1808 $2.50 MS(PCGS#7660)

December 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

1115

等级

MS63

价格

1,808,953

详细说明

Exceptional Choice Mint State 1808 Quarter Eagle A One Year Only Type 1808 Capped Bust Left Quarter Eagle. BD-1, the only known dies. Rarity-4. MS-63 (NGC). This is a rare and significant Choice Mint State example of a classic one year design type in the early U.S. Mint gold series. In fact, for the completion of a basic type set of federal coins from the half cent to the double eagle, the 1808 quarter eagle is one of the key challenges. In Mint State the 1808 is even more so, as years can pass between auction appearances. A lovely example, both sides are warmly and evenly toned in vivid medium orange-gold. The surfaces are lustrous with a delightful satin to softly frosted texture. Striking quality is sharp throughout much of Liberty's portrait and the eagle's plumage, and even the stars on the obverse possess very bold detail for the issue with most displaying at least partial radial lines, and many fully rendered. There is scant denticulation around the borders, as nearly always noted on extant 1808 quarter eagles. Light adjustment marks along the obverse border from 12 to 2 o'clock are as made, and a tiny nick in the field at the back of Liberty's lower hair curls is mentioned solely for provenance purposes. Remarkably well produced and preserved for this challenging issue, this coin would serve as a highlight in the finest gold type or date set. BD Die State b. In everyday commercial activities, the quarter eagle was never especially popular. The half eagle was a more convenient way of handling overseas transactions since it better approximated (though not perfectly) some of the frequently encountered gold coins in Europe. Domestically, bullion depositors seldom requested the quarter eagle, opting instead for the half eagle. Consequently, production of the denomination came in fits and starts throughout the early decades of its existence, and rarely in large numbers. Such is the case with the 1808 Capped Bust quarter eagle, now considered an essential component in any advanced type set and a classic American rarity. The 1808 quarter eagle got its start as part of an effort by Mint Director Robert Maskell Patterson to modernize the designs of the nation's coinage. Originally from Bavaria, Johann Matthaus Reich came from a long line of clock makers and engravers. Taking up the family occupation, he began engraving on his own and achieved some measure of success. He arrived in Philadelphia in 1800 and quickly secured employment at the new Mint. Even though Reich expected to work on engraving dies for coins, Engraver Robert Scot had different ideas and assigned rather minor tasks to Reich. Disenchanted with his small role, Reich enlisted the help of Mint Director Robert Patterson, who secured for Reich a long-overdue promotion to the position of assistant engraver. As part of his promotion, Reich was tasked by Patterson to perform a wholesale redesign of all the currently circulating coinage starting with the half dollar and half eagle. The new designs met with approval and remained current well into the 1830s. Buoyed by this early success, Reich next turned his attention to the cent and quarter eagle. Borrowing heavily from his half dollar and half eagle, Reich's quarter eagle design features a bust of Liberty facing left and wearing a large cap inscribed LIBERTY as well as a dress that is pinned at her shoulder with an oval ornament. The stars on the obverse are arranged seven left, six right. The final star on the right side is marked with a small notch serving as a hidden "signature" of sorts, a feature Reich continued to use until 1817, when he finally left the Mint's service after a request for a raise was denied. Scot's Heraldic Eagle design was completely scrapped in favor of a more naturalistic eagle standing with its wings stretched up and facing left, its breast protected by a large shield. Reich also made a significant heraldic change that some from the era might have called an overdue correction: he moved the olive branch of peace to the left claw (considered the position of honor) and the arrows to the right claw. Taking a cue from his earlier designs, Reich placed the denomination 2 1/2 D. below the eagle in the hope that adding this would encourage greater international acceptance of the new nation's coins. Because of desultory interest from banks and merchants for the denomination, only one pair of dies was required to produce the entire mintage of 2,710 quarter eagles in 1808. Right from the outset, the obverse die suffered a crack that runs from the top of Liberty's cap to the stars on the right which appears on all known specimens. This feature, readily evident on the present example, serves as an important diagnostic for determining authenticity. Since there were so few requests for the denomination from bullion depositors, production of the quarter eagle was suspended until 1821, at which time a new design was introduced as Reich had long since left the Mint. Most 1808 quarter eagles met their fate in the bullion speculators' crucibles during the widespread melts of the 1820s and 1830s, and even earlier generations of numismatists recognized the importance of this issue. It has long been celebrated as a great type coin. In the past some numismatists even claimed that as few as 35 to 40 coins were extant. With the advent of third-party certification in the mid 1980s and more comprehensive tracking of auction and other sales in recent decades, the estimate has been revised to approximately 125 to 150 extant specimens. The 1808 remains scarce, and most examples spend years, if not decades in tightly held collections. Most are found in the finer circulated grades (EF and AU), attesting to their limited use in active commerce. True Mint State examples are exceedingly rare and eagerly pursued by advanced numismatists. The finest is the Pogue specimen in PCGS MS-65 that we sold in 2015. Tied for CC#2 with a few other certified MS-63 examples, the Larry H. Miller specimen is a highly regarded condition rarity that will be perfect for another world class cabinet. Provenance: From the Larry H. Miller Collection. NGC Census: 5; 0 finer. The corresponding PCGS Population is 1/1 (MS-65 finest at that service). PCGS# 7660. NGC ID: BFVZ. Click here for certification details from NGC. Click here to see Coins in Motion. [“Coins]