1825/4/1 $5, CAM PR(PCGS#88145)

The Summer 2022 Global Showcase Auction U.S. Coins

拍卖行

Stack's Bowers

批号

7160

等级

PR67CAM

价格

28,130,376

详细说明

Finest Known Proof 1825/4/1 Half Eagle A Landmark Rarity Recently Confirmed Third Specimen Ex Parmelee; Eliasberg; Farouk Off the Market for Half a Century One of the Three Finest Certified Pre-1834 Proof Gold Coins 1825/4/1 Capped Head Left Half Eagle. JD-1, BD-1. Rarity-8 as a Proof. Proof-67 Cameo (PCGS). CAC. One of the most important offerings in the numismatic market of the 21st century, Stack's Bowers Galleries is pleased to present a landmark early Proof gold rarity whose existence was lost to the collecting community for half a century. Its undeniable and universal Proof qualities, combined with the Proof-67 Cameo grade recently assigned by PCGS, confirm this extraordinary Superb Gem as the finest of just three Proof 1825 half eagles known. To fully appreciate its rarity and existence, it is necessary to understand the circumstances under which the United States Mint prepared and distributed Proof coinage during its earliest years of operation. During the 1820s, the marketing of yearly Proof coinage to the wider numismatic market was still three decades in the future for the United States Mint. This is not surprising as coin collecting in this country did not experience its first significant growth in popularity until the late 1850s. Earlier, there were few collectors, most of whom were concentrated in the larger cities of the Northeast, most notably Philadelphia, where proximity to the Mint allowed for the formation and maintenance of close relationships. These ties resulted in the production of small numbers of Proof coins in certain years expressly for distribution to collectors. Others were made for official purposes. In many instances specimens were made at multiple times during a given year, further evidence that they were coined on demand to meet specific needs or in response to special requests. Since mintages of pre-1859 Proof coinage were not recorded by Mint personnel, the exact number of Proof half eagles struck in 1825 will never be known. Given the special conditions under which these coins were produced and distributed, however, the number extant probably (closely) equates to the mintage. All known specimens of this issue were struck from the same die pair, which is now cataloged as JD-1 and BD-1. This is the more readily obtainable die pairing of the circulation strike 1825 half eagle, in fact, although even in that format this attribution is rare with only 25 to 30 examples known (per John W. Dannreuther, Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834, 2006). It is an overdate, and a dramatic one at that, whose classification has undergone revision in recent years. Once thought to be merely an 1825/4, Saul Teichman expanded this to 1825/4/1 when he discovered that the obverse die had originally been dated 1821. Such repurposing of dies was commonplace in the early United States Mint as a shortage of high-quality steel for die preparation was at odds with the need to meet demands of gold and silver bullion depositors in a timely manner. Interestingly, the second die pairing of the 1825 half eagle is also an overdate. BD-2 shares its reverse with BD-1, but the obverse is a different die, 1825/4 only, with the digits in the date more evenly and closely spaced. With only two examples known, this variety is also a landmark rarity. The finer of these is the Earle-Eliasberg-Pogue specimen that was long considered to be a Proof. Modern numismatic scholarship, however, has determined it to be a deeply prooflike circulation strike. Currently certified MS-64 by PCGS, it realized $940,000 in our May 2016 Pogue IV sale. Returning to the Proof 1825/4/1 BD-1 coins, we know for certain why one of these specimens was produced. This is the Adam Eckfeldt Master Coin, which is now part of the National Numismatic Collection in the Smithsonian Institution. For years this was thought to be the finer of only two Proofs known for this issue, its grade given as Proof-66 by John W. Dannreuther in his outstanding 2018 reference United States Proof Coins, Volume IV: Gold. The second example, graded Proof-64+ by Dannreuther but more recently certified Proof-62 by PCGS, is part of the Harry Bass Core Collection (HBCC-3147). The author describes both coins as "having deeply mirrored obverses and only prooflike reverses, dubbed one-sided Proofs by early numismatists." For collectors of later U.S. Mint Proof coinage, this is perhaps a more curious feature than the use of overdated dies in production of these special coins. Yet quite a few one-sided Proofs exist from the 1820s and 1830s, and not just for half eagles, as we have handled several large cents from this era that were produced the same way. Clearly the creation of one-sided Proofs was what the Mint intended with these coins, likely to provide specific collectors with specimens that would only have one side on display in a coin cabinet. Were it not for the consignment and recent certification of the offered coin, two one-sided Proofs are all the numismatic community would have for the 1825 Capped Head Left half eagle. Enter the present Superb Gem, a superior coin in terms of both striking quality and eye appeal. It is a full Proof with uniform deep mirrored reflectivity in the fields on both the obverse and reverse. In true cameo fashion, the design elements are set apart with a softly frosted texture, and they are also fully defined apart from areas of localized softness at the eagle's right talon and within its right wing. The denticles are crisp and sharply delineated around both sides. Bathed in rich medium to orange-gold color, the surfaces are virtually pristine and point to great care in preservation throughout the nearly 200 years since the coin emerged from the dies. It would perhaps have been more appropriate for us to write "Re-enter the present Superb Gem" in the preceding paragraph, for this fabulous coin is being rediscovered through its offering in this Stack's Bowers Galleries sale. Its provenance had earlier been known for quite some time, but when the coin passed out of general numismatic consciousness a half century ago, the groundwork was laid for future confusion. It seems that during preparation of the Dannreuther Proof gold coin book, the author had an accurate provenance for a privately owned Proof 1825/4/1 half eagle, but no known coin to assign it to other than the Bass specimen. The NNC coin clearly traces directly back to the Mint in 1825 and has never been in private hands. The present example was temporarily lost to numismatic researchers when its early provenance went cold in the early 1970s. Now that it has reappeared, an accurate census listing of all three Proof 1825/4/1 half eagles is once again possible: 1 - PCGS Proof-67 Cameo. CAC.Ex George F. Seavey Collection, acquired before 1864; Lorin G. Parmelee, acquired by purchase of the Seavey Collection, en bloc, 1873; New York Stamp & Coin Co.'s sale of the Lorin G. Parmelee Collection, June 1890, lot 957; Charles Steigerwalt; William H. Woodin; Waldo Newcomer; B. Max Mehl, on consignment in 1931; "Colonel" E.H.R. Green; Col. James W. Flanagan; our (Stack's) sale of the Col. James W. Flanagan Collection, March 1944, lot 1100; Jacob Shapiro; our (Stack's) sale of the J.F. Bell Collection (Shapiro), December 1944, lot 346; Louis E. Eliasberg, Sr.; our (Stack's) sale of the H.R. Lee Collection (Eliasberg duplicates), October 1947, lot 1243; Stack's; King Farouk of Egypt; Sotheby's sale of the Palace Collections of Egypt, February-March 1954, lot 240; Sol Kaplan; Dr. John W. Wilkison, Sr.; possibly A-Mark; Mocatta Collection, acquired circa 1973. The present example. We have plate matched this coin to Parmelee, Newcomer, Flanagan, Shapiro/Bell, Eliasberg/Lee and Farouk, and are confident in this provenance through the 1954 Sotheby's sale. The provenance from Sol Kaplan through A-Mark is unconfirmed on our part and based on the Dannreuther census listing. To the best of our consignor's knowledge, the Mocatta Collection acquired this coin in 1973, or thereabouts. Interestingly, Mr. Eliasberg already owned both a "Proof" and circulation strike 1825 half eagle when he purchased this coin from our J.F. Bell Collection sale in December 1944. His earlier acquisitions came from the Clapp estate in 1942. Mr. Eliasberg obviously acquired this piece because he felt it superior to the others, which begs the question: Why did he sell it just three years later in 1947? Although only conjecture, we believe that this was simply a mistake on Mr. Eliasberg's part. The "Proof" that he acquired from the Clapp estate, of course, is the deeply prooflike Mint State BD-2 coin referred to above, later ex Pogue. This coin's earliest provenance is also conjecture, but it is likely that Parmelee acquired it through his 1873 purchase of the cabinet of Cambridge, Massachusetts numismatist George A. Seavey. Seavey's collection was renowned, particularly for its complete complement of the United States gold coins, which Seavey had assembled before 1864. The Historical Collections of the Essex Institute, published by the well-known historical repository in Salem, Massachusetts, commented in February 1864, "Mr. Seavey also showed the two half-eagles by the acquisition of which he had completed his series of the issues of gold of the United States. Other gentlemen exhibited coins of less value and interest." Seavey was fond of displaying his gold coins, and a complete inventory of them was even published in the American Journal of Numismaticsin March 1869. "Mr. G.F. Seavey exhibited an exceedingly rare and valuable collection of gold coins, comprising all the regular issue of the United States from the first eagle and half-eagle in 1795, down to the present time," the Journalreported. "Among them were the unique half-eagle of 1815, and the scarce half-eagles of 1822 and 1828." In 1873, Brooklyn numismatist William Strobridge prepared the Seavey collection for sale. Amidst his cataloging effort, Lorin Parmelee got wind of the upcoming offering, and arranged to purchase it outright, the first of several intact holdings he would acquire on his way to building the most impressive cabinet of American coins assembled in the 19th century. Strobridge, wanting to waste neither the cataloging effort he had already put in nor the chance to hitch his name to one of the most famous cabinets of the era, published A Descriptive Catalogue of the Seavey Collection of American Coins, the Property of Lorin G. Parmelee of Boston, a listing of the coins included in Seavey's cabinet, along with several photographic plates. Reviewers panned the effort. The editor of the American Journal of Numismatics"obtained a copy of this volume at the owner's price of three dollars, and have seldom felt as if we had received less for our money," stringing together several paragraphs of petty complaints in the January 1874 issue. On the positive side, however, the Descriptive Catalogueenables modern students to sort out which of Parmelee's rarities came from Seavey. Item #462 in the Descriptive Catalogue is an 1825 half eagle described as Proof, which we believe is the present example. We also believe that Parmelee acquired his Proof 1833 Capped Head Left quarter eagle and half eagle in the 1873 Seavey purchase (Items #521 and 522, respectively, in the Descriptive Catalogue). Those two coins are tied with the present Proof 1825/4/1 as the three finest certified pre-1834 U.S. Mint Proof gold coins. The 1833 half eagle, ex Pogue, is now certified Proof-67+ Cameo by PCGS, and we believe that the Proof-67 * Cameo listing in the NGC Censusfor an 1833 quarter eagle refers to an upgrade of the Parmelee specimen from an earlier certification of PCGS Proof-66. 2 - Proof-66.National Numismatic Collection in the Smithsonian Institution, ex Mint Cabinet. An Adam Eckfeldt Master Coin, and a one-sided Proof. 3 - PCGS Proof-62.Ex Stanley Kesselman, December 18, 1970; Harry W. Bass, Jr.; Harry Bass Core Collection (HBCC-3147). A one-sided Proof. The (re)discovery of important numismatic treasures is always a memorable event for the collecting community. We are honored to announce the emergence of the finest known and only fully Proof 1825/4/1 half eagle after half a century in hiding. In addition to allowing for correction of the issue's census listing -- to the benefit of numismatic scholarship -- its offering in this sale will likely represent a once-in-a-lifetime opportunity for today's most accomplished early gold and early Proof collectors. This is also a simply beautiful half eagle that presents the challenging Large Diameter Capped Head Left type in a way that few other examples can match, be they Proofs or circulation strikes. It is a rarity of the first order that will be perfect for inclusion in another world class cabinet. Provenance: From the Mocatta Collection, acquired circa 1973. Earlier ex George F. Seavey Collection, acquired before 1864; Lorin G. Parmelee, acquired by purchase of the Seavey Collection, en bloc, 1873; New York Stamp & Coin Co.'s sale of the Lorin G. Parmelee Collection, June 1890, lot 957; Charles Steigerwalt; William H. Woodin; Waldo Newcomer; B. Max Mehl, on consignment in 1931; "Colonel" E.H.R. Green; Col. James W. Flanagan; our (Stack's) sale of the Col. James W. Flanagan Collection, March 1944, lot 1100; Jacob Shapiro; our (Stack's) sale of the J.F. Bell Collection (Shapiro), December 1944, lot 346; Louis E. Eliasberg, Sr.; our (Stack's) sale of the H.R. Lee Collection (Eliasberg duplicates), October 1947, lot 1243; Stack's; King Farouk of Egypt; Sotheby's sale of the Palace Collections of Egypt, February-March 1954, lot 240; Sol Kaplan; Dr. John W. Wilkison, Sr.; possibly A-Mark. PCGS# 88145. Click here for certification details from PCGS. 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