Offered Jan. 6-8, 2016, at Florida United Numismatists (FUN) Convention in Tampa; PR 66 PCGS CAC ex: Eliasberg, makes only its fourth auction appearance in history
DALLAS – An 1894-S Barber Dime, Branch Mint PR66 PCGS CAC, the finest known survivor, will offer one collector a once-in-a-generation opportunity to own one of the most famous, mysterious and elusive coins in American numismatics when it comes to auction on Thursday, Jan. 7, 2016, as the centerpiece of Heritage Auctions’ Platinum Night offerings at the FUN Convention in Tampa, FL.
This is just the fourth auction appearance in history of this celebrated rarity
“The 1894-S Barber dime is a classic in American coinage,” said Greg Rohan, President of Heritage Auctions. “This legendary coin is often grouped with the 1804 dollar and the 1913 Liberty nickel as ‘The Big Three’ of U.S. coin rarities. It has been the stuff of collector dreams since it was first mentioned in the numismatic press by Augustus Heaton in 1900.”
Only 24 Barber dimes were struck at the San Francisco Mint in 1894, apparently in order to balance a bullion account. No more than nine – and possibly only eight – examples of the 1894-S are known to collectors today, with this coin being the finest survivor certified by PCGS.
Many collectors in Tampa will have their eye on the 1870-S Silver Dollar XF40 PCGS, ex: Ostheimer-Gardner, the fourth finest known example of this landmark rarest regular issue silver dollar, that will be on offer, as well as a storied error issue in the form of a 1943-S 1C Struck on a Bronze Planchet AU55 PCGS Secure, the third finest graded at PCGS and the third-finest of six confirmed examples.
Topping the gold offerings at FUN are an 1849-C G$1 Open Wreath MS62 PCGS Secure, Ex: Richmond Collection, the finest-known specimen and one of the rarest and most valuable coins in the U.S. gold series, along with an 1804 Quarter Eagle, 13 Stars Reverse, AU55 PCGS Secure CAC, the second finest known example of the exceedingly rare BD-1 Variety.
Further highlights include, but certainly are not limited to:
1792 Fusible Alloy Cent VF35 PCGS Secure CAC, Ex: Simpson
1861 Original CSA Cent MS64+ PCGS Secure CAC, Ex: Simpson: Probably the finest known
1943 Cent Struck on a Bronze Planchet AU58 PCGS Secure CAC, Ex: Simpson
1792 Half Disme MS62 PCGS Secure, Ex: Simpson
1792 Disme Fine 15 NGC
Heritage Auctions is the largest auction house founded in the United States and the world’s third largest, with annual sales of approximately $900 million, and 950,000+ online bidder members. For more information about Heritage Auctions, and to join and receive access to a complete record of prices realized, with full-color, enlargeable photos of each lot, please visit HA.com.
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WASHINGTON -The United States Mint will accept orders for the 2015 American Eagle One Ounce Silver Uncirculated Coin (product code ES7) starting March 26 at noon Eastern Daylight Time (EDT).
United States Mint Press Releases/Public Statements
WASHINGTON – The United States Mint will begin accepting orders for the 2014 United States Mint Limited Edition Silver Proof Set (product code LS3) on March 17 at noon Eastern Daylight Time (EDT).
United States Mint Press Releases/Public Statements
WASHINGTON – The United States Mint will open sales for the March of Dimes Silver Dollar beginning March 13 at noon Eastern Daylight Time (EDT).
BEATRICE, Neb. – United States Mint representatives joined National Park Service officials today to launch the Homestead National Monument of America Quarter, the 26th coin in the America the Beautiful Quarters® Program.
United States Mint Press Releases/Public Statements
The Reed 1804 Dollar – ICG PR64
ICG is chosen to grade Parmelee/Reed Specimen of the 1804 Silver Dollar -Original (Class I) for Durham Western Heritage Museum in Omaha, Nebraska.
ICG grades 30 rarities worth $3,000,000 to $4,000,000 for the Byron Reed Collection, including 3 rarities of which only 2 or 3 of each are known to exist. Also included are 3 finest known coins.
The 1804-Dollar has been dubbed “The King of American Coins.” ICG has recently graded and authenticated the Parmelee/Reed Specimen, which now resides in the Byron Reed Collection at the Durham Western Heritage Museum. Omaha, Nebraska (801 South Tenth Street). This coin will be on display beginning June 19″‘, 1999 as part of the grand opening of the new Byron Reed Gallery.
A grade of Proof-64 was assigned to this Original Specimen of the 1804 Dollar. The coin is noted for having beautiful blue and iridescent hues on the obverse and a lighter, mostly white reverse. The estimated value of this Dollar is 1.5 to 2 million dollars. The pedigree of this 1804 Dollar can be traced back to the late 1840’s, when an unknown woman reportedly purchased it from the U S. Mint for face value. It then became the cornerstone of the Lorin G. Parmelee collection from 1874 to 1890. Byron Reed purchased the coin from the Parmelee Collection sale in 1890 for $570. Since Byron Reed’s death in 1891, the coin has been held by the City of Omaha and has been displayed in the past at the Omaha Public Library. The Collection will be on display as part of the Byron Reed gallery at the Durham Western Heritage Museum beginning June 19th.
There are 15 known 1804 Dollars. The Reed specimen is one of eight known Class I specimens which are known as originals, but were actually struck in 1834. There is also one known Class II specimen, which is now at the Smithsonian. Additionally there are 6 known Class III specimens. These are known as Restrikes.
“The reason we chose ICG to authenticate and grade our coins is because of ICG’s consistent quality and expertise in the grading and authentication process, and their vast knowledge of numismatics,” said Larry Lee, the curator for the Byron Reed collection. “This exhibit was created with painstaking attention to detail and quality, and we wanted the same type of professionalism in the company we chose to help us assess the collection. These guys are professionals all the way.”
J.P. Martin, ICG’s Senior Grader and Authenticator, remarked, “In my 20 years of numismatics, I’ve examined a number of the ultra-rarities, including over half of the 1804 Dollars. The excitement never diminishes, and in fact, the Reed specimen is on the higher-end of surviving specimens. It certainly is fun to see in person how each of the 1804 Dollars compares to the others.”
Keith Love, President and Founder of ICG, stated, “The Reed 1804-Dollar deserves to be ranked in the upper-echelon of 1804 Dollars. I’m referring to the PR-64 and PR-65 specimens that represent the higher end tier of 1804 Dollars. It is fortunate that this coin and other spectacular coins will be on display for all to enjoy. ICG has come to be known with having a quality product so it is a pleasure to have graded a portion of a rare collection that contains coins of the quality of the Byron Reed coins.”
The highlights of the Byron Reed coins that ICG graded include the following rarities.
||Original – Parmelee Specimen
|1829 Half Eagle
||Tied for finest certified, less than 10 known total
|1850 Half Eagle
||Dubosq and Co.
|1826/5 Quarter Eagle
|1878 Half Eagle
||J 1575, Pollock 1768
||J-1579, Pollock 1772
||J-10, Pollock 11
Walt Armitage, ICG’s senior grader, stated. “A fabulous selection of coins, full of rarities! In addition to the 1804 Dollar there are 6 coins that are either the finest known or where less than 10 are known to exist. It was a pleasure to grade the pattern 1878 $5 and $10 gold coins of which there are only 2 of each known, and then to immediately examine an 1829 half eagle and an 1827/3 quarter. Rumors existed that some of these coins had been mishandled; quite to the contrary, many of these coins are of high grade and the pristine surfaces of the patterns are nearly flawless in some cases.”
Larry Wilson, a historian and numismatic researcher for ICG, visited in person the Byron Reed Gallery at the Durham Western Heritage Museum and commented, “The exhibit is an environmental museum where the visitors walk through a replication of the original Byron Reed Library. The coins are displayed in beautiful dark wooden cases that give the visitors the sense they are part of the exhibit. It gave me the feeling I was back in the 1880’s sitting in Byron Reed’s library examining his coins with him. The exhibit includes an abundance of historical information on Byron Reed and the times. I know visitors will be impressed with the quality of the exhibit and the magnificence of the coins displayed.”
ICG examined a very small portion of this fabulous collection (the 30 coins represent less than 1% of the total coin count). This initial effort is the first step in a year-long assessment of the collection. It was important to get many of these 30 coins authenticated and graded now as the museum wanted them assessed before the coins are placed within the exhibit cases for the June 19th grand opening.
Wilson also commented on the manner in which the collection is being stored, “From preservation, to organization, to display, to security, the museum staff is doing an excellent job. I was particularly impressed by the curators who obviously have put a lot of thought and hard work into preservation. If the current preservation situation for these coins is maintained, this collection will he one of the finest on display in the world for years and years to come.”
For more information on the Durham Western Heritage Museum, the Byron Reed Exhibit, or the Reed 1804 Dollar please contact Larry Lee, Curator. 801 South Tenth Street, Omaha. Nebraska 68108 or Telephone (402) 444-5071 or Fax (402) 4445397.
The Reed 1829 Half Eagle – ICG MS66
Less than 10 known, this specimen is tied for the finest certified.
1915 Lincoln Cent Struck on 75/25 Cu-Ni Planchet PCGS XF 45 Unique. Provided by U.S. Mint error coin dealer Michael S. Byers of Byers Numismatic Corp
This is the only authenticated and certified Lincoln Cent off-metal prior to 1919. It was recently featured in a front page Coin World article and described as a possible Mint Experiment Test Piece. This was struck on a full-size planchet of Nickel composition. Pollock lists as #2028, “Nickel. Plain edge. Unique? Listed in Judd as being a Mint Error.”
S&N Labs analyzed this unique off-metal for elemental composition using scanning electron microscopy with energy-dispersive x-ray spectrometry (SEM-EDX). The composition was a copper-nickel alloy.
This is the same alloy that was used to strike the Buffalo Nickels during this time period. To view a unique 1920 Buffalo Nickel struck on a full-size copper planchet, authenticated and certified by NGC, click here.
This unique 1915 Lincoln Cent is on a full-size planchet as the rims are full and sharp. If it was struck on a foreign planchet, there would be weakness in the rims.
Provided by Michael Byers of Byers Numismatic Corp. (byersnc.com)
An example of Pollock #2082, the Martha Washington Quarter, has been discovered and was purchased by Michael Byers of Byers Numismatic Corp. (byersnc.com). So far, this is the only known example in private hands. There is one set of a Dime, Quarter and Half struck by the Martha Washington dies that are permanently housed in the Smithsonian Institute, embedded in blocks of lucite. Click here for more info on the Martha Washington Quarter from USPatterns.com.
Michael Byers also purchased an example of Pollock #4100, a copper-zinc Cent struck by the Mint’s Martha Washington Dies. This Martha Washington Test Piece might have been used to test the new copper-zinc planchets for the U.S. Mint. Starting in 1982 the composition and weight of the Cent planchet changed. Instead of weighing 3.11 grams and having a composition of 95% copper and 5% zinc, the weight is 2.5 grams with a composition of 97.5% zinc and 2.5% copper. Click here for more info on the Martha Washington Cent from USPatterns.com.
According to United States Pattern and Related Issues , by Andrew W. Pollock III, “the only trial pieces purported to have survived metallurgical testing in 1965 were the Dime, Quarter Dollar, and Half Dollar equivalent strikes in copper-nickel clad over copper.”
The only Martha Washington Dime Trial Piece in private hands is being offered for $100,000 by another coin dealer. NGC authenticated and encapsulated this Martha Washington Dime in April of 2000.
In August of 2000, Michael Byers purchased a Martha Washington Test Piece on a copper-zinc Cent planchet. This piece was struck by the Martha Washington Dime Dies. This piece was struck 10% off-center with a uniface reverse. This discovery was a front page Coin World article on August 7th, 2000. In a response to the discovery of this Martha Washington Test Piece that Michael Byers discovered, the Mint announced that “the dies are available to the Mint’s metal and blank vendors for testing.” This piece was originally offered for $39,500 and has been sold. Click here for more info on the Martha Washington Test Piece that sold.
These two recently aquired Martha Washington Test Pieces using the Mint’s Martha Washington Dies are now in private hands. The evolving story about the Martha Washington Dies, test strikes and the discovery of these pieces is among the most interesting Numismatic stories in decades.
Martha Washington 1759 Quarter Pattern
Head of Martha Washington
View of Mount Vernon
Obverse by Edward R. Grove
Reverse by Philip Fowler
±88 grains [±5.7 grams]
Provided by Michael Byers of Byers Numismatic Corp. (byersnc.com)
The Louis E. Eliasberg Sr. Specimen Realized $1,840,000.00
1913 Liberty Head. NGC graded Proof 66. Finest Known of Only Five Struck. The Louis E. Eliasberg, Sr., Specimen. Five were struck, and four accounted for, two of which are in museums: the finest certified known in private hands. The piece has glittering mirror surface and, perhaps, is the only specimen with this characteristic (the others exhibiting duller, more matte-like fields).
The famed Eliasberg specimen has been widely acclaimed and has been featured in more exhibitions than any other. More people have seen it than any other coin in American numismatics. Evidently, only five Liberty Head type five-cent pieces were struck in 1913. Of the five, the so-called Reynolds specimen (No. 2 in the Registry below, appended from the Bowers and Merena sale of the Eliasberg Collection), has not been examined by numismatists in recent decades. Its whereabouts are currently unknown, and may be the third or fourth finest of the five.
Another specimen that some believe may be the second finest known is in the holdings of the Smithsonian Institution, having earlier resided in the Ambassador and Mrs. R. Henry Norweb collection. This is listed as No. 3 in the Registry.
The Olsen specimen (No. 4), the grading of which has been variously described as from Mint State 60 to its current PCGS Proof 64 classification, is owned by Spectrum Numismatics. It is perhaps the third or fourth finest of the five, depending upon how it compares with the missing Reynolds coin.
The McDermott coin (No. 5), now in the American Numismatic Association Museum in Colorado Springs, is somewhat worn due to being mixed with pocket change.
More descriptive histories of the five specimens are given in the Registry below.
According to Bowers, in his May 1996 offering of the Eliasberg Collection, “in the early 1940s, Eric P. Newman, a St. Louis numismatist, bought some paper money from the numismatic estate of Col. E.H.R. Green that was being sold by Burdette G. Johnson, a well-known dealer of the same city. Upon asking if any coins were available, Newman was shown an inventory by Johnson. Listed were all five of the 1913 Liberty Head nickels, which had been acquired en bloc by Green in the mid-1920s, just as he had once bought the entire sheet of 100 1918 25¢ stamps with inverted “Jenny” biplane — representing the entire population of that famous stamp.
“Eric P. Newman in partnership with Johnson bought all five of the 1913 Liberty Head nickels, and later sold four of them, keeping the finest, one of only two with Proof surface, for his own cabinet.” (This glittering gem was later sold to Louis E. Eliasberg, Sr., privately through Numismatic Gallery. Until 1996 it had never been featured or offered at auction.)
Story of the 1913 Nickel
Early in the year 1913, before the Indian or buffalo design was introduced in February, it has been postulated that just five 1913-dated nickel five-cent coins were struck at the mint at Philadelphia employing the still current Liberty Head that had been in production since 1883. Some point to the mint’s Medal Department as the likely source, where Proofs and other special strikings were made (including limited edition pieces such as the 1907 Ultra High Relief $20 Proofs). It appears one Samuel W. Brown, a numismatist who attended the American Numismatic Association Convention when it was held in Philadelphia in 1908, was an employee of the Mint at the time. He worked in the coining department and also with the Mint Collection. Brown is considered the mostly likely person who received the five pieces. He kept them in his possession until 1920 where they were openly shown and advertised.
Again, the circumstances surrounding the issuance of the 1913 Liberty Head nickel is steeped in mystery: an enigma lost in obscurity muted by silence as to those responsible for making the dies, preparing the machinery, and striking the coins. Quite possibly Samuel Brown received them via engraver George T. Morgan, who produced rarities upon occasion for sale to dealers (in particular, Henry Chapman) and collectors (Cleveland industrialist Ambrose Swasey is an example), and who is believed to have been involved in making the famous MCMVII Ultra High Relief double eagles. The five 1913 Liberty Head nickels were displayed by Brown at the 1920 ANA convention.
“In early January 1913,” according, again, to Bowers in his catalog of the Eliasberg specimen, “it was perfectly legal to make a 1913 Liberty Head nickel at the Mint…under practices then inn effect at the Mint, all one had to do was to exchange another date of five-cent piece for a 1913 Liberty Head. Although none had been made in quantity for circulation, in early 1913 the Liberty Head motif was the standard design in use, the ‘Buffalo’ nickel not yet having been either perfected as to design or issued for circulation.”
Bowers goes on to say, “The first ‘experimental’ Indian-Buffalo nickels were struck on January 7, 1913, but production for circulation did not take place until after February 15, as there were problems with the design. For someone in the Medal Department of the Mint to have struck a few 1913 Liberty Head nickels for cabinet purposes early in January 1913 would have been neither unusual nor illegal. The Liberty Head motif was the official design until it was replaced with the Indian-Buffalo motif, and this did not happen until well into February 1913.”
Curiously, had the design difficulties not been ironed out, Liberty Head nickels might have been made in large quantities for circulation in 1913. As it was, “the Mint had been told to do nothing with the nickel denomination until the new Indian-Buffalo design was perfected.”
(Bowers postulates an alternative source for the five 1913 nickels: they “could have been struck as test pieces in autumn 1912 when dies for the next years coinage were being made, and before it was decided not to use the design.”)
Whatever the circumstances of striking, the 1913 Liberty Head nickel remains today the most publicized of all American coins.
“Decades ago Texas dealer B. Max Mehl spent millions of dollars advertising in magazines and newspapers and on the radio selling copies of his Star Rare Coin Encyclopedia which listed prices he paid for coins. The idea was that if you were lucky enough to find a 1913 Liberty Head nickel in change, you could pay off the mortgage on the ranch or send Junior to college. The 1913 nickel captured the public’s fancy and become the focal point of his advertising campaign which extended over a period of many years. Along the way, the 1913 Liberty Head nickel gained incredible fame. It is said that traffic was slowed in big cities as streetcar conductors examined incoming nickels from passengers, seeking a prized 1913! It was front row center in the minds of just about everyone.
More than any other single individual, Mehl popularized the hobby of coin collecting. Despite his search for the 1913 Liberty Head nickel, B. Max Mehl was never able to buy one. During his lifetime, Col. Green retained possession of all five pieces.
Registry of the Five 1913 Liberty Head Nickels
The five 1913 Liberty, representing the total number believed to have been struck, were owned by Samuel Brown until, in January 1924, August Wagner, a Philadelphia coin dealer, advertised the five for sale. The buyer was Stephen K. Nagy, who then sold them to Wayte Raymond, who in turn sold them to Col. E.H.R. Green, the famous Fort Worth, Texas area collector. After Green’s death on June 8, 1936, his coins were appraised by F.C.C. Boyd of New York and sold in 1942 to Eric P. Newman and B.G. Johnson (St. Louis Stamp & Coin Co.) who with Henry Chapman had participated earlier in the distribution of the Virgil M. Brand estate.
1. ELIASBERG SPECIMEN. Finest known. The presently-offered coin, graded by Numismatic Guarantee Corporation as Proof 66. In holder #999999-001. Said to be one of only two with Proof finish. Purchased by Louis Eliasberg from Abe Kosoff in 1948 by way of Eric P. Newman.
Provenance: Samuel W. Brown, August Wagner, Stephen K. Nagy, Wayte Raymond, Col. E.H.R. Green, Burdette G. Johnson and Eric P. Newman, Abe Kosoff and Abner Kreisberg (Numismatic Gallery), Louis E. Eliasberg, Sr., Jay Parrino’s The Mint, to present consignor.
2. REYNOLDS SPECIMEN. Present whereabouts unknown. It has been conjectured this coin passed into the hands of George O. Walton, North Carolina collector and dealer who often obtained coins on consignment from dealers and sold them to customers by visiting them in person. Walton was killed in a car accident on March 9, 1962, after which it reached print that he had been the owner of a 1913 Liberty Head nickel. There has been no verification of this ownership by modern researchers.
Provenance: Samuel W. Brown, August Wagner, Stephen K. Nagy, Wayte Raymond, Col. E.H.R. Green, Burdette G. Johnson and Eric P. Newman, James Kelly, Dr. Copnway A. Bolt, R.J. Reynolds and family (North Carolina), possibly George O. Walton.
3. NORWEB SPECIMEN. The Norweb 1913 nickel is now in the Smithsonian Institution, where it is a showpiece. Earlier it belonged to the colorful King Farouk of Egypt. In the sale of the Farouk collection, it was included as part of a date collection of nickels, without any particular notice being made of it! In the 1970s the Norweb family made several important gifts to numismatic institutions including a 1787 Brasher doubloon and many other coins to the American Numismatic Society, New York, and the 1913 Liberty Head nickel to the National Coin Collection at the Smithsonian Institution. The coin almost went to the American Numismatic Association, but in the end Mrs. Norweb selected the Smithsonian.
Provenance: Samuel W. Brown, August Wagner, Stephen K. Nagy, Wayte Raymond, Col. E.H.R. Green, Burdette G. Johnson and Eric P. Newman, F.C.C. Boyd, Abe Kosoff and Abner Kreisberg (Numismatic Gallery), King Farouk, partnership of Abe Kosoff and Sol Kaplan, Norweb family, Smithsonian Institution.
4. OLSEN SPECIMEN. This is probably the most publicized of all 1913 Liberty Head nickels. It is the only example ever handled by B. Max Mehl, for whom the 1913 nickel was central to his lifelong advertising campaign. The Olsen Specimen has been widely featured in print and on television, including being the subject of an episode on the program Hawaii Five-0 in 1974. A few years ago, subsequent owner Reed Hawn exhibited it several times alongside his other world-class rarity, the 1804 silver dollar.
Provenance: Samuel W. Brown, August Wagner, Stephen K. Nagy, Wayte Raymond, Col. E.H.R. Green, Burdette G. Johnson and Eric P. Newman, James Kelly, Fred Olsen, B. Max Mehl, King Farouk (per Breen’s encyclopedia but probably an error), B. Max Mehl, Will W. Neil, B. Max Mehl, Edwin Hydeman, Abe Kosoff, WorldWide Coin Investments, Bowers and Ruddy Galleries, Inc. (Q. David Bowers and James F. Ruddy), Continental Coin Co., Superior Galleries, Dr. Jerry Buss, Superior Galleries, Reed Hawn, Stack’s, Spectrum Numismatics. Graded as Proof 64 by PCGS.
5. McDermott SPECIMEN. The fifth example is somewhat circulated. McDermott, a disabled veteran, was for many years the leading advertiser in the Numismatic Scrapbook Magazine. “He was fond of mixing it with change in his pocket, then taking it out and showing it to a bartender — often in a hotel where a coin convention was being held — telling the barkeep and anyone else within earshot that it was one of just five known and was very valuable.” After McDermott died in 1966, his widow Betts consigned it to James Kelly of Paramount International Coin Corporation.
Provenance: Samuel W. Brown, August Wagner, Stephen K. Nagy, Wayte Raymond, Col. E.H.R. Green, Burdette G. Johnson and Eric P. Newman, James Kelly, J.V. McDermott, Aubrey and Adeline Bebee, American Numismatic Association Money Museum.
The Big Event Approaches
Of the five 1913 Liberty Head nickels, two are permanently impounded, there is a third whose whereabouts is not known, there is the Spectrum Numismatics coin and this, the finest known, the illustrious Eliasberg specimen to be auctioned in the present sale, March 2001. The numismatic world will be eagerly anticipating to see who will be the next owner of the Louis E. Eliasberg, Sr., specimen of the 1913 Liberty Head nickel, the finest known example of a spectacular rarity whose fames increases each time any is offered.
Copyright © 2001. Superior Galleries, Inc. All rights reserved.
Coin is one of only two 1861 Paquet Reverse Double Eagles
ICG-Independent Coin Grading of Englewood, Colorado-recently certified one of only two known 1861-P Paquet Reverse Double Eagles. The coin was purchased at the Sotheby’s/Stack’s October 29-30, 2001 auction (lot 30) and was clearly that event’s superstar. The coin was featured on the auction catalog’s cover and included a 6-page history of its creation inside. ICG graded the ultra rarity MS62.
The coin is one of the greatest of all rarities in American numismatics and the rarest of all regular-issue double eagles. It is not considered a pattern. The coin was “lost” in 1877 and did not resurface until it was discovered nearly a century later in a bag of double eagles inside a Swiss bank vault. (The other Paquet reverse had been owned by such famous collectors as Lorin Parmelee, Virgil Brand, King Farouk and Henry Norweb.)
The Paquet reverse was the first attempt to refine the design of the reverse of the double eagle, however, because of technical problems, the effort was quickly scuttled by the Mint Director and all but two of the Philadelphia coins ended up being melted.
Anthony C. Paquet, who was born in Hamburg, Germany in 1814, became Assistant Engraver to James Longacre in 1857. After proving himself with numerous assignments at the Mint, he was given the task of redesigning the double eagle’s reverse in 1859. He looked first for inspiration at ancient Roman coins, but it was Paquet’s second design-a simple, but elegantly executed version of Longacre’s original concept as originally drawn, with cleaner, more elegant lettering–which was selected. A few 1860-dated copper patterns were struck along with one in gold (now in the Smithsonian) and the new reverse design was ready for regular production as 1861 began.
The new Paquet reverses began being struck immediately in the new year, but by January 5 production halted. According to the Mint Director, “In preparing the new dies for 1861, a slight deviation in the diameter of the double eagle was inadvertently made.” The Mint was under a great deal of pressure to get the new coinage struck and into circulation, so, rather than fixing the problem, the order was given to use the old reverse design.
For Paquet, the problem was devastating. Mint engravers, despite their talents, were expected to produce workable dies. He was, after this incident, used sparingly at the Mint and in 1864 resigned his position.
The 1861 Paquet reverse gold eagle that ICG graded MS62 has as nearly an interesting pedigree as the history behind the coin itself. The coin is believed to have first been auctioned in 1875 as part of the collection of Col. Mendes I. Cohen. Cohen, from Baltimore, was an explorer and was the first American to sail the length of the Nile. The coin (lot 1314) was described as one of only two such coins and sold for $26, a $6 premium! It went to the collection of George Cram who sold it at auction two years later for $22.25. From there it disappeared for nearly a century. In the mid-1960s the coin was discovered in a bag of double eagles that had sat for years in the vault of a Swiss bank. In 1965 the coin was sold for $7,500. Ten years later was sold again–this time for more than a quarter of a million dollars-to Jeff Browning.
To view this and other ultra rarities that ICG has graded, simply go to ICG’s website at www.icgcoin.com and click on Paquet Reverse Double Eagle. For more information about how you can have your coins graded by ICG contact James Taylor toll-free at 877-221-4424 x203 or on-line at JamesTaylor@ICGcoin.com
This coin diagram above shows all the parts or terms used in describing a coin. In order to better grade, understand and enjoy coin collecting it is important to understand these terms. It also aids in your discussions with other rare coin collectors or dealers.
Device – a design element on the coin such as a bust of a person, and eagle or any other element. Usually the devices are raised, but on some coins they are below the coin surface (incused).
Rim – A rim is where the edge and the obverse and reverse sides of the coin meet. On many coins there is a raised rim as shown above. The rim can be seen on both the reverse and obverse on this coin. The rim is used to help protect the coin from wear, by providing a raised surface right around the circumference of the coin.
Edge – The edge of the coin is called the “third side” by some. The edge can be plain (smooth), reeded, ornamented, or have letters embossed into it. The edge is the side around the circumference of the coin, the edge is not the same as the rim, the coin rolls on
Obverse – The face or front of a coin. “Heads.” Usually has a person, date on this side, but not always.
Reverse – The back of the coin. “Tails.” Usually has secondary design elements, the denomination, and other inscriptions. But not always (look at some modern commems).
Date – The year of the mintage is shown on most coins.
Fields – The open areas of the design, usually they serve as the background and surround the devices. Clean fields are desired in rare coins. Fields that do not have bag marks and are mirror smooth can raise the grade of a coin.
Denomination – The monetary value of the coin.
Mint mark – the mint that produced the coin usually stamps a mint mark for the coin. This shows what mint struck the coin. Most common in the U.S. are S, P, D, CC, O, and WW.
Legend – The words on a coin are the legend or inscription.
Motto – an inscription that has special meaning in the country, such as “In God We Trust” — the motto of the U.S.
Exergue – The area set off from the design for the date. Many times this can be delineated with a line or depressed area. (See the buffalo nickel.)
Dentils (aka Denticles) – the small serrated edge around the rim (tooth-like design around the circumference of the rim). Sometimes small dots can be used, but often, just a gear-like design.
The Most Valuable Gold Coin In The World
New York, NY – February 7, 2002 – On July 30, 2002 Sotheby’s and Stack’s offered for sale for the first time, on the behalf of the United States Government, the most valuable gold coin in the world, the fabled and elusive 1933 Double Eagle twenty dollar gold coin.
This is the first time that the United States Government has authorized private ownership of a 1933 Double Eagle. After it was struck in 1933, President Roosevelt, in one of his first acts as President, took the United States off the gold standard in an effort to help the struggling American economy out of the Great Depression. All of the 1933 Double Eagles were ordered destroyed, but ten specimens are known to have escaped into private hands. However, as they had never been officially “issued” as United States coinage, they cannot be legally owned. As a result, nine of the ten specimens were seized by, or turned in to, the United States Secret Service in the 1940s and 50s and were subsequently destroyed. The remaining 1933 Double Eagle, which will be offered, surfaced in 1996 and was seized by the United States Secret Service. The coin was returned to the United States Mint as a result of the Department of Justice’s settlement of a forfeiture action, and in that landmark legal settlement, this one coin became the only 1933 Double Eagle now or ever authorized for private ownership by the United States Government. The coin will be sold in a single lot auction at Sotheby’s York Avenue premises in New York on July 30, 2002, and carries an estimate of $4/6 million.
“This storied coin has been the center of international numismatic intrigue for more than seventy years, said Mint Director Henrietta Holsman Fore. “The Mint has certified the authenticity of this legendary 1933 Double Eagle. We will officially transfer full, legal ownership of the coin to the highest bidder at this historic sale.”
“We expect that this coin may become the most valuable coin in the world and one of the most sought-after rarities in history” said David Pickens, Associate Director, United States Mint.
David Redden, Vice Chairman of Sotheby’s, and Lawrence R. Stack, Managing Director of Stack’s, said, “The story of this coin is one of the great numismatic mysteries of all time whose final chapter will be written with this auction. Currently held at United States Gold Bullion Depository at Fort Knox, Kentucky, the coin has an intriguing history which includes seizure by the United States Government, a five-year trial with a landmark resolution and a possible connection to a royal Egyptian Collection dispersed in the 1950s. It is an enormous privilege to be asked by the United States Government to undertake the sale of the ‘Holy Grail’ of the coin collecting world.”
1933 Double Eagles
The twenty dollar gold coin, known as a Double Eagle, was a child of the California Gold Rush, and the massive shipments of ore sent back East. The first Double Eagles were issued to the public in 1850.
In 1907, at the behest of President Theodore Roosevelt, the denomination was radically redesigned by famed American sculptor Augustus Saint-Gaudens. These were struck until 1933 when production of the Double Eagle was discontinued along with all other United States gold coins as a result of Executive Order 6260 issued by President Franklin Roosevelt which, in an effort to aid the struggling American economy, prohibited banks from paying out gold. According to the United States Government, any Double Eagle struck in 1933 could not be legally owned, because none were officially released to the public.
In early 1944, prior to the government’s discovery of the missing 1933 Double Eagles, the Royal Legation of Egypt presented a 1933 Twenty Dollar Double Eagle to the Treasury Department, seeking a license to export the coin to Egypt for King Farouk’s collection. The export license was required for virtually all gold coins under the extensive gold restrictions that had been in effect since March of 1933. Not yet recognizing the significance of an unissued 1933 coin, the Department of the Treasury inadvertently issued the export license and the King Farouk specimen was exported out of the United States. Within weeks Government officials came to recognize the significance of the 1933 Double Eagle, and discovered the existence of nine other 1933 Double Eagles that illegally left the Mint without ever being issued. Over the next ten years, these nine 1933 Double Eagles were seized or voluntarily turned in to the Department of the Treasury, and were subsequently destroyed.
Possible King Farouk Provenance
In 1954, a 1933 Double Eagle appeared at auction in Cairo, Egypt; Sotheby’s, acting on behalf of the new Republic of Egypt, was selling the astonishing collections assembled by the deposed King Farouk. King Farouk was one of the greatest coin collectors of all time, though it was not until this auction that the world learned of his remarkable achievement – the collection comprised more than 8,500 gold coins and the sale itself took nine days. Lot 185 in that auction contained a 1933 Double Eagle. Learning of the offering, the United States Treasury successfully requested that the coin be withdrawn from the sale. After this, the whereabouts of the coin remained a mystery for nearly half a century. It has been suggested, in sworn depositions, that the present coin is the King Farouk coin, and there is significant evidence that it was part of the famed collection, including the fact that no other 1933 Double Eagle is known to exist or has ever been identified.
The location of the present coin, since its minting in 1933, had been a mystery until 1996 when it was seized at the Waldorf-Astoria in New York as respected and leading British coin dealer, Stephen Fenton, attempted to sell it to Secret Service agents who were posing as coin collectors. The legal proceedings which lasted five years, ultimately resulting in a ground-breaking settlement which specifically allows this particular Double Eagle, nearly seventy years after its production, to be the only 1933 Double Eagle permitted to be privately owned.
Part of the intrigue surrounding the coin is the fact that it has existed in limbo for nearly seventy years. In the eyes of the United States Treasury, up until now, the coin has had no monetary value and its possession could result in a possible imprisonment. Associate Director Pickens confirmed, “upon auction the coin will be officially released for private ownership and it will become official U.S. coinage. At the sale, the final purchase price will be increased by $20, which will go to the United States Treasury General Fund. In other words, the United States Government will be “issuing” one 1933 Double Eagle for the first (and only) time at this historic sale.”
The new owner of the coin will be given an official Certificate of Transfer that makes the coin legal to own. Given the complex issues surrounding the elusive 1933 Double Eagle, this Certificate of Transfer, will be itself historically significant.
Sotheby’s and Stack’s
This sale represents a partnership of Sotheby’s, whose history of coin auctions stretches back to 1755, and Stack’s, an American numismatic firm whose first coin sale was held in 1935. Most recently, in October 2001, Sotheby’s and Stack’s worked together to sell the fabled Dallas Bank Collection for $7.8 million.
For More Information, Please Contact Sotheby’s Press Office, 212 606 7176