1792 H10C MS(PCGS#11020)

Spring 2022 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

3029

等级

AU50

价格

840,564

详细说明

Iconic 1792 Pattern Half Disme Ex Empire Coin Company, 1965 1792 Half Disme. LM-1, Judd-7, Pollock-7, the only known dies. Rarity-3. AU-50 (PCGS). Here is a fresh and exciting example of this legendary early U.S. Mint rarity. The surfaces are richly and originally toned in a blend of deep steel and olive-gray with hints of cobalt blue. A bit softly defined overall, yet to no great detriment as lack of significant wear has left plenty of bold detail to most design elements. The strike is trivially off center to the right obverse and lower right reverse, yet affecting only the denticulation. Even close inspection under magnification reveals just a few small, wispy handling marks, none of which are distracting. Smith-Orosz-Augsburger Die State 5. Following passage of the Mint Act of April 2, 1792, the Treasury Department made arrangements to set up a mint. Although there had been private mints in America dating back to the days of the Massachusetts Bay Colony, this was to be the first federal institution. Dr. David Rittenhouse, an eminent scientist and craftsman, was named director. By mid-July of the same year a press was on hand and stored in the shop of John Harper at the corner of Sixth and Cherry streets, not far from where the Mint would be erected. That awaited the laying of a foundation stone on July 31 and work after that time, including rehabilitation of a large existing structure and the building of new ones. At the time Philadelphia was the seat of the federal government and it was only logical that the Mint be located there. The Federal City, as it was first known, was in the planning stage. It was not until 1800 that the government was moved there, by that time known as Washington City or simply Washington. On October 15, 1792, George Washington received a report from Secretary of State Thomas Jefferson noting that there has been a small beginning in the coinage of the half dismes, and included this milestone in his Annual Address to Congress that November. Struck from $75 of silver bullion deposited by Jefferson, the coins were produced in the cellar of John Harper's shop several blocks from where the first United States Mint was still being readied. Jefferson took delivery of 1,500 half dismes on July 13, 1792, his last day in Philadelphia that summer, and it appears he spent them on his trip back to Monticello, largely as tips for the servants he encountered along the way. At Chester, Christiana, Elkton, Bushtown, Baltimore, Elkridge, Bladensburg, Georgetown, Elkrun Church, and Orange, Jefferson recorded tips to servants all in neat multiples of five cents. While the quartered pistareen (also worth 5 cents) was the coin of the realm in the Chesapeake colonies, they were also difficult to carry in quantities for one simple reason: they were pointy and inconvenient (this is why folks in the Ohio Valley called them "sharp money"). The very first payment of precisely $0.05 Jefferson recorded in his Memorandum Book after receiving the half dismes took place in Virginia on July 19, 1792. The recipient was recorded as, simply, "a child." It's a moment anyone can imagine -- dropping a bright shiny new coin in a tiny hand. Over the next 24 hours, Jefferson delivered two more half dismes into the hands of children he encountered. These were not pattern coins. They were spending money that Jefferson, then a man approaching 50, was enjoying handing out on his long trip home. One wonders if the upcoming arrival of his first grandchild was turning him into a softy. Thomas Jefferson Randolph was born on September 12, 1792, just two months later. Although 1,500 pieces is generally regarded as the entire mintage for this issue, research published by Pete Smith, Dr. Joel Orosz and Leonard Augsburger in their excellent reference 1792: Birth of a Nation's Coinage(2017) confirms a second striking period in October of 1792. The authors believe that the 1,500 coins from the July strike were made on Harper's press while the October striking utilized the Mint press. A third striking period is also discussed, the dies having been removed from the press after the second striking period to create an interruption in coinage. Exactly how much time elapsed between the second and third striking periods is unknown. The off center strike of this coin and Die State 5 attribution confirm it as one of the later impressions from the second striking period in October 1792. The Smith-Orosz-Augsburger study concluded that this die state accounts for only 2.4% of 1792 half dismes extant. As with their more widely recognized counterparts from the first striking period, these later pieces were also widely distributed in circulation, as evidenced by the fact that most survivors irrespective of striking period or die state are in low grades and often damaged. Indeed, many have been found throughout the Eastern Seaboard, including heavily worn examples found in New Jersey as well as Washington's and Jefferson's home state of Virginia. Ever since the very beginnings of American numismatics, the 1792 half dismes with their direct connections to the nation's Founding Fathers have been among the most coveted of all federally issued coins regardless of condition. Steeped in history, this superior About Uncirculated example of one of the most significant American issues would make an impressive addition to any advanced collection. This lot includes the original invoice for this coin's purchase from Empire Coin Company, Inc. (Q. David Bowers and James F. Ruddy) dated October 8, 1965. The purchaser was a Mr. Volk, who paid $1,275 at that time. A typed note signed by Q. David Bowers and addressed to Mr. Volk is included as part of the invoice: "Dear Mr. Volk: "You will recall that we talked earlier concerning your interest in a choice 1792 half disme. "Recently we acquired the choice EF-AU piece. I enclose it herewith for your approval inspection. It is one of the nicest 1792 half dismes I have ever seen. I hope that it will meet with your requirements. "Sincerely yours, "(signature) "Q. David Bowers" The invoice is available to the winning bidder upon request to Stack's Bowers Galleries at the close of the auction. Provenance: Ex Empire Coin Company (Q. David Bowers and James F. Ruddy), October 8, 1965. PCGS# 11020. NGC ID: 22ZS. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA. Click here to see Coins in Motion.[“Coins]