper from Sustainable Forests and Non Hazardous Ink For centuries Spink and its employees have been preserving and curating collectable items. We now wish to play a modest role in preserving our planet, as well as the heritage of collectables, so future generations may enjoy both.

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Spink offers the following services Valuations for insurance and probate for individual items or whole collections.

Sales on a commission basis either of individual pieces or whole collections.

11018 11016

11015 11014 11004

11008

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May 3, 2011 - New York City

FIRST SESSION Tuesday, May 3, 2011 - 6:00 p.m.

Lots 1-53 Spink Smythe, New York, NY

THE MAGNOLIA COLLECTION A story of early and continuing commerce…

Browse The Magnolia Collection and you get a wonderful snapshot of United States coinage and its evolution from the ambitious beginnings to that of an established nation. What follows, is its story…

With the minting of the first silver dollars in 1794, the $10 gold piece in 1795 (Lot 1), and the dime in 1796, the new nation fully committed itself to a structure of decimal coinage. While the simplicity therein set the stage for later success, the system did not begin without issue. The Eagle or $10 gold piece, the highest denominated legal tender of the time and a prominent denomination within The Magnolia Collection, struggled to gain acceptance in commerce, as it failed to parallel with other popular circulating coins of the era such as the British Guinea or French Louis d’Or. The denomination was also awkward to make change from, as it was too large a monetary unit to use for small transactions yet too small as a unit for larger transactions. Even more, the reverse eagle design was met with criticism from the public who considered the eagle too scrawny – as a result, by 1797, a new eagle, one that mimicked that used on the Great Seal of the United States, was adopted for all gold denominations (Lots 2-6). It is worth mentioning however, that while the early Eagle didn’t see much commercial success, the Half and Quarter Eagle, carrying values of $5 and $2½ respectively, did see greater adoption as they blended well with other foreign coins that were still readily accepted by merchants (Lots 7-11).

As the country matured and the need to unify the nation under a single currency as well as perpetuate an identity abroad arose, Christian Gobrecht - the nation’s third Chief Engraver, helped to reverse a previous blunder that would symbolize a sign of things to come for the nation – the re-introduction of the silver dollar.

The Gobrecht Dollar (Lots 12-13), as it is affectionately known today, was the first dollar made at the Mint since production of the Bust type was shelved in 1803 by Mint Director Elias Boudinot who preferred denominations with greater domestic utility. Since that reintroduction, the U.S. has never been without a form of popular currency, be it coin or banknote, that carried the $1 denomination.

A reduction in the amount of silver in much of the circulating coinage in 1853 started the ball rolling towards a much more visible, yet unavoidable transition later that decade. By 1856 a change for the copper large cent was inevitable, as Mint Director Snowden said the cost of production “barely paid expenses”. That year, James Page 1

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Longacre was tasked with creating a pattern design for a new cent; that creation became the Flying Eagle Cent (Lot 14). In 1857, the Act of February 21, 1857 was passed and officially put an end to the long reign of the copper large cent. Under new provisions, the 27.5mm large cent that had been an integral piece of commerce for so long would be phased out in favor of the new small cent – a standard 19mm coin.

For the decade following the change of the cent, relative coining tranquility existed, but by the mid-1860s, major topics that required addressing were again on the rise. The first of these was the Mint’s addressing of God. While big government was careful to avoid endorsement of one religion, one fact remained clear – God was a present part in the lives of most of its citizens. Beginning in 1864, the two-cent piece debuted the “In God We Trust” motto. In 1865, legislation was passed to ensure legal usage of the phrase. This legislation resulted in significant activity at the Mint as a multitude of transitional pattern types were produced to help prepare the Mint for its bridge to full scale “with motto” production (Lot 15).

Another notable change that came about was the continued maturation of the country and the realization in Washington that coins should be struck to address burgeoning overseas trade. With the ever-growing need to compete against other nations in the arena of world trade, so came the need to produce a coin that would be accepted in the East. During much of the 20th century, the Mexican peso was the chosen coin of the Chinese port merchants. As a result, American traders not carrying pesos often had to pay a hefty premium, thus making trade less profitable. The answer to this was the American Trade Dollar. In concept, the Trade Dollar would carry more silver (1.8% more in actuality) than the standard silver dollar and was made to match the silver content of the Mexican peso. For the Mint, this again meant a heavy period of pattern production in preparation for the introduction of the first business strike Trade Dollar in 1873 (Lots 22/23). In its inception, it was to be termed a Commercial Dollar (Lots 21/24). Shortly thereafter, the name changed for good and the Trade Dollar was born (Lot 32).

The same year of the first Trade Dollar marked a particularly pivotal one in numismatics for other reasons as well. First, the Mint Act, or so-called “Crime of ’73,” eliminated odd denomination coins such as the two cent piece, the three cent silver, and half dime. Second, the Mint Act also converted the weight of U.S. coinage to the metric system, slightly increasing the weight of the dime, quarter, and half dollar. Third, to inform the general public of the increase in weight, arrowheads were added on each side of the date to the dime, quarter, and half. Finally, adjustments to the knobs on the 3 in the date would be made on many of the coins as a result of their initial confusion for 8s – thus resulting in Closed and Open 3 date variants (Lot 32).

In February 28, 1878 Congress passed the Bland-Allison Act allowing for the reintroduction of a silver dollar tailored for domestic circulation. William Barber and George T. Morgan would be responsible for producing patterns for the type (Lots 25/26) and ultimately George Morgan would design what would become the most prolific dollar ever and one that came to be known by his name – the Morgan Dollar (Lot 38). While nothing ever came of it, 1878 also marked the first year of consideration for a Goloid Dollar type. Late in 1877, Congress asked Mint Director Henry R. Linderman to produce Goloid patterns. As conceived, the mixture was to consist of 90% gold and silver with 10% copper. Patterns were produced for the next several years (Lots 27/28), but due to valid counterfeiting concerns, the Goloid Dollar never came to fruition.

While other major numismatic events certainly occurred during these years, The Magnolia Collection stunningly illustrates some of the most important events from the earliest days of the U.S. Mint through the latter portion of the 19th century. We have arranged lots in The Magnolia Collection to coincide with this timeline of events - we hope you enjoy the journey.

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Legendary “9 Leave” Ten

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1795 “9 Leaves” 10 Dollars. PCGS MS61. Breen-6831, Taraszka-3, BD-3, R.6. Mintage: 5,583. Without employing hyperbole, seldom can the term legendary be used in numismatics, however, when speaking of the nations first and highest denominated issue and beyond that, an extremely rare major variety within that issue, the term legendary seems quite apt.

Designed by Robert Scot, a total of 5,583 coins were minted and delivered during the first year of Eagle production. The obverse features a capped Liberty facing right with ten stars set to the left and five to the right. The reverse shows an eagle with wings spread and branch in beak (later to be replaced by Heraldic Eagle type in 1797 because the eagle was considered inferior). One of the many attributes that sets the current example out from the majority of the minted pieces is the branch the eagle perches on - most examples show thirteen distict leaves, while the present only nine. Numismatic historian Walter Breen surmised that it was possible that the “9 leave” variety was coined on two days with a total original population around 326 coins. In their widely referenced book, Early U.S. Gold Coin Varieties, John Dannreuther and Harry Bass, Jr. believe somewhere between 210-500 examples were struck.

While either figure may or may not be accurate, the fact is that the variety is decidedly rare, and examples only appear on the market on average every two years. Third-party certification further confirms this fact as in the near 30 years of grading coins, PCGS and NGC have only designated a maximum of 23 examples (many likely duplicates due to resubmissions) the nine leave variety versus 364 for the thirteen leave variety.

The history of the “9 leave” variety is quite a curious one, as it is generally attributed to engraver liberties in an attempt to open the design, but unaware of the symbolic significance that 13 carried. While it can be presumed that the error was caught fairly early on, one thing is nearly definite - it seemed to evade numismatic distinction until the 20th century. When exactly it was first acknowledged is unknown, but 1926 seems a plausible date as famous numismatist Waldo Newcomer paid multiples of the “going rate” for a VF example then. It is not until the 1960s however that the rarity and significance behind the variety was fully realized. Even so, it’s apparent that even then, the “9 leave” type was at times overlooked as the ca. late 1960s cardboard flip that the present coin only until recently resided in made no reference to the variety and was marked $2,700 (a pittance even at the time for the “9 leave” type). Today, the variety, for obvious reasons enjoys a spotlight, as the allure of a variety as rare as the present produced in the first year of minting of the highest denomination is too much for the able-pocketed numismatist to pass up.

In terms of condition and presentation, the current specimen when compared to the scant list of survivors, is an obvious standout. If it can be agreed upon that around 20 examples of the variety are extant (generally it is), then about half that population shows some post-strike malidy - be it cleaning, mounting, or otherwise. Even on the examples that display no poststrike afflictions, many, if not most of the examples, show significant strike-throughs on the obverse surfaces while others reveal abrasive adjustment marks around the edges or through the central devices. None of those ailments, be it mint-made or otherwise are present on the current specimen, as the strike is remarkably defined. The color also speaks to the originality, as rich orange-gold color resides throughout with frosted luster on the obverse and a more proof-like reverse. Minor coppery blushes toward the edges further confirm originality. As can be seen on all recorded examples, die clash marks of UNI from UNITED on the reverse are beneath star 10 and above Liberty’s cap on the obverse and a die crack is on the T in UNITED and below leave two on the reverse. In totality, while several examples have been designated in the Mint State category, one would be hard-pressed to find an example that surpassed the present in terms of originality or eye appeal - a truly once in a generation offering. PCGS Population: 3 in 61, 3 finer. (photo) From the Magnolia Collection.

Est. 150,000-170,000

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Desired “Long Thin Neck” Heraldic Eagle Type

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1797 Large Eagle 10 Dollars. PCGS AU55. Breen-6834, Taraszka-8, BD-2, R.4+.

Mintage Estimate (Large Eagle): 10,940. One of two distinctly different variations issued in 1797 - the first being the very rare Small Eagle type that is similar to that used on earlier dates and that is missing from The Magnolia Collection, and the second, the type represented by the present lot, being the Large Eagle type inspired by the Great Seal of the United States. Further classifying this example inside the Large Eagle type is the portrayal of the eagle’s neck styles.

John Dannreuther, noted expert in early American gold coinage, classifies three different types - the “long thin neck”, the “short thin neck”, and the “short thick neck”. The present specimen, the “long thin neck” or BD-2 type, comes from a single die pairing and it is estimated total surviving population for the variety sits somewhere in the 80-100 range. While not typically collected as a major variety, the “long thin neck” is notably distinguished and rather awkward in appearance. Dannreuther surmises BD-2 was the first of the 1797 Large Eagle reverses to be used, and given the usage of the “long thin neck” on 1796 Quarter and Half Eagles, this makes logical sense. Other identifying marks for the variety are a large die crack that runs from the rim, through the last 7 in the date, and to Liberty’s bust. On the reverse, a die crack extends from the rim at 1 o’clock to the leftward area of cloud 5.

The present example maintains a profound originality that is often lacking in early gold - light but even circulation is noted atop central devices, but no marks of individual distinction are noteworthy. Frosty luster clings to much of the legends with an attractive adornment of light copper and rose hues. Perhaps as important to the appeal as anything, the strike imparts the intended devices with astounding clarity and without evidence of planchet striations. For the reasons that the early Ten in general fails to exist in plentiful enough supply to satisfy type demand, as well as the admirable pursuit that many undertake of putting together a problemfree date set, the current specimen carries significance that would be difficult to overstate.

PCGS Population (Large Eagle): 33 in 55, 62 finer. (photo) From the Magnolia Collection.

Est. 15,000-17,000

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Seldom Seen Bass-Dannreuther 4

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1799 “Small Stars Obverse” 10 Dollars. PCGS Genuine - Surfaces Tooled. Breen-6838, Taraszka-16, BD-4, R.7. Mintage: 37,449. For the type collector looking to fill the often-left void of the early Eagle, the search frequently ends with the purchase of a 1799 Ten. Considered the most available date of the Eagles, examples can usually be obtained without too much searching between the XF and AU grades. Like all of the early Tens, truly Mint State examples are very scarce and quite pricey. The current specimen however happens to be the second rarest variety that the date bears and Early U.S. Gold Coin Varieties posits that between 8-12 specimens of the die pairing are known. The variety can be identified by star 9 touching the Y in Liberty and a close 17 in the date. On the reverse, several die chips are evident between the UN in UNITED and the O in OF is centered to the right of cloud 5.

Like many of the early Tens, the current specimen is not without condition issues. The surfaces, while maintaining a sharp strike and About Uncirculated details have been “worked” and result in a uniform, but flat orange-gold appearance. Upon inspection with a loupe, a mixture of cleaning in the form of hairlines and tooling is evident. For the collector, two significant appeals exist. The early gold variety specialist will certainly realize that with the total population estimated at or below a dozen, the opportunity to obtain an example in any grade is an infrequent and important one. Also, for the budgeted type enthusiast, the present Ten will likely be the most affordable within The Magnolia Collection. PCGS Population (Small Stars): 138 in all grades. (photo) From the Magnolia Collection.

Est. 3,000-5,000

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Lightly Circulated, Problem-Free 1801 Ten

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1801 10 Dollars. PCGS XF45. Breen-6843, Taraszka-25, BD-2, R.2. Mintage: 44,344. Of the two die pairings for the date - the rarer of the two, BD-1, shows star 13 on the obverse away from Liberty’s bust and the second, BD-2, illustrated by the present coin, differentiates itself with star 13 showing close to Liberty’s bust. According to Dannreuther, the illustrated die pairing is the most available Eagle in the entire Draped Bust Ten series with an estimated survival of between 600-800 pieces. As such, compiled population data from third-party services suggest the 1801 date as the second most prevalent in the series behind 1799.

An attractive problem-free example of this often-targeted type date. The surfaces, as the grade would suggest, show moderate circulation with slight flattening on most of the highpoints.

Numerous marks reside in the fields, but all are commensurate with the grade level and blend well in the overall palate that is the coin. The strike, as is often seen, remains short of full with 1 to 2 o’clock on the obverse and the corresponding reverse area holding notable weakness with adjustment marks (as-made) remaining on the obverse. Die clashing is prevalent within Liberty’s cap with a number of striations from the eagle’s shield being easily evident. Given the surviving population for the type, the present coin may very well be the ultimate type representative in the series and for the collector attempting to obtain a problem-free example without spending a fortune, .it deserves as much attention as any. PCGS Population: 41 in 45, 398 finer. (photo) From the Magnolia Collection.

Est. 7,000-9,000

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Bright “Small Stars Reverse” Eagle

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1803 “Small Stars Reverse” 10 Dollars. PCGS AU55. Breen-6844, Taraszka-26, BD-1, R.5+. Mintage: 15,017. Behind the 1799 and 1801, 1803-dated examples sit as the third most available date in the early Eagle series. Of the six die pairings for the date (4 Small Stars Reverse/2 Large Stars Reverse), only the “Small Stars Reverse” or BD-3 is readily available with the others classifying as very scarce or rare. The present example, a BD-1, was the first emission of the year to carry the 1803 date. While all examples use the same obverse die, the reverse is easily identified by a die gouge between the TA in STATES and one of the arrow points reaching the I in UNITED. Dannreuther notes that 20 examples of the type were traced at auction between 1990-2005, and a total of 30-40 are believed known.

A stunningly preserved example of the date with faint friction throughtout that is most noticeable on Liberty’s cap. Unlike many of the earlier dates that often show thickly frosted luster, the surfaces of the present example hold semi-prooflike gleaming luster within the protected surfaces. The strike is notably sharp with fully intended detail portrayed on both sides with no striking imperfections apparent in the fields. Moderate bagginess is noted, but none are large or take the individual attention of the eye. Overall, an attractive bright-yellow example of the type that will surely carry merit with the date collector by variety or type enthusiast. PCGS Population (Small Stars Reverse): 30 in 55, 81 finer. (photo) From the Magnolia Collection.

Est. 15,000-17,000

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Fresh AU “Large Stars Reverse” Ten

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1803 “Large Stars Reverse” 10 Dollars. PCGS AU53. Breen-6845, Taraszka-30, BD-5, R.4+. Mintage: 15,017. A second 1803 Ten from The Magnolia Collection, and distinguished from the first by a large set of stars above the eagle on the reverse. Of the six die pairings that exist for the date, only two show a “Large Stars Reverse” with one example being very rare and excessively difficult to obtain. This particular example, the more frequently encountered of the two, is peculiar and particularly collectible because of the addition of a small star that is punched within the last cloud. Adding to the intrigue is the size of star 14, which is smaller than any used during Eagle production. For that reason, experts surmise that its inclusion is the result of the hijinks of a Mint employee. Survival estimates for BD-5 generally sit around 100 examples.

Set in bright yellow-gold with remnants of luster clinging to the protected areas. The surfaces, unlike most examples within the About Uncirculated grade level are void of large marks from contact with other abrasive objects, and only reflect soft marks that suggest delicate circulation. While the obverse remains well struck, the reverse does lack full detailing with numerous multi-directional adjustment marks (as-struck) remaining in the fields. An attractive problem-free example that is sure to catch the attention of the early gold enthusiast. PCGS Population (Large Stars Reverse): 4 in 53, 20 finer. (photo) From the Magnolia Collection.

Est. 14,000-16,000

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Low-Mintage Early Quarter Eagle

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1805 2.5 Dollars. PCGS XF45. Breen-6121, BD-1, R.4. Mintage: 1,781. Issued during eight-years from 1796 through 1807, all Capped Bust Quarter Eagles were minted in relatively limited quantities. Because of this, all dates of this Robert Scot designed type are highly collectible, and to obtain an example, no matter the condition, is a signal of an accomplished gold collection. The 1805 issue in particular, recording just short of 1,800 made, sits right in the middle of the dates with 1796 being the rarest with 859 examples coined in two significant types (stars and no stars) and the type’s final year, 1807, carrying a mintage of 6,812 coins. As is the case with all circulating gold of this era, the attrition rate was particularly high and noted early gold specialist John Dannreuther estimates that a mere 100-150 coins for the date exist in all conditions. A look at the PCGS and NGC population seems to support this thought as 102 examples have to date been certified and when factoring resubmissions and uncertified specimens we in all likelihood remain within this range.

With regards to the physical preservation, it sits right in the middle of the census as Breen notes that most surviving examples are observed with VF or EF detail. What does make this present example special is the wholesomeness retained within. Unlike the striking issues that plague much of the surviving early gold in all denominations, the present example is admirably struck with even detail on both sides, full reeding, and only the most trivial appearance of adjustment marks that blend into Liberty’s portrait. While the highpoints do reveal some wear, it is even and sets the devices in pleasing contrast as the fields are yellow-gold with a contrasting straw-gold where friction is present. No abrasions are of consequence. For the accomplished collector of early gold, or the determined type enthusiast, the present specimen offers an opportunity that is truly as infrequently encountered as a coin the caliber of the present. PCGS Population: 3 in 45, 38 finer. (photo) From the Magnolia Collection.

Est. 8,000-10,000

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Pleasing Early Half Eagle Type

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1806 “Round 6, 7 x 6 Stars” 5 Dollars. PCGS AU53. Breen-6448, BD-6, R.2. Mintage Estimate: 64,093. While five Bass-Dannreuther (BD) die marriages are known for the date, the majority (est: 35,000-50,000) come from the single “Round 6” marriage that shows a rounded rather than pointed top of the six in the date that firmly settles up against Liberty’s drapery. For this reason, BD-6 is often collected for type with surviving examples in all grades, including superb Mint State. Another major distinction of the type is the difference in star placement as the “Round 6” type shows a 7x6 split whereas the “Pointed 6” has a 8x5 split.

A peculiar diagnostic is also seen on the reverse as the A’s in AMERICA are visibly smaller than the other letters.

The present specimen reveals light evidence of circulation, primarily confined to Liberty’s portrait on the obverse as well as the eagle’s wings on the reverse. The centers confirm a strong strike with some reverse peripheral softness between 2 and 5 o’clock where the strike positions slightly off the flan. One short pinscratch, while fairly trivial, is evident above Liberty’s cap and no other marks are deserving of individual mention. A splendid representative for the early type enthusiast. (photo) From the Magnolia Collection.

Est. 4,000-6,000

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Choice AU Capped Bust Type

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1807 Bust Left 5 Dollars. PCGS AU58. Breen-6453, BD-8, R.2. Mintage Estimate (Bust Left): 50,597-51,605. A transitional year for the Half Eagle with the year’s early production featuring the Draped Bust of Robert Scot and later emissions reflecting John Reich’s Capped Bust style. Of the two die pairings seen for the 1807 Capped Bust type, BD-8 is by far the most prolific die, with an estimated survival rate of 500-750 that places it among the most available of all early gold. The variety is easily distinguishable as the point of the “5” in “5 D.” on the reverse nearly connects with the arrow quill.

A gorgeous type representative with bright yellow-gold surfaces that contain the majority of their original luster. Besting the majority of its brethren, the surface detail is particularly notable with complete star formation along the obverse legends with knife-like sharpness left within the central devices. Friction is barely evident, but noted with the aid of magnification and confirms the grade level. Minor meandering marks are visible and mostly confine themselves to the left obverse field, but all remain consistent with the grade. Soft orange-gold highlights round out the appeal. Sure to be hotly pursued by the advanced type collector. PCGS Population: 31 in 58, 152 finer. (photo) From the Magnolia Collection.

Est. 5,000-7,000

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Exceptional Near-Gem 1809/8 Five One of the Finest Known

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1809/8 5 Dollars. PCGS MS64+. Breen-6458, BD-1, R.3+. Mintage: 33,875. The overdate was the only die pairing used in 1809, and while metal undoubtedly sits beneath the 9 in the date, Dannreuther suggests that it may in fact be remnants of a previous 9 instead of the often accepted 8. While not the rarest date in the series, it is presumed that around 350 exist in all conditions and because of the popularity of the variety, demand in any grade is significant. Of benefit to type collectors is a survival estimate in Mint State of around 150 with Gem survivors however plummeting to around 10. Combined PCGS and NGC population reports sit slightly over these amounts with 416 (total), 195 (MS), and 14 (Gem) and with resubmissions, the estimates, while likely conservative, aren’t outside the realm of possibility.

While the “+” designation is still in its relative infancy, the present example is the only one to receive the “+” and given its closeness to the Gem designation, significant merit is worthy.

Quality-wise, this Half Eagle is fully Gem in appearance and the epitome of originality as a thick orange-gold luster envelopes the surfaces with sunset tinges near the edges. The strike is notably strong and nearly full with only minor planchet adjustment marks (as-made) along portions of the rims that prevents completeness. In accord with the Gem level, inspection reveals no major abrasive contact marks with only minor grazes above the eagle’s head that might serve to limit the third-party anointment of the Gem moniker. For the collector of early gold, the significance of the present offering need not be explained and for the type enthusiast, the explanation could be given similar brevity - a monumental, seldom rivaled opportunity. PCGS Population: 1 in 64+, 5 finer. (photo) From the Magnolia Collection.

Est. 40,000-50,000

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Nearly Mint State Early Half Eagle

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1810 “Large Date, Large 5” 5 Dollars. PCGS AU58. Breen-6459, BD-4, R.2. Mintage: 100,287. The most available of the four die pairings for the date with a “Large Date” on the obverse and “Large 5” in the reverse denomination. According to Early U.S. Gold Coin Varieties by noted researcher John Dannreuther and legendary collector Harry Bass, somewhere in the neighborhood of 500-750 examples of this pairing are extant, making it the most frequently encountered of the date and thus commonly collected for type.

Like many of the examples in The Magnolia Collection, the strike on the present example is exemplary with fully detailed reeding, boldly impressed stars and confidently segmented eagle’s feathers. While several very light adjustment marks are noted on Liberty’s cheek, the overall definition is surely enough to qualify for the 90th percentile for the date. As is suggested by the grade, significant, nearly full luster remains on both sides with yellow-gold color in the fields and trace amounts of rose color around the edges. Today, much like the previous Robert Scot designed Draped Bust type, the John Reich designed Capped Bust type is considered a numismatic classic and for those who can afford an example, rarely is the opportunity passed up. (photo) From the Magnolia Collection.

Est. 5,000-7,000

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Delicately Circulated “Coin Turn” Gobrecht Dollar

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1836 Gobrecht Dollar. PCGS PR55. J-60 - Original, R.1. Mintage: 1,600 - 1,000 in coin turn. Silver - 27gms.

Designer: Christian Gobrecht.

Obverse: Liberty seated right with head turned left, cap on staff in left hand, Liberty shield held by right; incuse “C. GOBRECHT. F.” on base.

Reverse: Die Alignment I (Liberty’s head opposite D in Dollar). Eagle flying left with 26 stars surrounding.

Edge: Plain.

Rarity: Reports show that by December 31, 1836, the original mintage of 1,000 that makes up the “coin turn” variety were struck. Today, many of these originals show some evidence of circulation. While the population reports make it difficult to segment out the “original” - coin turn from “second original” - medal turn, it appears the combined population for J-60 sits near 450 with around half showing some form of circulation.

Commentary: While recorded in the Judd pattern book and for ages collected alongside patterns, the J-60 Gobrecht dollar is technically an issue meant for circulation. For that reason, “original” issues are necessities of by-the-book type collectors and perennially in demand.

Diagnostics for determining first “originals” are fairly simple - the alignment is coin turn and free from die rust. The omission of a die gouge or die clash above the eagle’s wing further classifies the present example as an early December strike. For the collector who has decided it’s time to take the plunge, the present specimen is ideal with maintained reflectivity in the fields and only minor friction on the devices. The strike is also notably sharp and the toning pleasing with an overall eye appeal that is commensurate with the high end of the grade level. (photo) From the Magnolia Collection.

Est. 8,000-10,000

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Choice “Original” Gobrecht Dollar

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1836 Gobrecht Dollar. PCGS PR62+. J-60 - Original, R.1. Mintage: 1,600 - 600 in medal turn. Silver - 26.8gms.

Designer: Christian Gobrecht.

Obverse: Liberty seated right with head turned left, cap on staff in left hand, Liberty shield held by right; incuse “C. GOBRECHT. F.” on base.

Reverse: Die Alignment IV (Liberty’s head opposite OF). Eagle flying left with 26 stars surrounding.

Edge: Plain.

Rarity: One of the 600 examples that were struck in medal turn in March of 1837 and while technically a restrike, they are often termed “second original” strikings. To date, PCGS has certified 40 examples of this “original” type with only 9 qualifying as finer. The present example stands as the only “plus” graded specimen.

Commentary: Carrying the appearance of a fully Select example with significant reflectivity in the lightly golden fields and a ring of color on the obverse and reverse rims that adds attractive highlights. The strike is fully defined and from crack-free dies. One die gouge (as-made) resides on the eagle’s right wing. While items at the Proof 62 level are often unsightly, the status quo fails to apply on the present example as hairlines are light and unabrasive where present and the overall appeal is of that of a much higher graded coin. A wonderful opportunity to obtain a ton of eye appeal at what will likely be a fraction of the cost of higher graded examples. (photo) From the Magnolia Collection.

Est. 20,000-25,000

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Popular 1856 Flying Eagle Cent

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1856 Flying Eagle 1 Cent. Proof Details, Whizzed. J-180. Snow-9. Mintage Estimate: 2,000.

Designer: James B. Longacre.

Obverse: Eagle flying left.

Reverse: Bow tied wreath with ONE CENT at center.

Edge: Plain.

Rarity: It is generally thought that from the total mintage of 2,000 around 600-800 specimens exist today as many examples found their way into circulation. The present specimen, listed by small cent expert Rick Snow as a Snow-9, makes up the majority of examples from the date and is identified by a small die chip below the top left serif on the N in CENT on the reverse. Most Snow-9s are classified as proofs and today, it is hypothesized that examples were actually struck post-1856 to satisfy growing collector demand for the date.

Commentary: Technically a transitional pattern, the 1856 Flying Eagle was the most prolifically produced of all pattern issues and as a result is collected alongside circulating dates. Even so, because of its relative scarcity when compared to other key date circulating issues such as the 1877 Indian cent and the 1909-S VDB and 1955/55 Lincoln cents, it is considered at the pinnacle of collectibility. Like most examples of the Snow-9 die pairing, the present is impeccably struck with full detail down to the veins in the leaves on the reverse wreath. Even reddish-brown color is spread throughout, and both sides maintain a lustrous shimmer as a result of the “damage�. While it is indeed unfortunate that the present example has lost its originality, it will unquestionably excite the collector that wishes to call a collection completed, yet lacks the funds to purchase a similarly detailed, but decidedly more expensive problem-free example. (photo) From the Magnolia Collection.

Est. 5,000-7,000

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Choice Copper “With Motto” Seated Dollar

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1865 Seated Dollar. PCGS PR64 Brown. J-435, Low R.7. Copper - 25.3gms.

Designer: Christian Gobrecht/Christian Gobrecht adaptation with added motto.

Obverse: (Regular Dies) Liberty seated right with head turned left, cap on staff in left hand.

Reverse: (Regular Dies for 1866-1873 issue) Shielded eagle at center with talons holding three arrows in one and an olive branch in the other; “In God We Trust” motto above.

Edge: Reeded.

Rarity: Ten example were reportedly struck and Judd confirms this range with the assignment of a Low R.7 rating (7-12 examples extant). The third-party census data suggests that resubmissions (or possibly an inaccurate mintage reporting) have in fact occurred with PCGS showing 7 examples in their report and NGC reflecting the same amount. In recent years, a number of examples have made it to auction with the Lemus Collection specimen (tied for the finest known) selling for $18,400.

Commentary: While inspection would suggest that the present example was made in 1865 as a transitional trial for the “with motto” reverse that was adopted in 1866, research suggests that it was in actuality a fantasy piece issued in sets for collectors between 1869 and 1870.

According to USPatterns.com “the first definite sales occurence for an 1865 with motto set was in the October 1870 Mason & Company sale of the Fewsmith Collection.” The present example carries with it a unique appearance that mimics that of a brass specimen as the surfaces have toned an almost uniform mustard-yellow with only traces of copper color and iridescent shades when turned under a light. The strike is as bold as one might expect from a carefully produced collector proof. An impressively presented pattern issue that would sit perfectly alongside an accomplished Seated dollar or pattern collection. (photo) From the Magnolia Collection.

Est. 3,000-4,000

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Deeply Cameoed Indian Princess Dollar From the J. Hewitt Judd Collection

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1871 1 Dollar. PCGS PR64+ Deep Cameo. J-1127, R.8. Silver - 25.6gms.

Designer: James Barton Longacre/Christian Gobrecht adaptation with added motto.

Obverse: Indian princess seated on globe facing left with cap on staff in right hand and arms with 13-starred flag behind; initials J.B.L at lower right base.

Reverse: (Regular Dies). Shielded eagle at center with talons holding three arrows in one and an olive branch in the other; “In God We Trust” motto above. Saul Teichman, pattern specialist, notes that “this reverse die is the same as the one used to strike 1866 copper dollars and at least some of the 1865 In God We Trust dollars.”

Edge: Plain.

Rarity: While it is presumed that 3-4 examples of the present plain edge pattern exist, only a single example has appeared since 1990. That appearance, a part of the January 2009 sale of the Lemus Collection by Heritage, was graded Proof 63 by NGC. The present example, the finest graded, is only the second to appear in any grade (the only by PCGS) and the only example graded in Deep Cameo.

Commentary: A gorgeously presented specimen that was struck by William Barber as it is unlikely that it was struck with future-dated dies before Longacre’s death in 1869. The appearance, although designated by PCGS as otherwise, unquestionably holds a Gem appearance with deep watery central mirrors that contain numerous obverse die scratches (as-made).

Beautiful color-tinged rims are visible on both sides with amber-orange, navy-blue, and maroon color on the obverse with fairly shallow amber-orange color around the reverse legends. The central cameo contrast is substantial with thick frost being inescapable of the eye’s attention. Several minor toning spots on the globe and the princess’ drapery serve as appropriate pedigree identifiers. With little question, the finest representative of this rare plain edge pattern known and among the most special items offered as a part of The Magnolia Collection. (photo) Ex. Judd Collection; From the Magnolia Collection

Est. 40,000-50,000

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Iconic James Longacre Designed Pattern Silver Dollar

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1871 Standard Dollar. PCGS PR62. J-1133, High R.6. Silver - 25.4gms.

Designer: James Barton Longacre.

Obverse: Indian princess seated on globe facing left with cap on staff in right hand and arms with 13-starred flag behind.

Reverse: “1 Dollar” at center surrounded by wreath; “Standard” at top legend.

Edge: Reeded.

Rarity: Judd estimates the survival of between 13-20 examples for 1133 with USPatterns.com suggesting an amount over 12. PCGS to date has graded 9 example with 8 having been certified by NGC. An NGC-graded Proof 66 Cameo currently exists as the finest known.

Commentary: An iconic pattern design by James Longacre that was executed by William Barber after Longacre’s death. As suggested by the grade, moderate hairlines cross the fields with astounding depth still remaining on the contrast-free surfaces. Like many examples in the collection, long-term storage has resulted in an attractive ring of gold and multicolored patina. When inspected with a loupe, double striking is evident and most notable around “STANDARD”. A phenomenal and relatively affordable example with a legendary pedigree. (photo) Ex. Farouk Collection; From the Magnolia Collection.

Est. 3,000-4,000

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Rare “Plain Edge” Pattern Dollar, Ex. Farouk Collection

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1871 Standard Dollar. PCGS PR61. J-1140, R.8. Silver - 25.6gms.

Designer: James Barton Longacre.

Obverse: Indian princess seated on globe facing left with cap on staff in right hand and arms with 22-starred flag behind.

Reverse: “1 Dollar” at center surrounded by wreath; “Standard” at top legend.

Edge: Plain.

Rarity: According to Judd, no examples of 1140 have appeared at auction since 1990 with a presumed existence of 2 or 3 examples. While one specimen is traced to an 11/73 Kagin’s sale, it is quite likely that example and the present are the same. The population reports confirm extreme rarity as until the present, none had been certified.

Commentary: Well struck and boldly mirrored with design elements that show little to no contrast with the fields. Both sides hold light toning with a well-defined ring on the obverse that clings tightly to denticles and a more wafting, cloudy appearance to the reverse patina.

Light diagonal hairlines are evident in the obverse and reverse fields with a pinscratch coming from Liberty’s shin as well as one just above her headdress. For the specialist, this without question marks a “can’t miss” occasion to acquire what is considered to be one of the most desirable pattern designs and an example that holds essentially unsurpassable rarity as it is quite possibly the only example held in private hands. (photo) Ex. Farouk Collection; From the Magnolia Collection.

Est. 20,000-25,000

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Near-Select Deep Cameo Indian Princess Pattern

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1871 1 Dollar. PCGS PR62+ Deep Cameo. J-1145, Low R.7. Silver - 25.6gms.

Designer: James Barton Longacre/Christian Gobrecht adaptation with added motto.

Obverse: Indian princess seated on globe facing left with cap on staff in right hand and arms with 22-starred flag behind.

Reverse: (Regular Dies) Shielded eagle at center with talons holding three arrows in one and an olive branch in the other; “In God We Trust� motto above.

Edge: Reeded.

Rarity: The Judd book notes that a single example has been sold through auction since 1990.

Certified examples appear slightly more frequently, with a total of ten (PCGS-7/NGC-3) having made the censuses. To date, only one other example of the ten has merited the Cameo or Deep Cameo level, with that example being the finest known and grading Proof 67 Deep Cameo by NGC. Commentary: Fully struck with watery mirrors and thick frost on exhibition in the centers. A vibrant ring of patina encircles the obverse with stunning pumpkin-orange coloration on the reverse. Hairlines, while present, are very light and do little to diminish the overall appearance.

In all, an impressive example that holds a much higher eye appeal than the grade would suggest. (photo) Ex. Judd Collection; From the Magnolia Collection

Est. 15,000-17,000

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Unsurpassable Aluminum Seated Dollar

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1871 Seated Dollar. PCGS PR67 Cameo. J-1152, R.8. Aluminum - 7.2gms.

Designer: Christian Gobrecht/Christian Gobrecht adaptation with added motto.

Obverse: (Regular Dies) Seated Liberty with cap on staff in left hand and shield at base; 7 stars at left, 6 at right.

Reverse: (Regular Dies) Shielded eagle at center with talons holding three arrows in one and an olive branch in the other; “In God We Trust� motto above.

Edge: Reeded.

Rarity: General consensus is that 3-4 pieces of the current type exist, but in actuality, that number might be less. The Judd book reports that one example of this aluminum type was sold by Superior in 1989 and was graded by PCGS as proof 65. However, prior to the current specimen, no examples of Judd-1152 were present in the PCGS population report, suggesting a misattribution at time of certification that was later corrected. No examples have been certified at NGC, making the present example the lone certified example. Inspection of auctions confirms extreme rarity, as no examples are traceable through major auctions in the last 20 years.

Commentary: Often termed a die trial, the current piece is actually more-so a presentation piece as it was included in sets made specifically for collectors. The current specimen represents a pinnacle of appeal in numismatics as the tone-free surfaces showcase absolutely full detailing with endless mirrors and even frost on the devices. Only the most trivial grazes preclude a finer grade. Given the softness of the medal, and the survival condition of similar issuances, the present example is truly a marvel and one that is all but assured placement in an elite pattern or Seated dollar collection. (photo) From the Magnolia Collection.

Est. 25,000-30,000

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Fully Gem Commercial Silver Dollar

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1872 Commercial Dollar. PCGS PR65+ Cameo. J-1219, Low R.7. Silver - 27.2gms.

Designer: Christian Gobrecht/James Barton Longacre.

Obverse: (Regular Die) Seated Liberty with cap on staff in left hand and shield at base; 7 stars at left, 6 at right.

Reverse: “Commercial Dollar” surrounding cornucopia at center with weight and fineness below; surrounded by wreath that is tied by “God Our Trust” ribbon.

Edge: Reeded.

Rarity: According to USPatterns.com “about a dozen are known in silver including examples in the Smithsonian, ANS, Connecticut State Library and Harry W. Bass, Jr. Research Foundation.” Nine examples currently sit within the PCGS and NGC population reports with the present being the lone cameo-certified example. Of the five now certified at PCGS, this sits as the sole Proof 65 (or +) behind a single Proof 66. NGC shows a single Proof 65 as its finest graded example.

Commentary: A scintilating example with bold cameo contrast between the jet-black fields and the pearl-white devices on the obverse with softer, yet still defined contrast on the reverse.

The strike shows impeccible intricacy with needle-sharp detail throughout. Patina only serves to enhance the appeal of this representative with color mostly confined to the rims on the obverse with a delightful blend of antique-gold, maroon, and blue shades that encroach on the reverse centers. Grade-limiting issues are essentially invisible to the unaided eye and given that the current example has gained the “+” as well as the cameo designation, it surely must be considered for the most desirable survivor. (photo) From the Magnolia Collection.

Est. 15,000-17,000

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Collectible “Sailor Head” Pattern Trade Dollar

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1873 Trade Dollar. PCGS PR63. J-1276, R.5. Silver - 27.2gms.

Designer: William Barber.

Obverse: Coronet head left; 13 stars around.

Reverse: “Trade Dollar” at top center with weight and fineness below; surrounded by wreath that is tied by “In God We Trust” ribbon.

Edge: Reeded.

Rarity: Judd states that between 35-75 of 1276 exist. Today, combined third-party census data records a total of 60 graded specimens - 6 of which have received the Cameo designation. The present example is one of 11 graded at the Proof 63 level by PCGS and sits in the middle of the surviving examples in terms of condition.

Commentary: A gorgeously designed Trade dollar pattern that was issued as singles and in sets of six to collectors for the then massive sum of $30. The present silver reeded edge specimen maintains an attractive appearance with deep mirrors remaining in the fields and a light cameo frost on the obverse. Toning is generally confined to the legends with attractive antique gold that frames the white centers. All design elements remain sharp and light hairlines that define the grade. A relatively available type that would make a great introductory example for the collector looking to shift collecting direction or learn slowly about the universe of patterns. (photo) From the Magnolia Collection.

Est. 2,000-2,500

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Sharply Rendered Pattern Trade Dollar

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1873 Trade Dollar. PCGS PR62. J-1322, R.4. Silver - 27.2gms.

Designer: William Barber.

Obverse: (Similar to Regular Die) Liberty seated left on beach with olive branch in extended right hand and sheaf of wheat behind.

Reverse: Small eagle perched with ribbon in beak and arrows and branch in talons.

Edge: Reeded.

Rarity: Judd estimates that between 76-200 specimens of 1322 exist with examples appearing at auction around 3-5 times a year. PCGS has certified 42 with grades ranging from Proof 6065 and NGC has graded 30 additional.

Commentary: Essentially brilliant with light gold tinges around the edges. The strike is notably sharp and light, but even hairlining defines the grade. Perhaps the most available pattern present in The Magnolia Collection and as such, a notable opportunity for the budgeted collector who desires to own a piece of this impressive assemblage. (photo) From the Magnolia Collection.

Est. 1,500-2,000

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Stunning “Liberty at the Seashore” Pattern

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1875 Commercial Dollar. PCGS PR64 Cameo. J-1423, High R.7. Silver - 27.2gms.

Designer: William Barber.

Obverse: Liberty seated on “Liberty” globe with olive branch in right hand, arms and sheaf of wheat behind, and illogical ship to sea at left; “In God We Trust” below in exergue.

Reverse: “Commercial Dollar” surrounding cornucopia at center with weight and fineness below; surrounded by wreath that is tied by “God Our Trust” ribbon.

Edge: Reeded.

Rarity: Six examples of this type were originally struck in silver and noted pattern specialist Saul Teichman believes that five of those can be accounted for today. Given that the previous origins of the present specimen are unknown, we are unsure whether it is the sixth and final representative to surface, or one counted in the census. The current PCGS population report shows two examples at the Proof 62 level. NGC has graded four examples with the finest, graded Proof 66, selling as a part of the landmark Lemus Sale. The present example is the only one to receive a Cameo designation. Given the total certified population, we presume that at least one is the result of a resubmission.

Commentary: Considered a muling, the present example is the combination of a pattern Trade dollar obverse and the Commercial dollar reverse. The surfaces of both sides remain brilliant in the center with light, mostly amber patination around the rims on the obverse with a thicker and more vibrant ring on the reverse. The cameo contrast is quite pronounced on both sides and helps to enhance the appeal. Faint hairlines define the grade. Generally considered among the most beautifully designed patterns and given its infrequent appearance and high-end appeal, one would expect feverish bidding until the hammer falls. (photo) From the Magnolia Collection.

Est. 20,000-25,000

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Seldom Offered William Barber Designed Pattern

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1876 1 Dollar. PCGS PR64 Red Brown. J-1458a, High R.7. Copper - 26gms.

Designer: William Barber.

Obverse: Liberty head facing left with coronet.

Reverse: “ONE DOLLAR” inside bow-tied open laurel wreath.

Edge: Reeded.

Rarity: Judd estimates that between 4-6 examples of 1458a exist. While likely high as a result of resubmissions, the PCGS population reflects that six examples have been graded and the NGC report shows two examples. Nonetheless, specimens seldom reach the market with the last traceable example to sell at auction being in September of 1995 by Heritage. More recently, Stack’s offered an example in the same grade as the present, but it did not sell. Two other offerings of the design have been offered in recent years with a silver example, listed as R.8, realizing $63,250 and a presumed unique copper example with a plain edge reaching $74,750.

Commentary: Delicate red color traverses the majority of both sides with iridescent rainbow patina becoming apparent when angled against a light. Close inspection reveals heavy die polish on Liberty’s portrait and softer lines (as-made) in the obverse and reverse fields. While not a significant deterrent to the eye appeal, several minor carbon flecks are noted on the obverse and likely prevented the Gem desingation. For the collector attempting to assemble a group of patterns by design, the present example screams of importance as the other two types for the design have essentially proved, in a similar fashion to the present example, to be unavailable and as such uncollectible. (photo) From the Magnolia Collection.

Est. 8,000-10,000

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The Only PCGS-Certified Judd – 1465

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1876 1 Dollar. PCGS PR64 Brown. J-1465, High R.7. Copper - 25.7gms.

Designer: William Barber.

Obverse: Liberty head facing left with beaded coronet; stars 7 x 6.

Reverse: “One Dollar” inside bow-tied open laurel wreath.

Edge: Reeded.

Rarity: The Judd reference suggests that between 7-12 examples of 1465 exist and USpatterns.com believes this number sits around a half dozen. Looking at both the PCGS and NGC populations reports, and tracing the appearance at auctions, the number is likely closer to the low end of estimates rather than higher. To date, NGC has certified three examples with the finest being Proof 66 Red Brown. While sales occur infrequently, one of the NGC-graded examples in Proof 65 Red Brown condition was sold in January of 2007 for $46,000.

Previous to the present, no example had been certified by PCGS. Commentary: A stunning near-Gem example of William Barber’s eloquently portrayed Sailor Head pattern with protected areas that are highlighted by salmon-pink coloration and fields that have toned to an attractive mixture of sky-blue and lilac color. Grade-limiting issues are few and far between and what appears to be a partial fingerprint fragment around 2 o’clock on the obverse likely precluded the Gem moniker. A considerable opportunity for the expert collector to add what ranks high among the most desirable pattern issues. (photo) From the Magnolia Collection.

Est. 15,000-17,000

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Gem Aluminum Goloid Metric Dollar Perhaps Unique in Private Hands

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1879 Goloid Metric Dollar. PCGS PR65. J-1620, R.8. Aluminum - 6.4gms.

Designer: William Barber.

Obverse: Bust of Liberty facing left with “Liberty” on tiara; 7 stars left and 6 at right divided by date and motto at top and bottom.

Reverse: Beaded inner circle with composition and weight measurements; wreath surrounds inner beads with “DEO EST GLORIA” in fancy cartouche above that completes wreath.

Edge: Reeded.

Rarity: Judd lists 1620 as 2-3 examples extant with no examples being sold at auction since 1990. According to Judd, the last appearance was in March of 1981 in a Paramount auction.

The present specimen now stands as the only example in either the PCGS or NGC population reports.

Commentary: A breathtaking aluminum pattern with a similar obverse design to the famed Half Union $50 pattern. The surfaces, as the Gem grade would suggest, are lovingly preserved with a full strike and gleaming fields. Trivial light haziness, as is common of aluminum patterns, is present with a couple dark aging specks on the rims. Also worthy of notation are numerous laminations on the obverse with one lamination on Liberty’s temple showing metal, while still attached, actually sticking up from the surface. Given previous appearances of this type on the marketplace, we feel confident in heralding the present opportunity as “once in a lifetime” for the determined pattern collector. (photo) From the Magnolia Collection.

Est. 20,000-25,000

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Well Preserved George Morgan Designed Pattern Dollar

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1880 Goloid Metric Dollar. PCGS PR65+ Red Brown. J-1649, Low R.7. Copper 20.9gms.

Designer: George Morgan.

Obverse: Bust of Liberty facing left with “Liberty” on tiara; 7 stars left and 6 at right divided by date and motto at top and bottom.

Reverse: Beaded inner circle with composition and weight measurements; wreath surrounds inner beaded circle with “DEO EST GLORIA” in fancy cartouche above that completes wreath.

Edge: Reeded.

Rarity: USpatterns.com believes approximately a dozen examples of the 1649 exist in copper with the Judd reference confirming a believed existence between 7-12. The grading service population falls within this range as four examples each have been graded by PCGS and NGC. The current specimen is the only “plus” graded specimen in the population reports and sits just below three Proof 66s.

Commentary: Considered one of the least visually inspired patterns to be produced by the Mint with a fairly nondescript Liberty’s portrait highlighting the obverse. Like many of the survivors for the date, the present has been impressively preserved with rich blended maroon, red, and violet color in the fields and soft sky-blue color atop much of the devices. A pinpoint strike confirms the distinguished appearance as no distractions are worthy of note. A lovely example that is sure to fit ideally into an advanced pattern or dollar collection. (photo) From the Magnolia Collection.

Est. 6,000-8,000

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Breathtaking Double-Headed Morgan Dollar Design

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1879 (ca. 1900) Pinches Double-Headed Morgan Dollar. Select Red Brown Proof.

Judd-Unlisted. P-5135. R.8. 39mm/19.2gms-Copper. A fascinating emission that features slightly varying Morgan dollar dies struck in coin rotation with a plain edge. Attributed to John Harvey Pinches, who was a London medalist that worked for the family business that went under the same name - Pinches’. According to a 1987-dated Coin World article, this novelty creation was made around 1900 to illustrate the possibilities of reverse die engineering.

Q. David Bowers in his Silver Dollar Encyclopedia confirms that “Pinches had a very advanced technology for making transfer dies from existing coins, for the few known specimens struck from these dies are all as fine as the Philadelphia products.” Careful study of the coins themselves confirms that this is in fact the case, and one has to wonder how this seemingly still unknown process was executed. What is known, is that examples were created in very limited number and today, it is presumed that one example exists in silver, two in copper-nickel, and two (the present example) in copper. To the best of our ability, a recreation of the whereabouts of all examples is as follows: 1) Silver (P-5125): John Harvey Pinches Estate; Glendining’s sale of the John Harvey Pinches Estate - 7/47; Glendining’s sale of 11/87; Eric Green; Private sale at the 1988 New York International Numismatic Convention; ANR - 7/05, lot 77.

2) Copper-Nickel (P-5130): John Harvey Pinches Estate; Glendining’s sale of the John Harvey Pinches Estate - 7/47; Private sale in London in 1972; ANR - 7/05, lot 78.

3) Copper-Nickel (P-5130): John Harvey Pinches Estate; Glendining’s sale of the John Harvey Pinches Estate - 7/47; Bowers and Ruddy - 11/74; Bowers and Merena - 1/84.

4) Copper (P-5135) - the presumed current specimen: John Harvey Pinches Estate; Glendining’s sale of the John Harvey Pinches Estate - 7/47; Bowers and Ruddy - 2/74; our current consignor.

5) Copper (P-5135): John Harvey Pinches Estate; Glendining’s sale of the John Harvey Pinches Estate - 7/47; Bowers and Merena - 11/74; Bowers and Ruddy - 6/80; Auction 88.

Close inspection of the present specimen reveals swirling die polish on the surfaces of both sides with peculiar reeding on one side. The fields remain lightly prooflike with multiple strikes (more than two) evident in widely varying placement. An item with multiple appeals, it is within reason that this rarity winds up in the collection of a pattern specialist, a Morgan dollar collector, or an accumulator of numismatically historic items. (photo) From the Magnolia Collection.

Est. 3,000-4,000

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1841 Seated Dollar. PCGS Genuine. Mintage: 173,000. Graded Genuine by PCGS with the accompanying “91” code for Questionable Color. An intriguing specimen that was sold to our consignor as a proof with an accompanying flip that reads “1841 Liberty Seated Dollar/ Choice Br. Proof/ Cat. $1000.00.” Upon close inspection, the die lump that is seen on the second A in AMERICA on all known proofs is missing, thus confirming a business strike designation. The surfaces are graced with a splotchy deep blue patina and the underlying surfaces show confirmed reflectivity. The color, while atypical of business strikes, is very similar in appearance to many proof issues of the era as a result of the storage method taken to reduce hairlines. Given our knowledge of the storage methods of this particular piece, we must therefore disagree with PCGS’ Questionable Color assessment. All devices remain sharply detailed throughout with far above-average definition in the stars and within the central motifs. Perhaps lightly cleaned at one time. For the collector looking to obtain an example that convincingly mimics one of the excessively rare 1841 proof specimens, the present certainly should be targeted. (photo) From the Magnolia Collection.

Est. 600-800

31 31

1857 Seated Dollar. Uncirculated Details, Lightly Cleaned. Mintage: 94,000. Like many of the surviving examples from this date with Uncirculated detail, the present example maintains fully prooflike fields with light hairlines that are primarily confined to the obverse fields.

While the central striking detail is meticulously rendered, some peripheral weakness is noted with many stars lacking complete definition. Seldom offered without evidence of circulation. (photo) From the Magnolia Collection.

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Est. 1,000-1,200

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Uncommon Complete 14-Coin Proof Set 32

1873 14-Piece Proof Set. 1873 marked an interesting year for American history, both inside the realm of numismatics and out. Outside of numismatics brought about such events like the issuance of the first U.S. postcard. The Preakness, the popular annual horse race that exists to this day, had its first running. Also of popular signifcance was the debut of showman P.T. Barnum’s “Greatest Show on Earth”. The economic side saw the curiousity of women’s suffragette Susan B. Anthony being fined $100 for trying to vote for president. Of greater significance was the Panic of 1873. The panic resulted in a crash of the stock market and New York shut down its banks for a period of 10 days due to the bank scandal. Numismatically, 1873 saw the Mint Act or so-called “Crime of ’73,” which ended the circulation of odd-denominated coinage such as the two and three cent piece. Also, significant to this set, it extended the size of the 1873 proof set with the dime, quarter, and half dollar carrying arrows to mark a change in size in addition to the early issued sans-arrow type. In all, given the framework of numismatic significance as well as overall scarcity of complete proof sets of the era, this presents an excellent opportunity to obtain one of the more important proof set dates in numismatics. The set, to be detailed below is well matched and now resides in a custom Capitol Plastics holder. A true collection centerpiece and one of the many delightful gems of the collection.

1) 1873 “Closed 3” 1 Cent. Near-Gem Red Brown Proof. Mintage: 1,100.

An attractive, mostly red specimen with significant reflectivity in the fields and light reddish-brown freckling that calls out the “Red Brown” moniker.

2) 1873 2 Cents. Select Red Proof. Mintage: 600. Essentially fully red and seemingly free from mishandling with a cloudy overlay that slightly mutes the field reflectivity. The final year of two cent issue.

3) 1873 “Closed 3” 3 Cent Silver. Near-Gem Cameo Proof.

Mintage: 600. Deep watery mirror are showcased on both sides with several minor evidences of handling that would prevent the Gem designation.

4) 1873 “Closed 3” 3 Cent Nickel. Near-Gem Proof. Mintage: 1,100.

Mildly reflective in the fields with streaky milky patina over the surfaces as is typical of undipped examples. Several trivial carbon flecks and a strike-through are noted on Liberty’s cheek, but do not prevent the Gem level.

5) 1873 ½ Dime. Gem Proof. Mintage: 600. Orangecopper patina haloes the lightly toned centers with notable die polish evident when placed under magnification.

6) 1873 5 Cents. Gem Proof. Mintage: 1,100. Available in only the “closed 3” format with soft reflectivity in the fields and wispy silver-tan patina over the surfaces.

7) 1873 10 Cents. Gem Cameo Proof. Mintage: 600. Deep reflectivity is evident in the fields with speckled copper and purple color on the obverse with minimal reverse patina.

Quite appealing.

8) 1873 Arrows 10 Cents. Select Cameo Proof. Mintage: 800. Lightly colored along the rims with mostly brilliant centers.

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9) 1873 “Closed 3” 25 Cents. Near-Gem Proof.

Mintage: 600. Boldly impressed and patinated throughout with watery mirror on both sides.

10) 1873 Arrows 25 Cents. Select Proof. Mintage: 540. A desirable and low-mintage transitional example with arrows at the base of the date. Light color adorns both sides with minor handling evident in the fields.

11) 1873 “Closed 3” 50 Cents. Proof.

Mintage: 600. Quite sharp with similar coloration to the other silver specimens in the set. Soft hairlining is noted and accounts for the grade.

12) 1873 Arrows 50 Cents.

Select Proof. Mintage: 550. A particularly desirable issue marked by arrows at the date that symbolized the change in weight in the half dollar to a metric weight (slightly more than previously) of 12.5 grams. Given that the placement of arrows created a short-lived type, the present example is particularly desirable to collectors.

13) 1873 Seated Dollar.

Gem Cameo Proof. Mintage: 600. The final year of Seated dollar production before the country switched the Trade dollar to the primary circulating dollar in the land.

The surfaces of the present specimen have been clearly carefully handled throughout the ages with no flaws evident without the aid of a loupe.

Both sides are graced with stunningly attractive outward-in toning that showcases varying degrees of copperorange, blue, and maroon patina. The centers show definite cameo devices and while the toning is rich, it fails to diminish mirror depth. Quite likely the finest preserved and presented item in the set.

14) 1873 Trade Dollar. Select Proof. Mintage: 865.

Beautifully patinated with a streaky presentation in the centers that flattens out to gold, blue, and maroon color toward the edges. Meticulously struck with stellar overall appeal. (photo) From the Magnolia Collection.

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Est. 20,000-25,000

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1875-S/CC Trade Dollar. AU Details, Cleaned. FS-501. Mintage: 4,487,000. A popular and scarce over-mintmarked issue with remnants of the iconic Carson City “CC” mintmark visible primarily to the right of the S on the reverse. The striking detail is full with a hint of friction atop the highpoint. Cleaning is evident on both sides and notably mutes the luster on the reverse surfaces. (photo) From the Magnolia Collection.

Est. 600-800

34 34

1876 Trade Dollar. PCGS PR63+. Mintage: 1,150. Type One Obverse, Type Two Reverse.

An interesting variety of this centennial-issued proof Trade dollar that shows the ends of the “Liberty” scroll that she holds in her hand pointing to the left, whereas other examples point down. Far above-average for the issue, as few proofs of this era are as nicely preserved.

The fields shine with intense, largely unimpeded mirrors, and while not significantly contrasting, hold light frost on the devices. While not uncommon for the date, it is noted that the strike is short of full with several stars along the top obverse as well as Liberty’s head showing incomplete detail. Still, sure to be recognized by the astute collector for its state of preservation which easily outdistances the majority of its brethren. PCGS Population (Non-Cameo): 1 in 63+, 71 finer. (photo) From the Magnolia Collection.

Est. 1,500-1,700

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1877-CC Trade Dollar. PCGS AU58 - Chop Mark. Mintage: 534,000. An impressive example of this scarce CC-Mint product. The fields remain boldly lustrous with light grazes.

The strike is admirably portrayed with no areas of noted weakness. A single bold punch is present on the reverse and only slightly bows the corresponding obverse surfaces. Other evidence of circulation is minimal with the barest trace of flattening evident when closely inspected. A thin ring of antique copper-gold and blue patina surrounds the edges and completes the eye appeal. For the dollar specialist and more specifically the trade dollar specialist interested in the actual commerce involved with the type, the present example offers a seldom available opportunity. PCGS Population (Chop Marked): 9 in 58, 6 finer. (photo) From the Magnolia Collection.

Est. 1,200-1,400

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1879 Trade Dollar. PCGS PR64 Cameo. Mintage:1,541. While the Trade dollar ceased to be legal tender in the United States in 1876, it continued to be struck for trade with China until 1878 at which time business-strike production was completely ceased and proof-only issues were made for collectors until 1885. Given the popularity of the series, and the large number of collectors in the dollar-collector universe, the importance of the 1879-1885 proofonly issues is profound - as not nearly enough were coined to satisfy demand with the highest production date seeing a 1,987 coins and 1884 and 1885 being non-collectible due to mintage of 10 and 5 respectively. The present specimen, the beginning of the proof-only run, is stunningly preserved with limited distractions in the fields or elsewhere, a mild, but apparent cameo contrast on both obverse and reverse central designs, as well as reverse legends that are highlighted by appealing color. A small lintmark running up from Liberty’s right shoulder as a pedigree marker. A wonderful opportunity for the specialist. PCGS Population (Cameo): 37 in 64, 22 finer. (photo) From the Magnolia Collection.

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Est. 3,000-3,500

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1880 Trade Dollar. PCGS PR63+ Cameo. Mintage: 1,987. The most abundantly produced of the proof-only issues with a pleasant cameo contrast on the devices, a strike that is just short of full, and mirror depth that is watery and seemingly unending. Amber-copper patina highlights the peripheries with flares that reach for the centers on the reverse. An immensely attractive example and for the type or date collector, an ideal candidate. PCGS Population (Cameo): 1 in 63+, 78 finer. (photo) From the Magnolia Collection.

Est. 1,700-2,000

38 38

1880 Morgan Dollar. PCGS PR62. Mintage: 1,355. An attractive proof issue with the knife-like striking details that one would expect from a proof and essentially brilliant centers that give way to a shallow ring of gold and multicolored patina at the edges. Light cameo contrast is visible on the obverse with little of the same effect on the reverse. Field hairlines limit the grade. PCGS Population (Non-Cameo): 56 in 62, 265 finer. (photo) From the Magnolia Collection.

Est. 1,000-1,200

Spink Smythe is pleased to announce that we will be accepting credit cards as payment for purchases up to $20,000.00 with no administrative fees, if paid within 7 days after the close of the auction. For assistance with this type of payment, please contact Patricia Gardner or Sam Qureshi. 972-788-2100 Page 67

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1881 Trade Dollar. PCGS PR63. Mintage: 960. The 1881-dated proof Trade dollar stands out as carrying the lowest mintage, outside of the non-collectible 1884 and 1885 dates, of all the proof-only issued Trade dollars. The present specimen, with a decided cameo contrast on both sides, is sure to competently fill the dates often-seen hole in a collector’s set as the fields show little mishandling. Fiery copper-gold and cobalt tinges that cling to the edges on the reverse complete the appeal and solidify the desirability of the offering. PCGS Population (Non-Cameo): 96 in 63, 146 finer. (photo) From the Magnolia Collection.

Est. 2,000-2,500

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1882 Trade Dollar. PCGS PR63+ Cameo. Mintage: 1,092. A proof-only date for the Trade dollar and as such, a necessary example for collectors by date. The current specimen, in the middle of the condition census maintains remarkable depth in the mirror and is most notable for its far above-average frost on the obverse and reverse devices. Needle-sharp detail is apparent throughout and the rims are nicely squared. As with numerous examples in this collection, the centers remain largely tone-free with fiery multicolored patina that clings primarily to the rims. A delightful specimen that is sure to attract much attention. PCGS Population (Cameo): 1 in 63+, 47 finer. (photo) From the Magnolia Collection.

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Est. 2,000-2,500

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42

1883 Gold Dollar. PCGS MS66. Mintage: 10,800. A soft honey-gold specimen with flashy luster in the abrasion-free fields and intricately detailed devices. (photo - enlarged) From the Magnolia Collection.

42

Est. 1,200-1,400

1883 Gold Dollar. PCGS MS66. Mintage: 10,800. A fabulous, seldom-rivaled example with thick frost on the devices and only the most trivial fleck on the obverse portrait that precludes the Superb level. (photo - enlarged) From the Magnolia Collection.

Est. 1,200-1,400

43 43

1908 No Motto 20 Dollars. PCGS MS65+. Mintage: 4,271,551. Exceptionally preserved and boldly detailed with even honey-gold color in the mark-free fields. While the date is unquestionably a common one, it is avidly pursued for type, and the current specimen is sure to admirably fill that void. (photo) From the Magnolia Collection.

44

Est. 1,400-1,600

Remainder of U.S. Coinage. A desirable group that contains, but is not limited to a proof Indian cent, a proof 1937 Walking Liberty half dollar, a half dollar type set, an 1850 gold dollar, and an 1834 five dollar gold piece. Certain to attract significant collector attention. [17] From the Magnolia Collection.

Est. 1,000-1,200

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Byzantine Empire. Constantine X. Ducas. 1059 - 1067 A.D. AV Histamenon Nomisma. VF. DOC 1a. SB 1847. 4.3gms. Constantinople Mint. Obv: Radiant Christ enthroned facing. Rev: Constantine standing facing, holding labarum in right hand, globus cruciger in left. Double struck on the obverse upon a nicely rounded flan. Typical scratches appear along the upper reverse borders. (photo) From the Magnolia Collection.

46

Est. 200-400

Byzantine Empire`. Alexius L. Comnenus. 1081-1118 A.D. AV Hyperpyron. VF. Sear1912, Ratto-2057. 4.4gms. Constantinople Mint (post-reform coinage). Obv: Radiant Christ enthroned facing, right hand raised, gospels in left hand. Rev: Crowned emperor stands facing with globus cruciger in left hand, labarum in right hand. Several flan cracks show near 6 o’clock with a sliding strike on the right reverse surfaces that distorts the design. Void of the often-seen flan scratches. (photo) From the Magnolia Collection.

B

I D D I N G

Est. 200-400

A

S S I S T A N C E

A number of our most successful bidders telephone us prior to our auctions to ask for bidding advice, opening bids and for pre-sale estimates on selected lots. We welcome your call to answer any questions you have or to help you in preparing your bids. Please ask for Jim Fitzgerald for currency; Matt Orsini for coins; and Robert Litzenberger for autographs and stocks & bonds.

972-788-2100 or 800-556-7826.

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Cuba. 1915-1916 6-Piece Gold Type Set. 1) 1916 1 Peso. Uncirculated. KM-16.

2) 1916 2 Pesos. AU. KM-17.

3) 1916 4 Pesos. AU. KM-18.

4) 1916 5 Pesos. AU. KM-19.

5) 1916 10 Pesos. Choice AU. KM-20.

6) 1915 20 Pesos. Uncirculated. [6] (photo) From the Magnolia Collection.

Est. 2,000-2,500

48 48

Hawaii. 1883 Denomination Set. 1) 10 Cents. VF. KM-3.

2) 25 Cents. AU Details, Cleaned. KM-5.

3) 50 Cents. AU Details, Cleaned. KM-6.

4) 1 Dollar. AU Details, Cleaned. KM-7. [4] (photo) From the Magnolia Collection.

Est. 400-600

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Mexico. 1917-1959 6-Piece Gold Type Set. 1) 1945 2 Pesos. Uncirculated. KM-461.

2) 1945 2.5 Pesos. Uncirculated. KM-463.

3) 1955-M 5 Pesos. Uncirculated. KM-464.

4) 1959-M 10 Pesos. Uncirculated. KM-473.

5) 1917 20 Pesos. AU. KM-478.

6) 1947 50 Pesos. Uncirculated. KM-481. [6] (photo) From the Magnolia Collection.

S

P I N K

L

I V E

Est. 2,000-2,500

窶年

E V E R

M

I S S

A

B

I D

London, New York, Singapore and Hong Kong are just a mouse click away with the Spink Live auction bidding platform. This easy to use auction bidding system can be used anywhere you have internet accesss. To learn more visit www.spinksmythe.com and follow the Spink Live Link or call Emily Cowin at 972-788-2100 to learn more about Spink Live.

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Mexico. 1907-1959 6-Piece Gold Type Set. 1) 1945 2 Pesos. Uncirculated. KM-461.

2) 1945 2.5 Pesos. Uncirculated. KM-463.

3) 1907-M 5 Pesos. XF. KM-464.

4) 1959-M 10 Pesos. Uncirculated. KM-473.

5) 1915 20 Pesos. Uncirculated. KM-478.

6) 1947 50 Pesos. Uncirculated. KM-481. [6] (photo) From the Magnolia Collection.

T

E L E P H O N E

Est. 2,000-2,500

B

I D D I N G

As an added convenience to our bidders in the sale, we offer telephone bidding during the auction which gives buyers the flexibility they may need to increase their bids as the auction proceeds. Please call our offices (800-556-7826 or 972-788-2100) to arrange for telephone bidding prior to the sale and ask for Patricia Gardner or Emily Cowin.

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Monaco. 1884-A 100 Francs, Charles III. Uncirculated. KM-99. .9335oz AGW. Mintage: 15,000. Set in orange gold with radiant luster in the fields. Central device definition is just short of full, but fails to detract from the appeal. (photo) From the Magnolia Collection.

Est. 1,000-1,200

52 52

Monaco. 1896-A 100 Francs, Albert I. AU. KM-105. .9335oz AGW. Mintage: 20,000.

Lightly circulated with semi-prooflike luster in the fields. A delightful large gold coin. (photo) From the Magnolia Collection.

53

Est. 1,000-1,200

Remainder of World Coinage. Valuable primarily for its gold content, with eight world gold coins containing 1.4 ounces of gold as well as numerous other silver and base metal types. [15] From the Magnolia Collection.

Est. 1,400-1,600

End of Sale Thank You!

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