tag:blogger.com,1999:blog-51648406663120773992024-03-13T08:13:13.694-07:00Early American CopperA web log devoted to early American copper coins. These include Colonial coins, Half Cents, and Large Cents. Content will include commentary on significant events, or reflections on the coin market from the perspective of a collector.Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.comBlogger40125tag:blogger.com,1999:blog-5164840666312077399.post-21666863641272571072023-07-11T12:53:00.008-07:002023-07-16T17:47:26.895-07:00The Clackamas Collection - 1796 Cents<p> I have chosen to call my collection the “Clackamas
Collection” for a few reasons. The Clackamas people comprised one of the tribes
on the lower <st1:place>Columbia River</st1:place> that were collectively
called The Chinook Indians by Lewis and Clark during their famous expedition.
The Clackamas river is not as well known as larger rivers in <st1:state>Oregon</st1:state>,
such as the <st1:city>Columbia</st1:city>. However, the <st1:place><st1:placename>Clackamas</st1:placename> <st1:placetype>River</st1:placetype></st1:place>
is a noble stream, with its roots in the <st1:place>Cascade Range</st1:place>
near <st1:place><st1:placetype>Mt.</st1:placetype> <st1:placename>Hood</st1:placename></st1:place>,
and some of the best white water rafting and fly fishing in the Northwest. The Clackamas is one of <st1:state>Oregon</st1:state>’s
“hidden gems”, known best to locals. From stunning views of <st1:place><st1:placetype>Mt.</st1:placetype>
<st1:placename>Hood</st1:placename></st1:place> across <st1:place><st1:placename>Timothy</st1:placename>
<st1:placename>Lake</st1:placename></st1:place>, to dramatic waterfalls along
its South Fork, and ultimately to its confluence with the <st1:place>Willamette</st1:place>
near <st1:place><st1:placename>Oregon</st1:placename> <st1:placetype>City</st1:placetype></st1:place>,
the Clackamas can surprise and delight you. <span style="font-size: 12pt;">So it is with the Clackamas Collection. The collection was born in </span><st1:state><st1:place><span style="font-size: 12pt;">Oregon</span></st1:place></st1:state><span style="font-size: 12pt;">, and many of the
coins therein were found while I was an </span><st1:state><st1:place><span style="font-size: 12pt;">Oregon</span></st1:place></st1:state><span style="font-size: 12pt;"> resident. A majority
of the coins in the collection would be called “blue-collar” coins. However,
each coin was selected with deliberation, and many of the varieties are hard to find.
Like the namesake river, these coins must be seen to be appreciated.</span></p><p><span style="font-size: 12pt;">While assembling these 1796 cents, I tried to
acquire coins with major features visible, good color, reasonably nice
surfaces, and minimal problems, while remaining affordable. </span><span style="font-size: 12pt;">The challenge of getting all 39 Sheldon
varieties for 1796 in acceptable condition has been daunting. Indeed, it required 31 years to complete my basic Sheldon variety set.</span></p><p><span style="font-size: 12pt;"><b><i>1796 LIBERTY CAP cents</i></b></span></p><p><span style="font-size: 12pt;">S-81. This is a relatively easy variety to find
(R3). The date is closely spaced, and very close to the bust. I located this
coin on ebay in 2004.</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivy54ZXFSFQ-HNA-pR4sXop2AVDmGZKmLx31BCZlvxB3Ff4f6zNonvDLBWdOyQDdZjM2zrf1XKjYddMRSjaa6nMuxHlRovG_SAc5uHd_AbqFTRITbtrVZMIhe6ld8c3K6CZMpIexmWFLevdZqO0bP1NbJJTMwW7oQ1DeJMGhCVtMSVCKaCxl3ZnecDNr8/s2259/1796_S81_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2116" data-original-width="2259" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivy54ZXFSFQ-HNA-pR4sXop2AVDmGZKmLx31BCZlvxB3Ff4f6zNonvDLBWdOyQDdZjM2zrf1XKjYddMRSjaa6nMuxHlRovG_SAc5uHd_AbqFTRITbtrVZMIhe6ld8c3K6CZMpIexmWFLevdZqO0bP1NbJJTMwW7oQ1DeJMGhCVtMSVCKaCxl3ZnecDNr8/s320/1796_S81_obv.jpg" width="320" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvjUhHyoVtoymSAui3njff4ThBYW38Wk7Amu7qxMGH36aDQC5lteJzkM9IByj1FTr0BMDzeD6rgxrEXuJJdmp9yjEHP0SVfcsbrPCCgkLznibh4TnzoSBcxf0UODD8O8QBffflmxl0yMP0RuSb-5NS0sKJydxxLlrB6wFBLA1FvagxXA2PIYYYGOUX-Us/s2356/1796_S81_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2194" data-original-width="2356" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvjUhHyoVtoymSAui3njff4ThBYW38Wk7Amu7qxMGH36aDQC5lteJzkM9IByj1FTr0BMDzeD6rgxrEXuJJdmp9yjEHP0SVfcsbrPCCgkLznibh4TnzoSBcxf0UODD8O8QBffflmxl0yMP0RuSb-5NS0sKJydxxLlrB6wFBLA1FvagxXA2PIYYYGOUX-Us/s320/1796_S81_rev.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: left;"><p class="MsoNormal">S-82. A scarce variety (R5). This coin was purchased in a
Goldberg auction in 2015, and once belonged to the well-known collector /
dealer Rod Burress.</p></div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE83t4q1xzwrBEeuGbeLwIAAz3wGRl1kN7cUXfr72ZX4GlIxWyjTJZIbAtaBCnUbAiPJGp2_zKFhCV2nYEMdpnajGXZbpkwIqiyR4fswPdN3VTGZcdcZnujv9qob0DDlLgJRWviGtnm0-Iv2kOvEKxL5Ssl2CAvwnW9vsMC8cvqhZxhx5RvVq9Oh8Id-s/s2205/1796_S82_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2082" data-original-width="2205" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE83t4q1xzwrBEeuGbeLwIAAz3wGRl1kN7cUXfr72ZX4GlIxWyjTJZIbAtaBCnUbAiPJGp2_zKFhCV2nYEMdpnajGXZbpkwIqiyR4fswPdN3VTGZcdcZnujv9qob0DDlLgJRWviGtnm0-Iv2kOvEKxL5Ssl2CAvwnW9vsMC8cvqhZxhx5RvVq9Oh8Id-s/s320/1796_S82_obv.jpg" width="320" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnk-fVjaL9P9N122-hUUH6NR7uyV0QrIEF3igFpZNaD4oJdMU_27ons8snDAehKYZz5e2s_RpzTW_eCzAxIVlL40Uwk6UPLiHRbEf8YgZlkFW5HwB8mksq6vJlA_oTXKKicAcEFWe9scW_27kQ3RxGRl21qjVOkuygGUmdt6nQZLmQ9vAhjQk-ZZ0Jrzw/s2215/1796_S82_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2127" data-original-width="2215" height="307" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnk-fVjaL9P9N122-hUUH6NR7uyV0QrIEF3igFpZNaD4oJdMU_27ons8snDAehKYZz5e2s_RpzTW_eCzAxIVlL40Uwk6UPLiHRbEf8YgZlkFW5HwB8mksq6vJlA_oTXKKicAcEFWe9scW_27kQ3RxGRl21qjVOkuygGUmdt6nQZLmQ9vAhjQk-ZZ0Jrzw/s320/1796_S82_rev.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div></div><p class="MsoNormal">S-83. A moderately scarce variety (R4). The date is close to
the bust, with wide spacing between “1” and “7”. This coin was purchased at a <st1:city><st1:place>San
Diego</st1:place></st1:city> coin show in 2011.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhXBw_nfAbG8TRczTXpyXVuCuMmv9fjaw9vNsaQmjiBbSEUgu6hmx9rasKU6oF1HyXSMqbxhPIpu38X_N5vH-Z6iGuHj-Nf9BYidhQ5gTc_pzVpmCY_sF6BhISF4HbnjcpTsK4GF2MV7pn3rp-cR542pgJOv1AIN3w3TBCiz2IP9NdybXPsvoJqPaqneA/s2302/1796_S83_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2144" data-original-width="2302" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhXBw_nfAbG8TRczTXpyXVuCuMmv9fjaw9vNsaQmjiBbSEUgu6hmx9rasKU6oF1HyXSMqbxhPIpu38X_N5vH-Z6iGuHj-Nf9BYidhQ5gTc_pzVpmCY_sF6BhISF4HbnjcpTsK4GF2MV7pn3rp-cR542pgJOv1AIN3w3TBCiz2IP9NdybXPsvoJqPaqneA/s320/1796_S83_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiylZdzfU2v65d3lPqcSAqoxZExXLSooU3ca4sMo_edAl2ALOw2ibseM6UclZ9G65G0INqeWKlN_R9xYZ2DFcnNHRgLNnGRHUnGfg6uyysKLqTRV6cvcDs2mjJ8BjbrEa7jrgnE5X8JfFPYxSu1hG5nAmHIcb_-3ZZ6e-czqI_HDYd_rJ_0uLv9Q6iCsXY/s2389/1796_S83_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2226" data-original-width="2389" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiylZdzfU2v65d3lPqcSAqoxZExXLSooU3ca4sMo_edAl2ALOw2ibseM6UclZ9G65G0INqeWKlN_R9xYZ2DFcnNHRgLNnGRHUnGfg6uyysKLqTRV6cvcDs2mjJ8BjbrEa7jrgnE5X8JfFPYxSu1hG5nAmHIcb_-3ZZ6e-czqI_HDYd_rJ_0uLv9Q6iCsXY/s320/1796_S83_rev.jpg" width="320" /></a></div><br /><div><p class="MsoNormal">S84. Another somewhat abundant variety (R3). This coin has
fairly strong details, but a few light rim bumps. It was purchased in a
Goldberg auction in 2016 (Ex. Norman Wolfe).</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeeQPlhfii0cstCgUn42ctLZRHSMQOWb7sn0Te9uy7mfziGib3dKUUOjdDu86sbgrZ47LsozdhqJ7gDq7mVJFlTUUt_2mPZIk0S1VPFZkFG1O1RzzIfnJ9wdkfHzU3ouZZvW2luXupsgeRKr51Rfmpe847x-REswCWlTUZ6JAyvjPKampvV4GpwgrIOA/s2388/1796_S84_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2223" data-original-width="2388" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeeQPlhfii0cstCgUn42ctLZRHSMQOWb7sn0Te9uy7mfziGib3dKUUOjdDu86sbgrZ47LsozdhqJ7gDq7mVJFlTUUt_2mPZIk0S1VPFZkFG1O1RzzIfnJ9wdkfHzU3ouZZvW2luXupsgeRKr51Rfmpe847x-REswCWlTUZ6JAyvjPKampvV4GpwgrIOA/s320/1796_S84_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJOTKLVaB6vXlw4UwlomoZMDz2-9_dQv9xoXD2_Bs2GXwNdtnGDaALPEo9NjSUj9OK52MyiFf-wgmkBBfHeGafJOb-qXJ99WCk07s_OGEQ37QMQN2wjjErFlYE33VoJdW6f2s59jBlxkLsa-3QsmEh6NuuCwjTynBp1sWafLVMrRQpY2hWDzFOOS0G5fw/s2359/1796_S84_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2200" data-original-width="2359" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJOTKLVaB6vXlw4UwlomoZMDz2-9_dQv9xoXD2_Bs2GXwNdtnGDaALPEo9NjSUj9OK52MyiFf-wgmkBBfHeGafJOb-qXJ99WCk07s_OGEQ37QMQN2wjjErFlYE33VoJdW6f2s59jBlxkLsa-3QsmEh6NuuCwjTynBp1sWafLVMrRQpY2hWDzFOOS0G5fw/s320/1796_S84_rev.jpg" width="320" /></a></div><div><br /></div><p class="MsoNormal">S85. A scarce variety (R5-) and difficult to find without
problems. This coin was purchased in a Heritage auction in AUG 2008. It was
then in a NGC F-details holder (Environmental Damage). I have liberated the
coin. The surfaces are lightly rough, but the eye appeal remains good.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjL_y-Si8vU4YIp6aI_kx0WtGUcB8klhDDHdoY_m2x9K28yib5mrtHbryeSPybpL-ds6tRyeYfcXc3ofXWns6g_MP4B25bQ1PWPXyXiaN17Iuxd5aOkXGbFr2aCfg2ZliJl2aEeie-16xYAIGff1O0CdCXnB9wicsDxRoC1qbZJ_pF_J2yTflNKgHfZnc0/s1281/1796_S85_obv2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1157" data-original-width="1281" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjL_y-Si8vU4YIp6aI_kx0WtGUcB8klhDDHdoY_m2x9K28yib5mrtHbryeSPybpL-ds6tRyeYfcXc3ofXWns6g_MP4B25bQ1PWPXyXiaN17Iuxd5aOkXGbFr2aCfg2ZliJl2aEeie-16xYAIGff1O0CdCXnB9wicsDxRoC1qbZJ_pF_J2yTflNKgHfZnc0/s320/1796_S85_obv2.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt3rhCsRrdx7cvCG5I0HpiRnq3Bcio_2tpoviyt7HGbyYkrUDg4RpsAwrAqBQN9VDdfblHJg59D8aVgvLW9PxfMEEzbnAmyg9ynsEFl4xaBu0Ox-PrDX_JCEvw4y0xftPTCQazX9B5gLs9pREyE1tDDI8zmIZ1FN4V0Wz9FLih6bdEJJNMcnpI10pMxJE/s1287/1796_S85_rev2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="1287" height="286" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt3rhCsRrdx7cvCG5I0HpiRnq3Bcio_2tpoviyt7HGbyYkrUDg4RpsAwrAqBQN9VDdfblHJg59D8aVgvLW9PxfMEEzbnAmyg9ynsEFl4xaBu0Ox-PrDX_JCEvw4y0xftPTCQazX9B5gLs9pREyE1tDDI8zmIZ1FN4V0Wz9FLih6bdEJJNMcnpI10pMxJE/s320/1796_S85_rev2.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;">S86. A very scarce variety (R5). I rate this variety 2nd behind the S90 in rarity among the Liberty Cap cents of 1796. This coin was purchased from Doug Bird in 2009. Doug acquired it in an earlier Goldberg auction.</div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFeG9nHn00mD6If8NaHsF0pH3eRuB9oAmM-t1iP8MFEsZgZv-mDr5oI9rSWiayAHsFtv8MwoVqIjZHq3c6ABO3O4VV85g7zBdsg9RmS8qHxqMazGU6m9rd3w9MFkDyQWKk9IacTk1hfU9ivCa4T826BSO4xrTVPybC-6FJyTjw0XHYW6bjLEyl1ROaayw/s2406/1796_S86_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2227" data-original-width="2406" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFeG9nHn00mD6If8NaHsF0pH3eRuB9oAmM-t1iP8MFEsZgZv-mDr5oI9rSWiayAHsFtv8MwoVqIjZHq3c6ABO3O4VV85g7zBdsg9RmS8qHxqMazGU6m9rd3w9MFkDyQWKk9IacTk1hfU9ivCa4T826BSO4xrTVPybC-6FJyTjw0XHYW6bjLEyl1ROaayw/s320/1796_S86_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNb3vtmTPA4ud8ZbzYRWCxDOCSoFXm5JjsE6a2YtDWL4-jYkImHzGm492x7P0ThBZCh70wiVJ7s0ECv9fB4FPZ-0wulV1NTVcrZT9_RgqelS4hPxvvb_Ngd_QIDYmvZp_xPKbvtZ4i1XsWXqLbfws4Cl1GBxeV8qG5d8ikAJPyomBHDan4A_nOJB5zdHY/s2440/1796_S86_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2253" data-original-width="2440" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNb3vtmTPA4ud8ZbzYRWCxDOCSoFXm5JjsE6a2YtDWL4-jYkImHzGm492x7P0ThBZCh70wiVJ7s0ECv9fB4FPZ-0wulV1NTVcrZT9_RgqelS4hPxvvb_Ngd_QIDYmvZp_xPKbvtZ4i1XsWXqLbfws4Cl1GBxeV8qG5d8ikAJPyomBHDan4A_nOJB5zdHY/s320/1796_S86_rev.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal"><span style="font-size: 12pt;">S87. The variety is not rare (R3). The “6” is
typically very weak, due to die failure. This coin, though fairly worn, shows a strong date. It is the first 1796 cent I purchased, from Beaverton Coin back in 1990.</span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwCX1vi5jKUwHai_p4ThFLnoJ0VApR75mVWQkxtLDIF78iMP57Qr1JkrFG0vQslLflHvAbBIR5wNIHLk4cicxGXqBq4hX5PpMe8lylZScWpkY675EqXBZVPbhrYGrcgyZjj5QC0m5iyXTatRRImBPn6ISv_v-tV2UnnuMI7qe6nLIPqCI7Gw0xw2fPzIc/s2545/1796_S87_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2320" data-original-width="2545" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwCX1vi5jKUwHai_p4ThFLnoJ0VApR75mVWQkxtLDIF78iMP57Qr1JkrFG0vQslLflHvAbBIR5wNIHLk4cicxGXqBq4hX5PpMe8lylZScWpkY675EqXBZVPbhrYGrcgyZjj5QC0m5iyXTatRRImBPn6ISv_v-tV2UnnuMI7qe6nLIPqCI7Gw0xw2fPzIc/s320/1796_S87_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk_Pp52KfsTeCb_m-Q7gyV9VF-ghsKkQCq_aoP0rQncC48k0JXyhmjdojo64aETYmhuPZ4T3x0oXM7NUqGfAOXQnCh3GoZRB_QAUGdNFQXXof59q7LKx9cuGEHChrOp1XrG7JvS_gxaDNU8AkNZCR-b3dGsfZPXEy-TWEPiFa_CUIXqMip9GWfFstgbrg/s2500/1796_S87_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2314" data-original-width="2500" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgk_Pp52KfsTeCb_m-Q7gyV9VF-ghsKkQCq_aoP0rQncC48k0JXyhmjdojo64aETYmhuPZ4T3x0oXM7NUqGfAOXQnCh3GoZRB_QAUGdNFQXXof59q7LKx9cuGEHChrOp1XrG7JvS_gxaDNU8AkNZCR-b3dGsfZPXEy-TWEPiFa_CUIXqMip9GWfFstgbrg/s320/1796_S87_rev.jpg" width="320" /></a></div><br /><p></p><p class="MsoNormal">S88. A moderately scarce variety (R4). This coin features
nice details, and lightly “rusted” surfaces. The central rev. is weak, as is
often the case with 1796 Liberty Cap cents. This coin was purchased in 1996
from Jerry Wickwire of <st1:place><st1:city>Portland</st1:city>, <st1:state>OR</st1:state></st1:place>.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8LmpJ0nmTUGEhoz2xtxnp7IHUD2RtqITQXfudROKIJ0Lnpo8K1b6ZN5fFcZEtYwfLclJ-NGjFlSLnWamMYFtqs1zO_DZ6KjXD571RH65x6AjPH0bt5dba7Yedzpgbsbxp85KdZfPdIUhJD3cLn393V04R1jGf3woHigw7unhZC96dcYQn5kIBdk4viUA/s2559/1796_S88_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2343" data-original-width="2559" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8LmpJ0nmTUGEhoz2xtxnp7IHUD2RtqITQXfudROKIJ0Lnpo8K1b6ZN5fFcZEtYwfLclJ-NGjFlSLnWamMYFtqs1zO_DZ6KjXD571RH65x6AjPH0bt5dba7Yedzpgbsbxp85KdZfPdIUhJD3cLn393V04R1jGf3woHigw7unhZC96dcYQn5kIBdk4viUA/s320/1796_S88_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKjl8ExzpDqdVei4hlqbzqbZ4YjosRyM0M2z8qSmc2noWJQpKHi-5GR5pj2t15hy6ON1fnatYrsBQWEeB_RCcrybTHNhpJsp4dQILtnFqz3EdiuhDATmzbr7s6lqT0BiZ2jzKmAmLnfXM6cTrD-3rasBT7lrBkC0mCGm9MeuoDdMiGIwh2IL2XGVXV0s8/s2521/1796_S88_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2330" data-original-width="2521" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKjl8ExzpDqdVei4hlqbzqbZ4YjosRyM0M2z8qSmc2noWJQpKHi-5GR5pj2t15hy6ON1fnatYrsBQWEeB_RCcrybTHNhpJsp4dQILtnFqz3EdiuhDATmzbr7s6lqT0BiZ2jzKmAmLnfXM6cTrD-3rasBT7lrBkC0mCGm9MeuoDdMiGIwh2IL2XGVXV0s8/s320/1796_S88_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S89. This variety is somewhat plentiful (R3). The date &
<st1:city>LIBERTY</st1:city> are close, giving the
portrait a “crowded” look. This coin has a bit of scattered “corrosion” on each
side, but decent eye appeal. It was purchased in a Goldberg auction in SEP
2008.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyFYNtlyYI4GkhrOSEJFRRaZ1W64TfJjj5zX7WjuA-gsVThLsbpLzMMfCFj3gdErm1P5E8j4RxSOPw7tZpo4Xg6futUAU9oSlVJ_xBunLuQE6r-BvyOsuzETyXm7u2zo6hFlNb-hw3pZ-HID17X5aljEC98ne-QbpaZINa1QJugIXm4TAwUh2xyfYjsHs/s2356/1796_S89_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2178" data-original-width="2356" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyFYNtlyYI4GkhrOSEJFRRaZ1W64TfJjj5zX7WjuA-gsVThLsbpLzMMfCFj3gdErm1P5E8j4RxSOPw7tZpo4Xg6futUAU9oSlVJ_xBunLuQE6r-BvyOsuzETyXm7u2zo6hFlNb-hw3pZ-HID17X5aljEC98ne-QbpaZINa1QJugIXm4TAwUh2xyfYjsHs/s320/1796_S89_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoTKg_6ELDmiLbGWja5NHQFH4iMNgfZLtyhjJUDMBjHMrUyQkfItSOLSuduq2imK4oROFMPm2XligVQPrRe7oIvY4itFRHGc07EiyYtdUMVmgVJxFuO0AU2YivsBq5Mwqb5mmrVAbckhj6yUSpySLKzgjMXRS2o-oJ2-S9F6CkSSICBlGpp_VoXe96jL8/s2314/1796_S89_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2131" data-original-width="2314" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoTKg_6ELDmiLbGWja5NHQFH4iMNgfZLtyhjJUDMBjHMrUyQkfItSOLSuduq2imK4oROFMPm2XligVQPrRe7oIvY4itFRHGc07EiyYtdUMVmgVJxFuO0AU2YivsBq5Mwqb5mmrVAbckhj6yUSpySLKzgjMXRS2o-oJ2-S9F6CkSSICBlGpp_VoXe96jL8/s320/1796_S89_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S90. Easily the most difficult Liberty Cap variety to locate
(R5+). This coin has unusual brick red patina, and surfaces that were
“smoothed” at some point. I purchased this coin in a Goldberg auction in FEB
2017, with provenance from the Pierre Fricke collection. Note: The reverse is
pictured "upset" because it is 180 degrees rotated on the actual
coin.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9wkgezQkaghlimc94Xzu1YWIwYwfVX4Hg_v6N1OnRIxX7cKS-ohXxebFJM-EuQMXK-FhVaetmfj47dJTtAPVMO7muhlp7RBeW5x7ybvllDatIK3OfRVeFV_lbS4okOY6x1D7WhXdGltoYxC78wK_CFadNA65W2bQ6w27bTCL5_q2BBfWeLNkvOXlDtYc/s2406/1796_S90_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2207" data-original-width="2406" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9wkgezQkaghlimc94Xzu1YWIwYwfVX4Hg_v6N1OnRIxX7cKS-ohXxebFJM-EuQMXK-FhVaetmfj47dJTtAPVMO7muhlp7RBeW5x7ybvllDatIK3OfRVeFV_lbS4okOY6x1D7WhXdGltoYxC78wK_CFadNA65W2bQ6w27bTCL5_q2BBfWeLNkvOXlDtYc/s320/1796_S90_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLPdv9avgUws2NAufPja_yPcnjggcVo_qcktyysj_sWBxLDI-F15V0_dZaA6RDuV7pBVdjHVYBpkXQ8Z6V52G23OUiewZgvmvrCwutqls9jyYNQKcsbPr1YgRNS_1r_GBSOdsX1w7x7V6OP-BpT-8ld1bDQC7uQCHpuU4vXXzq1vYKoQSpUlXHLdkINrA/s2370/1796_S90_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2191" data-original-width="2370" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLPdv9avgUws2NAufPja_yPcnjggcVo_qcktyysj_sWBxLDI-F15V0_dZaA6RDuV7pBVdjHVYBpkXQ8Z6V52G23OUiewZgvmvrCwutqls9jyYNQKcsbPr1YgRNS_1r_GBSOdsX1w7x7V6OP-BpT-8ld1bDQC7uQCHpuU4vXXzq1vYKoQSpUlXHLdkINrA/s320/1796_S90_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal"><span style="font-size: 12pt;">S91. A relatively common variety (R3). This coin exhibits good detail (except the central rev.), with light roughness on the surfaces. It was purchased in a Bauer on-line auction in 2022.</span></p><p class="MsoNormal"><span style="font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0WDMV2Q8E-jpSKfaoI61Fc5Gt23Yp8S1qUxLN01P2Hs4g-uPWXEhKYkVKOW98iUcwQJjcE4QCtm8umL2PIbgJPlp2br3tc9gi6xMaOa4MMyJ-IZOpgm_t3vQXejdt5nmYBT_Tshd5Eiv4mLV7lq_1AE8vO3PQGgSWpb3qiHgXA_wG12BCzGqGlw4PnJo/s1404/1796_S91_dup_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1246" data-original-width="1404" height="284" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0WDMV2Q8E-jpSKfaoI61Fc5Gt23Yp8S1qUxLN01P2Hs4g-uPWXEhKYkVKOW98iUcwQJjcE4QCtm8umL2PIbgJPlp2br3tc9gi6xMaOa4MMyJ-IZOpgm_t3vQXejdt5nmYBT_Tshd5Eiv4mLV7lq_1AE8vO3PQGgSWpb3qiHgXA_wG12BCzGqGlw4PnJo/s320/1796_S91_dup_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7-tPdmykMEe_rBDjLHp-i2B6zQHQb-dDis-g_kPT3kjVbdKLG8ZEkeybLKKeVkFZxEkRwy0EOiCaGnzhf7p0HtNsiQRo9YFY0CnuyHcps3OQBwdj2CoGxOHzEAQzzBZAUAhFnL56VjUl9mFyLxM3F4YE8e8pdaJSqltyj86RgORLsOhQZE7qZvQ4HpFE/s1321/1796_S91_dup_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="1321" height="279" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7-tPdmykMEe_rBDjLHp-i2B6zQHQb-dDis-g_kPT3kjVbdKLG8ZEkeybLKKeVkFZxEkRwy0EOiCaGnzhf7p0HtNsiQRo9YFY0CnuyHcps3OQBwdj2CoGxOHzEAQzzBZAUAhFnL56VjUl9mFyLxM3F4YE8e8pdaJSqltyj86RgORLsOhQZE7qZvQ4HpFE/s320/1796_S91_dup_rev.jpg" width="320" /></a></div><p class="MsoNormal"><span style="font-size: 12pt;"><br /></span></p><p></p><p class="MsoNormal"><b><i>1796 DRAPED BUST cents</i></b></p><p class="MsoNormal"><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">S92. This is not a difficult variety to locate
(R3). I purchased this coin in 2015 from Joan & Rod Widock. they, in turn had obtained it in an earlier 2009 Goldberg auction.</span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdV0AqwDO8zo9hNwGjPyDdX30k0VnSaphwYlTPIMTqBk2q0GSEuhFpWQLlwmaV65OO8-0JzJ85blte_AdITKOzCERE84-UdmTe6Vq_ZSOHM14bOSy5fdGKUnOImAaLagGbVDUuAxXzPI2nSeYNcxdPCH_71R6VuaectojHryz3WyluWgZrNcIS8bwKm0I/s2243/1796_S92_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2139" data-original-width="2243" height="305" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdV0AqwDO8zo9hNwGjPyDdX30k0VnSaphwYlTPIMTqBk2q0GSEuhFpWQLlwmaV65OO8-0JzJ85blte_AdITKOzCERE84-UdmTe6Vq_ZSOHM14bOSy5fdGKUnOImAaLagGbVDUuAxXzPI2nSeYNcxdPCH_71R6VuaectojHryz3WyluWgZrNcIS8bwKm0I/s320/1796_S92_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg618lo6TtvnT9POawpL50dhgVrpLw_1Po-zZty8990SoTg9b7OMOlvnpCAKweN23Tnp75iwMq7-dPxhE0CkBIal6Yx2q3L3a2WMKkSSCgyKGuXdapg1ATpUsmPcNWj98NASUoJTBmTk7J03b3T4IYZX7zgQNF0GxK0zsaOY8YLtFKLmdBS0h1thWTx5z0/s2344/1796_S92_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2207" data-original-width="2344" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg618lo6TtvnT9POawpL50dhgVrpLw_1Po-zZty8990SoTg9b7OMOlvnpCAKweN23Tnp75iwMq7-dPxhE0CkBIal6Yx2q3L3a2WMKkSSCgyKGuXdapg1ATpUsmPcNWj98NASUoJTBmTk7J03b3T4IYZX7zgQNF0GxK0zsaOY8YLtFKLmdBS0h1thWTx5z0/s320/1796_S92_rev.jpg" width="320" /></a></div><br /><span style="font-size: 12pt;">S93. Another variety that is somewhat easy to
locate (R3). </span><span style="font-size: 12pt;">I found this coin in a Stacks/Bowers auction in
2015. The coin was submitted to PCGS, where it graded G6.</span><p></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5JWqNmT42ppU6ehwefjusspRASFIydkf-hXRv3fegVF-V0N29opJGOZFaZeqjXNx4NIFjt-ZFnv2O-tMBWDVfGGcl5rm6YPB6ty_wjppAAqvuBHADrWkytrp2v-qOHv7ouxXsHsi44REDZGFWh16RTLmx8YKAsrugJvtf22FQosoLt4Mn8BYBqz6KFIY/s1102/1796_S93_obv2.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1010" data-original-width="1102" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5JWqNmT42ppU6ehwefjusspRASFIydkf-hXRv3fegVF-V0N29opJGOZFaZeqjXNx4NIFjt-ZFnv2O-tMBWDVfGGcl5rm6YPB6ty_wjppAAqvuBHADrWkytrp2v-qOHv7ouxXsHsi44REDZGFWh16RTLmx8YKAsrugJvtf22FQosoLt4Mn8BYBqz6KFIY/s320/1796_S93_obv2.JPG" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_57KKlAXm-oAmz0-CmbQUgfK_baM_S8sdFtLMyVlxtwvlQXbZF8cGUQFZaY5Hni_MIoXP8Pl3WcLO4KMXlsnRf2QkLyfOfj0zEvlKsJPIXqP7ZldCwAtyAAcnX1u_rYfVDwMVZZdw55t2VyvboSF4xuDmwSWF32Nosscy9F9BeLFo3WEy-D2hqiaR4N0/s1148/1796_S93_rev2.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1035" data-original-width="1148" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_57KKlAXm-oAmz0-CmbQUgfK_baM_S8sdFtLMyVlxtwvlQXbZF8cGUQFZaY5Hni_MIoXP8Pl3WcLO4KMXlsnRf2QkLyfOfj0zEvlKsJPIXqP7ZldCwAtyAAcnX1u_rYfVDwMVZZdw55t2VyvboSF4xuDmwSWF32Nosscy9F9BeLFo3WEy-D2hqiaR4N0/s320/1796_S93_rev2.JPG" width="320" /></a></div><p class="MsoNormal"><br /></p><p></p><p class="MsoNormal">S94. This is a tough variety to find (R5+). After a long
search, I found this coin in a Heritage auction in JAN 2018. PCGS has graded
the coin VG-10. However, the surfaces are dark and heavily granular, leading to
an EAC net grade of G4.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcg2ctPo_qKe5YH-4w-2MH-jKK9qOvE2s8tVltbTQCZH0OmwsHeJQHYYyXmlJwyCJPIS5ljeDCWg_ooae3--CKXqVXFzLQz91fjnPisTqFXxaVfHh-AotbPdGlbUDlnU1dA_sDtFK6nZjz1OYYM01pg5FsYKQRQ23sB-4JnPSkcBEhiWS9nbAG_fnx5wY/s1158/1796_S94_PCGS_10_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1092" data-original-width="1158" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcg2ctPo_qKe5YH-4w-2MH-jKK9qOvE2s8tVltbTQCZH0OmwsHeJQHYYyXmlJwyCJPIS5ljeDCWg_ooae3--CKXqVXFzLQz91fjnPisTqFXxaVfHh-AotbPdGlbUDlnU1dA_sDtFK6nZjz1OYYM01pg5FsYKQRQ23sB-4JnPSkcBEhiWS9nbAG_fnx5wY/s320/1796_S94_PCGS_10_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivdjowmilky8O5lN--JEJCHDkTJX59OMqEGTHK1hUNFG-0hpeYhUy8h4BgTyBmSMyNlT4X-KutpVx_dG5uRHxXZsVUvGs45uaKfioKoTGtGwKCAC0I2o7hhFdQNAYJ8BtN7Fm5H334rq_CWZ9zzM1tHILuw9ZztmaJr5wVkQpYJgnJh3YkOsL7IgiccJ4/s1156/1796_S94_PCGS_10_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1065" data-original-width="1156" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivdjowmilky8O5lN--JEJCHDkTJX59OMqEGTHK1hUNFG-0hpeYhUy8h4BgTyBmSMyNlT4X-KutpVx_dG5uRHxXZsVUvGs45uaKfioKoTGtGwKCAC0I2o7hhFdQNAYJ8BtN7Fm5H334rq_CWZ9zzM1tHILuw9ZztmaJr5wVkQpYJgnJh3YkOsL7IgiccJ4/s320/1796_S94_PCGS_10_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S95. A very difficult variety to find (R5+). As so often
happens in numismatics, after years of searching for this variety, I got two
chances to obtain it within a 30-day period of time! This is the finer of those
two coins. There is a touch of reddish patina on the obv., but the eye appeal
is above average. This coin was purchased in 2018 from Kevin Vinton.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyqcxjkn_jhQ4B9cq291viCqRYpfZ1JkiYmpWTuJ_KuMMvWWlZvK44TOjTz5un_DyPd2sETKuuWvc4MCrpbQc4wRG345ojb8BP96PioKkBFL6lNPCHh5K557CkEptpxlNUD3SsgQHbnG63D6fdUR3k2W8j9tPOq2kgEFFGRu0awPhBYbyBZL07UzQXotc/s2424/1796_S95_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2267" data-original-width="2424" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyqcxjkn_jhQ4B9cq291viCqRYpfZ1JkiYmpWTuJ_KuMMvWWlZvK44TOjTz5un_DyPd2sETKuuWvc4MCrpbQc4wRG345ojb8BP96PioKkBFL6lNPCHh5K557CkEptpxlNUD3SsgQHbnG63D6fdUR3k2W8j9tPOq2kgEFFGRu0awPhBYbyBZL07UzQXotc/s320/1796_S95_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibIkDrT0LvECkN9MfP7HkOkKo0Vt4FTchN45eYYHeY2kRZ7BqKtxir2PdSF9_saf1XwC20C2yLvTAw_cgHoFQnQARHwzaX-inTickwGn0yqzZ9rcohaTL3tl4PH0IXg4ngZ3tKVSl2mU0slqe7cYkZ7NSmDv2QxhSOVHq2td44XI5Vd9kO0I4F4zRg810/s2408/1796_S95_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2249" data-original-width="2408" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibIkDrT0LvECkN9MfP7HkOkKo0Vt4FTchN45eYYHeY2kRZ7BqKtxir2PdSF9_saf1XwC20C2yLvTAw_cgHoFQnQARHwzaX-inTickwGn0yqzZ9rcohaTL3tl4PH0IXg4ngZ3tKVSl2mU0slqe7cYkZ7NSmDv2QxhSOVHq2td44XI5Vd9kO0I4F4zRg810/s320/1796_S95_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S96. A very rare coin (R6). This variety is the most
difficult one to locate among all the regular Sheldon-numbered varieties of
1796. The coin I finally located, on ebay in 2021 has acceptable detail
(numbers and letters all clear), but is heavily granular (one could almost say
"rusty"). None-the-less, the coin is a treasured addition to my 1796
set. This was the final variety needed to complete my 1976 “Sheldon set”. It is
an example of the late die-state, with a die crack bisecting the rev. from the
"T" in UNITED to the right side of "M" in <st1:country-region>AMERICA</st1:country-region>.
According to my records, this is a new S-96 in the census, and is the 26th
known specimen.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdvgu6aCae_mBVoJRA0IxTAeHrPYUQqiaNRTPwOqsNdJTo2rJAM2dYbFrdwfbAptUVH4coe95g1Fd8O8g-OYjk8hcprMcfJeF-I_Na9RFQSVEvOghu48j0r5FSNoktdFOoggeVhb384NCt5W4I-XskY4vnw10F8tA3mZ5vgieHGW7VuDgJjBqkxIA3HZY/s330/1796_S96_obv3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="290" data-original-width="330" height="281" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdvgu6aCae_mBVoJRA0IxTAeHrPYUQqiaNRTPwOqsNdJTo2rJAM2dYbFrdwfbAptUVH4coe95g1Fd8O8g-OYjk8hcprMcfJeF-I_Na9RFQSVEvOghu48j0r5FSNoktdFOoggeVhb384NCt5W4I-XskY4vnw10F8tA3mZ5vgieHGW7VuDgJjBqkxIA3HZY/s320/1796_S96_obv3.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeOhZvu97DS7qHWyv134jehLW8GAKoggjQcvKRPzHGQAf5SiBaizMJopdhO7U4FizqKpTcx9LSzyE4e2m5EZoiooPZLOcl56MasKzUR20-vYIol2IaHZme7tRmm3gwkbToyW5GAes6RRfSye6FNXSHIZG5n9Qn-2JrfoLDtqx9LarTjn1xkoQN2Mt6xtM/s324/1796_S96_rev3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="290" data-original-width="324" height="286" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeOhZvu97DS7qHWyv134jehLW8GAKoggjQcvKRPzHGQAf5SiBaizMJopdhO7U4FizqKpTcx9LSzyE4e2m5EZoiooPZLOcl56MasKzUR20-vYIol2IaHZme7tRmm3gwkbToyW5GAes6RRfSye6FNXSHIZG5n9Qn-2JrfoLDtqx9LarTjn1xkoQN2Mt6xtM/s320/1796_S96_rev3.jpg" width="320" /></a></div><br /><p class="MsoNormal">S97. A fairly plentiful variety (R3). This coin was one of
my early finds as a large cent collector. Paul Dorney had a small shop in <st1:place><st1:city>Tigard</st1:city>,
<st1:state>OR</st1:state></st1:place> and he bought a nice set of large cents
which included this coin. I bought this coin in 1991, and did not realize until
much later how hard it would be to find a better one! The deep gray-brown
surfaces are minutely granular. This is a very pleasing coin to contemplate.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMLUdFbypJOVVFjE559U9vQVc2hteN0KD-s38JLMsoLsrlpCiIafF_cswueCIju5K9vcPtJOjX2BHp6UpbDsLFsKWVQ4Dyo2_7fRMrYjT1vDgDekgibm1V5cFQbf7ayBxZwQAfDNr6OyfbTjVL_9YQmHWA2nkk9gIXvb6Xw82VyKsN_49Ibuo0uejG-cQ/s2306/1796_S97_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2151" data-original-width="2306" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMLUdFbypJOVVFjE559U9vQVc2hteN0KD-s38JLMsoLsrlpCiIafF_cswueCIju5K9vcPtJOjX2BHp6UpbDsLFsKWVQ4Dyo2_7fRMrYjT1vDgDekgibm1V5cFQbf7ayBxZwQAfDNr6OyfbTjVL_9YQmHWA2nkk9gIXvb6Xw82VyKsN_49Ibuo0uejG-cQ/s320/1796_S97_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3LkUNv6lhJ98cbETGQJiLUJYP8txdM_SP4mUZj2riJg2h54T-Ua9Bbh59sn0yXAKlxSCtNn7RhY2pn-YzA8pzDYvHebcoNoOSp7-ZqYdzHD3qzSsUu3ewk9qg1Lyyxm8GbnHwGTGLXrXPc9qa6oplCSmKfmXQBXMGKnBo5PFR9eLLGXemv1R3RNjpkyQ/s2299/1796_S97_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2133" data-original-width="2299" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3LkUNv6lhJ98cbETGQJiLUJYP8txdM_SP4mUZj2riJg2h54T-Ua9Bbh59sn0yXAKlxSCtNn7RhY2pn-YzA8pzDYvHebcoNoOSp7-ZqYdzHD3qzSsUu3ewk9qg1Lyyxm8GbnHwGTGLXrXPc9qa6oplCSmKfmXQBXMGKnBo5PFR9eLLGXemv1R3RNjpkyQ/s320/1796_S97_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S98. A moderately scarce variety (R4). This coin is the 2nd
finest 1796 draped bust cent in my collection. This coin has extremely fine
sharpness, and superb eye appeal, in spite of being cleaned and re-toned long
ago. I purchased it in a Goldberg auction in June 2016. The provenance includes
March Wells and can be traced to the 1944 sale of the Howard Newcomb large
cents! Truly a historic & important coin.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_VIfxuKn1Hqwubos-vWcWHlsi3tQ_mNXUuDXLyanIVzZSIhK3qj3y1EeqxABgLGtYF4Dbu_NJueEQkI475mvumi7ajpn3QaRH2fDx3OgqOnjLbBVnTHDwIWlQ4LwkRMDXFUSybBrhwxwu9RrK_adslfKBzzUSduInv3nR7bKTZIWOIzx5DKZ2RNQj3fg/s2326/1796_S98_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2166" data-original-width="2326" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_VIfxuKn1Hqwubos-vWcWHlsi3tQ_mNXUuDXLyanIVzZSIhK3qj3y1EeqxABgLGtYF4Dbu_NJueEQkI475mvumi7ajpn3QaRH2fDx3OgqOnjLbBVnTHDwIWlQ4LwkRMDXFUSybBrhwxwu9RrK_adslfKBzzUSduInv3nR7bKTZIWOIzx5DKZ2RNQj3fg/s320/1796_S98_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC18hTvHwsDEcCWXz-N7S5WjaKlTan0i2UQTLh7sdr9J8PNCXNpK-ftZrmkVuitfyYHphcW6WMPRg85sfNp42qB4jYWSJsUQFL6N6b0953h3ZYH24-Z5K-KRYTyaMfZTBe5TaxAPaIRZWmOjYTbK8KyDuFIW5fOC3C0JHyhH1b23tsOOt_ZtBjAZik8YA/s2303/1796_S98_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2141" data-original-width="2303" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC18hTvHwsDEcCWXz-N7S5WjaKlTan0i2UQTLh7sdr9J8PNCXNpK-ftZrmkVuitfyYHphcW6WMPRg85sfNp42qB4jYWSJsUQFL6N6b0953h3ZYH24-Z5K-KRYTyaMfZTBe5TaxAPaIRZWmOjYTbK8KyDuFIW5fOC3C0JHyhH1b23tsOOt_ZtBjAZik8YA/s320/1796_S98_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S99. A scarce variety (R5). This variety presents some
spectacular obv. die breaks in the later stages. My coin is an early die-state,
before the breaks behind the head become evident. The bottom of the date and
the top of <st1:city>LIBERTY</st1:city> are weak, but
the remaining details are nice, including ONE CENT on the rev. The coin has
been cleaned & re-toned to a nice chocolate brown. I obtained this coin in
2017 from Shawn Yancey.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNGuMzYdDFsXEkOvMiuEkRJOvamoswwVxAiHEE4hIQUAvsu4gUn_3y1-l8M7aRIih_pF1hQI31KOG3_QVislZt49JNWMVF5FxaYSqnCKQ6GdcHGU4c9T3XECkb6BUbBvhHFyBHVP-bvlkV-XtCBTpQ91umuLJ4OPpcxYFb6ds9YsqMhZeJiULgnNPVUt4/s1301/1796_S99_obv2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1205" data-original-width="1301" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNGuMzYdDFsXEkOvMiuEkRJOvamoswwVxAiHEE4hIQUAvsu4gUn_3y1-l8M7aRIih_pF1hQI31KOG3_QVislZt49JNWMVF5FxaYSqnCKQ6GdcHGU4c9T3XECkb6BUbBvhHFyBHVP-bvlkV-XtCBTpQ91umuLJ4OPpcxYFb6ds9YsqMhZeJiULgnNPVUt4/s320/1796_S99_obv2.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaOjwrkeNeWxTagpjMBfk9pIHBC2RDe2ngnZyxzsSIY2qeprC6AsmfYYn5DemQy27tz2El3Cxfojloq40yWaljelFqQ6Owwc5eGMhLTqx4j26RYXKxqd-LCYGj28u0IsIG6D6I41J32hrfxKCjF4HGXO5ViUdY9GDgg7AKL7Fg-_hF-trTZMC8bPLBzDI/s1232/1796_S99_rev2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1131" data-original-width="1232" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaOjwrkeNeWxTagpjMBfk9pIHBC2RDe2ngnZyxzsSIY2qeprC6AsmfYYn5DemQy27tz2El3Cxfojloq40yWaljelFqQ6Owwc5eGMhLTqx4j26RYXKxqd-LCYGj28u0IsIG6D6I41J32hrfxKCjF4HGXO5ViUdY9GDgg7AKL7Fg-_hF-trTZMC8bPLBzDI/s320/1796_S99_rev2.jpg" width="320" /></a></div><br /><p class="MsoNormal"><span style="font-size: 12pt;">S100. This variety is also scarce (R5). My coin is from a Superior auction in 2004, and is heavily worn, with a touch of roughness on the obv. </span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5CMPPS8M8bQpIpS98CxLXOekMG7qPmn4HuFBOCk161oSuB0lhsmTKUu5bqMeNpRRbguSZhnZSXWqsh9jP5VPpeQPkLeolOhlYTYtRUq-YGhslDXlKQ4hXEcKn3XQlFRnuFt9cQBGiE2gWjqk0Vju-lGEBcnBxUbAoCXOas8unFx3iqSvyiH6IO5VWLUU/s2364/1796_S100_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2212" data-original-width="2364" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5CMPPS8M8bQpIpS98CxLXOekMG7qPmn4HuFBOCk161oSuB0lhsmTKUu5bqMeNpRRbguSZhnZSXWqsh9jP5VPpeQPkLeolOhlYTYtRUq-YGhslDXlKQ4hXEcKn3XQlFRnuFt9cQBGiE2gWjqk0Vju-lGEBcnBxUbAoCXOas8unFx3iqSvyiH6IO5VWLUU/s320/1796_S100_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1uRZka-OXVzE6uMtfjufcIeVPQtmH_K7zvw-5iEZBO-oticTMeNDFhSTSUhS45TVpPTMUIFEi1bMS67jx-Q6Fi0TL4w7vmU6GCJHXdcipAaaAoaQfy0M9Fe_P49Domu_by9cLFLZ1Luh_h0wLFdjGhXMYF6hzpEHYmmUvUgcug-XANPbEpIIk7WjNwKo/s2391/1796_S100_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2226" data-original-width="2391" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1uRZka-OXVzE6uMtfjufcIeVPQtmH_K7zvw-5iEZBO-oticTMeNDFhSTSUhS45TVpPTMUIFEi1bMS67jx-Q6Fi0TL4w7vmU6GCJHXdcipAaaAoaQfy0M9Fe_P49Domu_by9cLFLZ1Luh_h0wLFdjGhXMYF6hzpEHYmmUvUgcug-XANPbEpIIk7WjNwKo/s320/1796_S100_rev.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p class="MsoNormal">S101. A variety of moderate scarcity (R5-). This coin has
very nice detail, with relatively smooth dark gray-brown surfaces. One light
rev. rim tap, but otherwise a nice example for the grade. I found it in a
Heritage auction in 2016.</p><p></p></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV916CxPqtwDBhdYlGYwzu5IwDWaVnjzJDYi-ATdhleV4k_7RKojqzIIFZN-7KGcGaWC9T_ELlf_M0wwlkSPLMO-Rkj8zoEm7Wma_opTK7rwguf5EjfjrTPokXUis9D5m8CNUAWV1cUzeB5yG4HPViQrODYVzbqlY4zp95azL_JWMxzKlJgL1tWpjqbOc/s1083/1796_S101_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1052" data-original-width="1083" height="311" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV916CxPqtwDBhdYlGYwzu5IwDWaVnjzJDYi-ATdhleV4k_7RKojqzIIFZN-7KGcGaWC9T_ELlf_M0wwlkSPLMO-Rkj8zoEm7Wma_opTK7rwguf5EjfjrTPokXUis9D5m8CNUAWV1cUzeB5yG4HPViQrODYVzbqlY4zp95azL_JWMxzKlJgL1tWpjqbOc/s320/1796_S101_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSmEjRFg48Gi4MdlY6TdyVFr6Yx6JN1YzBQcjf1hrAndxMUksPmoaJcDG-oSIMQ-PC3jeR991ploTjZxTWSwEF9gV4DdiKsccz9vXGbIacT-vTjrIclEHQ32pmz5clqIf3SLMvZJRHMZrfBda4j5aoFAtGQJ-1aaoGEBdhfQWoNN9WZt3d3UKGSonSj6A/s1077/1796_S101_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1058" data-original-width="1077" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSmEjRFg48Gi4MdlY6TdyVFr6Yx6JN1YzBQcjf1hrAndxMUksPmoaJcDG-oSIMQ-PC3jeR991ploTjZxTWSwEF9gV4DdiKsccz9vXGbIacT-vTjrIclEHQ32pmz5clqIf3SLMvZJRHMZrfBda4j5aoFAtGQJ-1aaoGEBdhfQWoNN9WZt3d3UKGSonSj6A/s320/1796_S101_rev.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;"><p class="MsoNormal">S102. A moderately scarce variety (R4). This coin has a nice
level of detail, with some weakness on the rev. legend noted. The color &
surfaces are choice for the grade level. A nice deep chocolate brown. There is
a die break noted, through BE to the top of the head. This coin was purchased in
a Goldberg auction in June 2016. The coin is graded & encapsulated VG8 by PCGS.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhd0B1GWYYj8cNS9r3tovbRDEhWYc6NpRNazRGTxiV-8VJs5OYBAtF3aDh_MbmNT-s_5X-TZZE4Wqu5Jpnu38XzHcDh5IhXnr5gwPqQo0JAvGU-d8giCxSMpqHorSI7EGQ1w6tP7sRRBNFpBIxdpu7wMbgYfiFPNnqYC6Gxr3oAtUSh4XIvLsAALUePMro/s2425/1796_S102_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2250" data-original-width="2425" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhd0B1GWYYj8cNS9r3tovbRDEhWYc6NpRNazRGTxiV-8VJs5OYBAtF3aDh_MbmNT-s_5X-TZZE4Wqu5Jpnu38XzHcDh5IhXnr5gwPqQo0JAvGU-d8giCxSMpqHorSI7EGQ1w6tP7sRRBNFpBIxdpu7wMbgYfiFPNnqYC6Gxr3oAtUSh4XIvLsAALUePMro/s320/1796_S102_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxY1hJsex6hzAQa51i3epN0byxr-XmTF7EfU2U-ROY0553dvABsf2cBZ4MbskoaKV9VhmKVGRWVK_19aaIX_gUARNWuz3LA65poxzXXbnq62pea4cWEwRRVv8sytV78XMVK3bFNud5NctIr0CFMD0foUQVHXdk6mWRVh94-ZFugRlb6lSaV5gGG-yajEg/s2392/1796_S102_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2232" data-original-width="2392" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxY1hJsex6hzAQa51i3epN0byxr-XmTF7EfU2U-ROY0553dvABsf2cBZ4MbskoaKV9VhmKVGRWVK_19aaIX_gUARNWuz3LA65poxzXXbnq62pea4cWEwRRVv8sytV78XMVK3bFNud5NctIr0CFMD0foUQVHXdk6mWRVh94-ZFugRlb6lSaV5gGG-yajEg/s320/1796_S102_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S103. LIHERTY. One of the famous varieties with a
die-cutting error involving the “B” in LIBERTY being first punched in
backwards, then corrected, to make what appears to be a letter “H”. S103 is the
scarcer of the two LIHERTY varieties (R4+). This coin has solid details and
choice surfaces & color, with just one small ding noted at the rim under
the letter “N” in UNITED. I purchased the coin in 1996 from Jerry Wickwire of <st1:place><st1:city>Portland</st1:city>,
<st1:state>OR</st1:state></st1:place>.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Hb-ENvPiMPz2SGCKJKrQxgPWRo5NFICHExnZu57ZfA1puxHEq1pM5-mggY9T_z1ZuwyOP8BJ-J6AEiW-QamMYFQtwhKp24_rLu8YUu9FjMuGTEY7stZN18iN00jtsf0pR109xBcST_WbS56bCXFBZ3WjpVuoX4Or4dF5pn6f5euAFq_uWiY51cxNyjg/s2400/1796_S103_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2223" data-original-width="2400" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Hb-ENvPiMPz2SGCKJKrQxgPWRo5NFICHExnZu57ZfA1puxHEq1pM5-mggY9T_z1ZuwyOP8BJ-J6AEiW-QamMYFQtwhKp24_rLu8YUu9FjMuGTEY7stZN18iN00jtsf0pR109xBcST_WbS56bCXFBZ3WjpVuoX4Or4dF5pn6f5euAFq_uWiY51cxNyjg/s320/1796_S103_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhM9CT9oLePzBeu97CAq3PRu1iXmqB24YmPgLpvuUImKIBCiPKl-vRAir1Hm56YizHNJELsnqCmn6nmhEl4T1Ai-7GSCEr9r-Yb3P0HVJPbBVVM1yY8l329nxy0e6kf91_1rF9F1bk9eHVQWOnP0meOFwUoar5tkmLY7pidjPwHObGoOGAACT7AwEczZk/s2395/1796_S103_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2222" data-original-width="2395" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhM9CT9oLePzBeu97CAq3PRu1iXmqB24YmPgLpvuUImKIBCiPKl-vRAir1Hm56YizHNJELsnqCmn6nmhEl4T1Ai-7GSCEr9r-Yb3P0HVJPbBVVM1yY8l329nxy0e6kf91_1rF9F1bk9eHVQWOnP0meOFwUoar5tkmLY7pidjPwHObGoOGAACT7AwEczZk/s320/1796_S103_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S104. LIHERTY. The less scarce variety with the LIHERTY die
error (R3). This coin features nice detail, with lightly granular dark steel
brown surfaces and a couple trivial rim bumps (obv.). The coin was purchased in
a Goldberg auction JUN 2016.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW7zaWq6MMuq5e6P5LgOSQ679v8lPl99VzQ9EIM_ap_rGZbZ1bZQLGfNpiZfCrW8Rqw_NVqgGnvSnMi5OwropzWNslv85ZsYt6YRvRPEjN3B7Tn3NG7LWFooSt_fsMca2fJjUo_uQ_Nm5wApiEBOS8iLBtgKbEW5Up-BCTAyuMIMhkl7avkHuiUnVQ1aw/s2361/1796_S104_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2212" data-original-width="2361" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW7zaWq6MMuq5e6P5LgOSQ679v8lPl99VzQ9EIM_ap_rGZbZ1bZQLGfNpiZfCrW8Rqw_NVqgGnvSnMi5OwropzWNslv85ZsYt6YRvRPEjN3B7Tn3NG7LWFooSt_fsMca2fJjUo_uQ_Nm5wApiEBOS8iLBtgKbEW5Up-BCTAyuMIMhkl7avkHuiUnVQ1aw/s320/1796_S104_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQmiuDBLdFAfXJNUegl0m0eo0zXHCeMITMXp11nQfgjrtnkGN_1gQ_zbZtKHrkBFFVREVSqKtTfsXh5Agw9HIFsFSfUKDbAlOjdkVqD2ZsRN9zRfpMP3I1iWdIxpTfMXBdKUNiejqqBMMaBIPT2XaDc7zcQ9rIa4SO32_fsqBlg5P1mZWsznyRPPSo5sg/s2391/1796_S104_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2231" data-original-width="2391" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQmiuDBLdFAfXJNUegl0m0eo0zXHCeMITMXp11nQfgjrtnkGN_1gQ_zbZtKHrkBFFVREVSqKtTfsXh5Agw9HIFsFSfUKDbAlOjdkVqD2ZsRN9zRfpMP3I1iWdIxpTfMXBdKUNiejqqBMMaBIPT2XaDc7zcQ9rIa4SO32_fsqBlg5P1mZWsznyRPPSo5sg/s320/1796_S104_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S105. A fairly scarce variety (R5-). I purchased this
coin in the annual EAC auction in 2015. The coin is graded & encapsulated
AG3 by PCGS.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFcbaRvj371YuInjik7_bFuDXYHdbdZkqp3sU8EmcwukxnsXvbQgQW2BvLcQDFAys6rfLdCA9ewFPEuRQ-cix8ovRzyyNFxDufUaJJ0iZqPj2Lot1b5OFDmrr-xXQPOjzoZ6QPC96_Z0AiHY8ekX34e9AnXSOIRxs19dXImySoVfl1lE-sKXHL5IYKgm4/s1560/1796_S105_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1409" data-original-width="1560" height="289" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFcbaRvj371YuInjik7_bFuDXYHdbdZkqp3sU8EmcwukxnsXvbQgQW2BvLcQDFAys6rfLdCA9ewFPEuRQ-cix8ovRzyyNFxDufUaJJ0iZqPj2Lot1b5OFDmrr-xXQPOjzoZ6QPC96_Z0AiHY8ekX34e9AnXSOIRxs19dXImySoVfl1lE-sKXHL5IYKgm4/s320/1796_S105_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC56YeixeGAyPBDV6PKCfgc9OXkh4AJQ_2zfJPRw7TvfKLGNEtcRpZl2lZaWwGXePioBLXTsBlwD44KER1y2k_6qNE3aU8J3i5EMk59ghUj30z4d-c5tm9nhDsoQXzqlGf9Az6ZNmno0q48I_M9Fjnt7dBFT-7Wsa40Pu2RqyF4JYdAuLR729s4D8yh8k/s1528/1796_S105_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1421" data-original-width="1528" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC56YeixeGAyPBDV6PKCfgc9OXkh4AJQ_2zfJPRw7TvfKLGNEtcRpZl2lZaWwGXePioBLXTsBlwD44KER1y2k_6qNE3aU8J3i5EMk59ghUj30z4d-c5tm9nhDsoQXzqlGf9Az6ZNmno0q48I_M9Fjnt7dBFT-7Wsa40Pu2RqyF4JYdAuLR729s4D8yh8k/s320/1796_S105_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal">S106. A moderately scarce variety (R4+). Although the rarity
rating is not as high, I found this variety difficult to locate. In 2018 I
finally found one that looked decent in an ebay auction. This coin is in a PCGS
holder, graded VG Details, Scratched. The scratch is fairly obvious, just left
of the lowest curls, but it does not harm the eye appeal too much. The dark
brown surfaces are lightly granular.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbIDAhDYWuCrM1yV_VkXx_R48L5aGR_0QA7WDOzMRsYbhRsStPros0g2BSjqBk9YJE7Czk6Z7VSuppG38vM8tqweSsAkZM0WEIpfUOo9SzXVqSDGPaisyEK9WUI5GFyLCNjPNxbofw1YzsXUf13Aa_A-h1HXqjin80fAvggQ64i-vjV2wilhH5W0JBpAU/s2030/1796_S106_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2030" data-original-width="2015" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbIDAhDYWuCrM1yV_VkXx_R48L5aGR_0QA7WDOzMRsYbhRsStPros0g2BSjqBk9YJE7Czk6Z7VSuppG38vM8tqweSsAkZM0WEIpfUOo9SzXVqSDGPaisyEK9WUI5GFyLCNjPNxbofw1YzsXUf13Aa_A-h1HXqjin80fAvggQ64i-vjV2wilhH5W0JBpAU/s320/1796_S106_obv.jpg" width="318" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh06rCaOYGtYDjgIA1Vf2evkkSyVF9Hq--_cy1sVhvJf1KMgqr63AdCPAdUz0A2S6wNuoD9J9qQNDFZAKgkB6JgYUuKeTAys_cOi9OJ_ZcUKZUvlVV0PwelptH0fGGbuaFNDIs-DThcvExwr7zwToc4yJys4PjPiteftVXmQcnHyyU7rdbG3vwymGPOCvA/s2268/1796_S106_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2261" data-original-width="2268" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh06rCaOYGtYDjgIA1Vf2evkkSyVF9Hq--_cy1sVhvJf1KMgqr63AdCPAdUz0A2S6wNuoD9J9qQNDFZAKgkB6JgYUuKeTAys_cOi9OJ_ZcUKZUvlVV0PwelptH0fGGbuaFNDIs-DThcvExwr7zwToc4yJys4PjPiteftVXmQcnHyyU7rdbG3vwymGPOCvA/s320/1796_S106_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal"><span style="font-size: 12pt;">S107. A very difficult variety to locate in any
grade (R5), and especially so in high grade (the top coin in the condition
census is just VF-20)! My coin comes from the Stacks / Bowers 2021 sale of the Wm. Woytasek coins. It features good details and minimal problems. The die-state is early, before the cud break develops over the "T" in LIBERTY and to the right.</span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-VtD4CtW6ZHEgCkwuatwtbAVIQOT4XjU2kj4-w3FDs6NSN8CJWY22QSqtNW8dCNgpD_ejGkvk6V28Arfl_9IrKML0JqxJPDiP309AvgwyIPgHtSiFsieUuUmYa9Y3g3nTw7tYwKnexLUfljXlAJ4GKC2La5B9whSs_YBtL7m_TQMMfuiTQxtYFduNLH4/s1616/1796_S107_2_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1616" data-original-width="1600" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-VtD4CtW6ZHEgCkwuatwtbAVIQOT4XjU2kj4-w3FDs6NSN8CJWY22QSqtNW8dCNgpD_ejGkvk6V28Arfl_9IrKML0JqxJPDiP309AvgwyIPgHtSiFsieUuUmYa9Y3g3nTw7tYwKnexLUfljXlAJ4GKC2La5B9whSs_YBtL7m_TQMMfuiTQxtYFduNLH4/s320/1796_S107_2_obv.jpg" width="317" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDhbcEhg0drNBArF9ysQ1Llr98SNhXGGUPgY3LcNn4aA7eASSrWbAM3EY79f8vgQvh-Q6TcHxA6E4gYGlM0QuUZyTEg3nuWUZMJu8zf-AKn1PSHAeZAGp34EeEZVMRwkqre17Mqje1tuJUrE01PkjQtR4QtcHNGrTyhA5NvEgyd6XiKLT96a6symRmMDA/s1600/1796_S107_2_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1597" data-original-width="1600" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDhbcEhg0drNBArF9ysQ1Llr98SNhXGGUPgY3LcNn4aA7eASSrWbAM3EY79f8vgQvh-Q6TcHxA6E4gYGlM0QuUZyTEg3nuWUZMJu8zf-AKn1PSHAeZAGp34EeEZVMRwkqre17Mqje1tuJUrE01PkjQtR4QtcHNGrTyhA5NvEgyd6XiKLT96a6symRmMDA/s320/1796_S107_2_rev.jpg" width="320" /></a></div><br /><span style="font-size: 12pt;">S108. A variety that is rated R4, but in my
experience is not hard to find. This variety has the distinction of having the
1794 style edge dentillation for both obv. and rev. This led Breen to consider
it the “first” variety of the draped bust type to be struck in 1796 (I do not
agree with his assertion). This coin was purchased from Shawn Yancey in 2005.</span><p></p><p class="MsoNormal"><span style="font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix1XxJGAPUPzAb4K8wD0pjdGBpZG5PHLQ-SfRKCMW9AP4nrRihxOJZPUsj7LPG9hqvLI9qxVDQieR45eIidHVbowHHOXD-PZwoUCFn04PlY4R1tXRyJLFXYyu0oWDArnEwfiy4qlWPxVJJPeKw_Pqor1UbKz-W6F6sLbY-w350GdzV61-atHXJnCJmTgQ/s2488/1796_S108_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2324" data-original-width="2488" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix1XxJGAPUPzAb4K8wD0pjdGBpZG5PHLQ-SfRKCMW9AP4nrRihxOJZPUsj7LPG9hqvLI9qxVDQieR45eIidHVbowHHOXD-PZwoUCFn04PlY4R1tXRyJLFXYyu0oWDArnEwfiy4qlWPxVJJPeKw_Pqor1UbKz-W6F6sLbY-w350GdzV61-atHXJnCJmTgQ/s320/1796_S108_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-5IiYpeD6u_WeITnm2IWuRWAhOP_ufD3uupm8W0WMIpYQMSRR8ek-5soJLRt_FerERNwoGYe1tJ36-F3Vf0_7gVO6R-UMixpxNWAKJ70S39J5bdDelA6tsM5ThH1NI2YaxDPethx1h22ejo1Tbhn8aes7Q2GjtxEapZJqh_rClyeHq1gWlxCEA4n3ztk/s2558/1796_S108_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2368" data-original-width="2558" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-5IiYpeD6u_WeITnm2IWuRWAhOP_ufD3uupm8W0WMIpYQMSRR8ek-5soJLRt_FerERNwoGYe1tJ36-F3Vf0_7gVO6R-UMixpxNWAKJ70S39J5bdDelA6tsM5ThH1NI2YaxDPethx1h22ejo1Tbhn8aes7Q2GjtxEapZJqh_rClyeHq1gWlxCEA4n3ztk/s320/1796_S108_rev.jpg" width="320" /></a></div><br /> <span style="font-size: 12pt;">S109. An easy variety to locate (R3). However,
it's rarity rating is deceptive, since the majority of coins have surface
issues or other problems. This coin, which I acquired in a 2021 Heritage
auction, illustrates typical surfaces.</span><p></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-_Add8p0dkHNKz8p3tPDHBM1gVV3fy1IE8NgKJQGSHr_DIQg3sImGp5bXDEKPaJK-3zrtEiIgj5fzt1ACk_tlECDyfN5O2-43Q6qDu6b6MWXo3vO5aJm1lJLp74Xioz4t4jvon6OqeI7_iU4fN6YjTmKZ6vS_1N1nMLNl3iPa4cPI-KnxgKP1gI-emo0/s1267/1796_S109_PCGS_Fdet_obv2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1152" data-original-width="1267" height="291" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-_Add8p0dkHNKz8p3tPDHBM1gVV3fy1IE8NgKJQGSHr_DIQg3sImGp5bXDEKPaJK-3zrtEiIgj5fzt1ACk_tlECDyfN5O2-43Q6qDu6b6MWXo3vO5aJm1lJLp74Xioz4t4jvon6OqeI7_iU4fN6YjTmKZ6vS_1N1nMLNl3iPa4cPI-KnxgKP1gI-emo0/s320/1796_S109_PCGS_Fdet_obv2.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtzb-QKEzmAZGRw4m961Ssm4FSW8Wq2HRYjNt5EUtSAjTiruOYWYd50Mxh7Y68qtFBd_qN_Ouhi2q7df4Vi4bTf_AezyNvuIR58l1zrO6BRTT62c_Pyp6yeOtUVzvbGNhs_loBGNS6wm0JkcAB2KVp49xTV-6Vw2u790VipExTfXXAERlAMY01TF7herM/s1234/1796_S109_PCGS_Fdet_rev2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1171" data-original-width="1234" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtzb-QKEzmAZGRw4m961Ssm4FSW8Wq2HRYjNt5EUtSAjTiruOYWYd50Mxh7Y68qtFBd_qN_Ouhi2q7df4Vi4bTf_AezyNvuIR58l1zrO6BRTT62c_Pyp6yeOtUVzvbGNhs_loBGNS6wm0JkcAB2KVp49xTV-6Vw2u790VipExTfXXAERlAMY01TF7herM/s320/1796_S109_PCGS_Fdet_rev2.jpg" width="320" /></a></div><br /><span style="font-size: 12pt;">S110. Another fairly common variety (R3). This
coin is a pretty good representative. The obv. has nice
detail, but some scratches are noted in the area around the date. This coin was purchased in the annual EAC auction in 2004 (LOT 104).</span><p></p><p class="MsoNormal"><span style="font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTs8k8Qy35RBs0zXKr7L4lmJLAVAtlzcd4sbBb3kmvzIiDEjaCq_3Ir81ZHNqteVSP1OU9ts80K-LOTgYNSsqnfZCFDSwIg-UEsSbE33wvx02g53Mh7d_aYZe38Li1keiqpoGVMEnrwZAuuLHiss73VL1f4WiBA2tF3ckDiHSgDiTf7n0-GSmiKGjiOvE/s2397/1796_S110_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2228" data-original-width="2397" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTs8k8Qy35RBs0zXKr7L4lmJLAVAtlzcd4sbBb3kmvzIiDEjaCq_3Ir81ZHNqteVSP1OU9ts80K-LOTgYNSsqnfZCFDSwIg-UEsSbE33wvx02g53Mh7d_aYZe38Li1keiqpoGVMEnrwZAuuLHiss73VL1f4WiBA2tF3ckDiHSgDiTf7n0-GSmiKGjiOvE/s320/1796_S110_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMeZHceuiaNJcgVRCRg8jky2I8AYEiHgsWQaH0n1u8yQ4enu3ED1ibu5pp7E2CTxByk20Y27vPSl5yGNDOxTiQczaU9-e0f_E3VEHpMU9CBBKLOK_XuFVZt7thU7_ipNFKOgNG31OeKgib09VaHMkUM2Pjsv87TQpPbJnA1sTz1NhyLEwl7l4kU1_evYA/s2388/1796_S110_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2217" data-original-width="2388" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMeZHceuiaNJcgVRCRg8jky2I8AYEiHgsWQaH0n1u8yQ4enu3ED1ibu5pp7E2CTxByk20Y27vPSl5yGNDOxTiQczaU9-e0f_E3VEHpMU9CBBKLOK_XuFVZt7thU7_ipNFKOgNG31OeKgib09VaHMkUM2Pjsv87TQpPbJnA1sTz1NhyLEwl7l4kU1_evYA/s320/1796_S110_rev.jpg" width="320" /></a></div><br /> S111. Somewhat scarce variety (R5-). This coin exhibits nice
details, and original dark steel brown color. One obv. rim bump is noted over "LI" in LIBERTY, but the overall appearance remains pleasing. The coin was purchased in a Goldberg
auction June 2016 (LOT 139).<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQg0kBNcrhiDwH_9l0evAUGiuNmN8D6daycy1_iHLIEwPtTHplkVVBqEmc0BOTcXKbMzkizR74LnQ6CPYcPGIf8Y07U3Wp-KItgXsdOv3N2068nOtCdTKN0RTlSvd8U1fVnuAWvDWWOSRmpj5kJ8werBXzjV5QocADFGbFDCk8VS4-80hAKXXWmuP5r7g/s1220/1796_S111_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1077" data-original-width="1220" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQg0kBNcrhiDwH_9l0evAUGiuNmN8D6daycy1_iHLIEwPtTHplkVVBqEmc0BOTcXKbMzkizR74LnQ6CPYcPGIf8Y07U3Wp-KItgXsdOv3N2068nOtCdTKN0RTlSvd8U1fVnuAWvDWWOSRmpj5kJ8werBXzjV5QocADFGbFDCk8VS4-80hAKXXWmuP5r7g/s320/1796_S111_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSscvJip5ZZz0lj0i_bNAy0i23Ype90mFqUa2JXFCGxwurCx6r_YH6-Js-zQngWBmDsb_htc4tzhluBQw-ouWzutyf8iGcL1x3ulkNGgWcoLIOGKKio_G6u_wj_fhQayZKPB61l14YpwPEABV_1A7PLyeI-s60k6DiRf4HDbSrInI5Lk2sGBwaLZU3od4/s1207/1796_S111_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1069" data-original-width="1207" height="283" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSscvJip5ZZz0lj0i_bNAy0i23Ype90mFqUa2JXFCGxwurCx6r_YH6-Js-zQngWBmDsb_htc4tzhluBQw-ouWzutyf8iGcL1x3ulkNGgWcoLIOGKKio_G6u_wj_fhQayZKPB61l14YpwPEABV_1A7PLyeI-s60k6DiRf4HDbSrInI5Lk2sGBwaLZU3od4/s320/1796_S111_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal"><span style="font-size: 12pt;">S112. A moderately scarce variety (R4+). This
coin has smooth brown surfaces, and very few distracting marks. The central
rev. is weakly struck (as often seen). The rev. is also rotated slightly. It was purchased on ebay in 2015.</span></p><p class="MsoNormal"><span style="font-size: 12pt;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQZw4IfuoZ2BZHZWXPQSfpGyilFbg0wyYP4OkUEQoieS9JU3Z0HcHD-00K6gNTHzmWCNwlt6MH6grfwZagNNk1yoglWSdE34NH3ytdc970poXWYJljkWkld8kO4nJE5v8O-Tb0-Z-z1sXyf51fbm6bA64EjDpJCErgM2iUxpYcbkTxErNUN0jZp_zan-4/s1546/1796_S112_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1409" data-original-width="1546" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQZw4IfuoZ2BZHZWXPQSfpGyilFbg0wyYP4OkUEQoieS9JU3Z0HcHD-00K6gNTHzmWCNwlt6MH6grfwZagNNk1yoglWSdE34NH3ytdc970poXWYJljkWkld8kO4nJE5v8O-Tb0-Z-z1sXyf51fbm6bA64EjDpJCErgM2iUxpYcbkTxErNUN0jZp_zan-4/s320/1796_S112_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqZxMmsPEeBDEfX0MvJgCISF-eD6SMuSL6sTvKNKMDXRlBBuGDIBcDxtp3UkPzN5WMwuD42hYUOnPwX9TpmJHJo1ePCP477ajwFKiiyZD5hGpv55sJNIg4EvY0H7BX-TVtOal_3a0yxX4R44anMlq9vGqaO_EBANKzononjAXghEfSqr30hq_w8BbS07Y/s1511/1796_S112_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1352" data-original-width="1511" height="286" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqZxMmsPEeBDEfX0MvJgCISF-eD6SMuSL6sTvKNKMDXRlBBuGDIBcDxtp3UkPzN5WMwuD42hYUOnPwX9TpmJHJo1ePCP477ajwFKiiyZD5hGpv55sJNIg4EvY0H7BX-TVtOal_3a0yxX4R44anMlq9vGqaO_EBANKzononjAXghEfSqr30hq_w8BbS07Y/s320/1796_S112_rev.jpg" width="320" /></a></div><br /> S113. A very scarce variety (R5) that is most often found
with a die break through the date. This coin is an exception, with the die
break not evident. The dies appear to have been mis-aligned, because <st1:city>LIBERTY</st1:city>
is very weak. The central rev. is also weak, with ONE CENT not visible. The
surfaces are smooth, and the color is nice original-looking chocolate. This
coin was purchased from Kevin Vinton in 2017.<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfWtPDZSHUt-Nrvy_86KUiL9sm0kgwRmyokk6Suqf4BT_5fCGms1XpLwEY9X7lHJo7tKPOUeRfvx8X5-QaChr7-yw-JbQ1DWRn1iABl4CgVj6p70C5wgI9KtGQDg8KhHnCL0NSM_3S26rmfJDe_LRj9NQwUKqwhVzPVk3NzqNGN9118xL2w2ELWz0beE8/s2440/1796_S113_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2252" data-original-width="2440" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfWtPDZSHUt-Nrvy_86KUiL9sm0kgwRmyokk6Suqf4BT_5fCGms1XpLwEY9X7lHJo7tKPOUeRfvx8X5-QaChr7-yw-JbQ1DWRn1iABl4CgVj6p70C5wgI9KtGQDg8KhHnCL0NSM_3S26rmfJDe_LRj9NQwUKqwhVzPVk3NzqNGN9118xL2w2ELWz0beE8/s320/1796_S113_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilujIx9MyosUBuqhCTEeZRprKcVMrUut4JUHsJCFmGnaur6UL_ZF4zmGMH5EQnV-SOQIc_f--pL-wCk3Qg_NvTtIr6v3MkSVbE6aj238fUkAaBDz6aUpQpPFcURqBiyiP70DmlCfMqx73JNmEigbLeMCCtQh9s9odK7iHvWPNrXlIiPrRYBmnZKTqrlFo/s2437/1796_S113_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2260" data-original-width="2437" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilujIx9MyosUBuqhCTEeZRprKcVMrUut4JUHsJCFmGnaur6UL_ZF4zmGMH5EQnV-SOQIc_f--pL-wCk3Qg_NvTtIr6v3MkSVbE6aj238fUkAaBDz6aUpQpPFcURqBiyiP70DmlCfMqx73JNmEigbLeMCCtQh9s9odK7iHvWPNrXlIiPrRYBmnZKTqrlFo/s320/1796_S113_rev.jpg" width="320" /></a></div><br /><p class="MsoNormal"><span style="font-size: 12pt;">S114. The guides list this variety as R5-, but I
believe it to be more common (R4, at best). A cud die break appears later, at
the rim above RTY, but this coin does not show evidence for it. This coin is
deep olive green, with granular surfaces, and some evidence of corrosion behind
the top of the head. This coin was purchased on ebay in 2016.</span></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRaVUD3wXhsRxcKgd4VV1k0APe8CLuhigzT5FTP5mPtbh7Oe6L8lv-1W32R2ApBFii1k21aqC9kkym3p_FbDAiFqBvEX2Np42LrZqiAc6Z1VJ5h6-UAiSdnxQg1E-4feRhAWtqx8t7_xkDJFYhx_zRWRPTlXw-BrNhQkpgT-LXgqmSptMNqbGlcP4nD_U/s2480/1796_S114_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2267" data-original-width="2480" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRaVUD3wXhsRxcKgd4VV1k0APe8CLuhigzT5FTP5mPtbh7Oe6L8lv-1W32R2ApBFii1k21aqC9kkym3p_FbDAiFqBvEX2Np42LrZqiAc6Z1VJ5h6-UAiSdnxQg1E-4feRhAWtqx8t7_xkDJFYhx_zRWRPTlXw-BrNhQkpgT-LXgqmSptMNqbGlcP4nD_U/s320/1796_S114_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKjKbC5MDbZsOJ_DYLM0k5tFBrdxYmxEcFc8Bv1VP2xQ-Dg1l5VzPA1cj-DTr1gqg8krNZZsd5vCNBfTsAO7ZmMivzXbBOdU5Rnweg_pEoNIWeF40uniZUhMlTlbrYhBh2I769j5AIi3PMVbpVm5OgaIHZPwGqL_gu0_FtutXwXa0AP5QFGFemyjI_rZ8/s2469/1796_S114_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2274" data-original-width="2469" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKjKbC5MDbZsOJ_DYLM0k5tFBrdxYmxEcFc8Bv1VP2xQ-Dg1l5VzPA1cj-DTr1gqg8krNZZsd5vCNBfTsAO7ZmMivzXbBOdU5Rnweg_pEoNIWeF40uniZUhMlTlbrYhBh2I769j5AIi3PMVbpVm5OgaIHZPwGqL_gu0_FtutXwXa0AP5QFGFemyjI_rZ8/s320/1796_S114_rev.jpg" width="320" /></a></div><br /><span style="font-size: 12pt;">S115. An obtainable variety (R3). This coin
displays very nice details, and shows an arcing die break behind the date plus a large cud die-break above "TY" in LIBERTY</span><span style="font-size: 12pt;">. This coin was purchased in 2009 in the Goldberg auction of the Dan Holmes collection.</span><p></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1qyhD6oSoNdnjTi4GL_wC7VpXpUwPtFZewlz-6yUooET6FK2QxImPa-jhEPQsoNTc2hqo4PIU_j87PklkY1WkNHAAuVrBFM7pYZCXbHSJMR-JS95wtaNqMutBU7ErS1a6A9jyVmX3F0vlxCJ3Nlw9xpEJz5DLb8-t-fjzThc0BLgGrIpt3gpVh3IwZS0/s2550/1796_S115_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2363" data-original-width="2550" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1qyhD6oSoNdnjTi4GL_wC7VpXpUwPtFZewlz-6yUooET6FK2QxImPa-jhEPQsoNTc2hqo4PIU_j87PklkY1WkNHAAuVrBFM7pYZCXbHSJMR-JS95wtaNqMutBU7ErS1a6A9jyVmX3F0vlxCJ3Nlw9xpEJz5DLb8-t-fjzThc0BLgGrIpt3gpVh3IwZS0/s320/1796_S115_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp09_5L0wlzLye3oPF-P5xWN0alZyiky4UigXGs9TzIOdo8vzmCfibTZ4FLp8O-0T2NOzBA8DHyDHsIt6uB0pN7scAlhbU3nukegSJviyn9FVMKVB2dDy7rhbrOYY6I5pxvx7NaKnzXsZh5mjAF8RuKhDxvHzvpQTYaVI7dtmyO8EsIslSgTe3mR2Y1_4/s2516/1796_S115_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2297" data-original-width="2516" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjp09_5L0wlzLye3oPF-P5xWN0alZyiky4UigXGs9TzIOdo8vzmCfibTZ4FLp8O-0T2NOzBA8DHyDHsIt6uB0pN7scAlhbU3nukegSJviyn9FVMKVB2dDy7rhbrOYY6I5pxvx7NaKnzXsZh5mjAF8RuKhDxvHzvpQTYaVI7dtmyO8EsIslSgTe3mR2Y1_4/s320/1796_S115_rev.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><span style="font-size: 12pt;">S116. A scarce variety (R5-) that usually comes
in poor condition. Dark, porous surfaces are much more common than smooth ones.
This coin presents original looking color & surfaces, although heavily worn. I purchased this coin in a 2013 Goldbergs auction. It had once been owned by Joe Dooley.</span><p></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt11ETPKH0AXleYgG4gEjShNyPteoisnOe_1dx_CTi_W2l-D2EA3ZeExUnBUSuJhGubzeUiaas6M6VDCR2YJ9AIy2Ryrg-mxgDf8PxNYxvZdcicGvVAyWitJ-oW4pJmKKp6AUAd0QNlawVQKuTOBlFjrBv5bBXPSPbZx22AIglWjSPbPR_BwENX15TIcs/s500/1796_S116_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="500" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt11ETPKH0AXleYgG4gEjShNyPteoisnOe_1dx_CTi_W2l-D2EA3ZeExUnBUSuJhGubzeUiaas6M6VDCR2YJ9AIy2Ryrg-mxgDf8PxNYxvZdcicGvVAyWitJ-oW4pJmKKp6AUAd0QNlawVQKuTOBlFjrBv5bBXPSPbZx22AIglWjSPbPR_BwENX15TIcs/s320/1796_S116_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7JpSQN_u8Q2vo1SFw3EN703aUWUGBmiDEC2v5pug6s8yjEo2_LGw4V63oC3xsMXOoeILFVujcmGQaYsruWeUx6_-cRiF2ul59GikbPwZnPeAWgEQAhrng-ta-i1VfHA1De7f3EkNwVGd-RHNprUI1bgFGUtgICIjtXB7zY_uOECI7XbkYOAPw6o6JlOc/s500/1796_S116_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="500" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7JpSQN_u8Q2vo1SFw3EN703aUWUGBmiDEC2v5pug6s8yjEo2_LGw4V63oC3xsMXOoeILFVujcmGQaYsruWeUx6_-cRiF2ul59GikbPwZnPeAWgEQAhrng-ta-i1VfHA1De7f3EkNwVGd-RHNprUI1bgFGUtgICIjtXB7zY_uOECI7XbkYOAPw6o6JlOc/s320/1796_S116_rev.jpg" width="320" /></a></div><p class="MsoNormal"><br /></p>S117. A tough variety to locate (R5+). The present coin
exhibits some problems, but comes with a good pedigree. Purchased in 2017 from
the Pierre Fricke collection, this coin was earlier sold in the Dan Holmes sale
(SEP 2009, LOT 200). The overall sharpness is nearly Very Fine, but there is moderate
corrosion present on both sides. The color is reddish chocolate.<p></p></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQqGKWXlRoYSlSgCGcqFuKorjHV0yAOGiL5J8uIx07vldAvFTkutGkyTFHLz8dXaFhOGSfkus2ba6M4btMSdT091HBau_ME2EPuGr-Eev0lQ4w1N_Ry3WhOGeVx34uUw5Twskr1WauU5bjJKTwKNgji_6by3qzSoB_h2-umM5yj8bQvZGrHcucADIHlkI/s2510/1796_S117_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2305" data-original-width="2510" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQqGKWXlRoYSlSgCGcqFuKorjHV0yAOGiL5J8uIx07vldAvFTkutGkyTFHLz8dXaFhOGSfkus2ba6M4btMSdT091HBau_ME2EPuGr-Eev0lQ4w1N_Ry3WhOGeVx34uUw5Twskr1WauU5bjJKTwKNgji_6by3qzSoB_h2-umM5yj8bQvZGrHcucADIHlkI/s320/1796_S117_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv3IP02Bz5JqYG9BqefSDFop4in1_0XkA9OnPssBRs_xyF2yce60DLtimrPEqvA59T0L3FFs12vfHHGzlY4nA7gEbwe-In1prDqSIPv_T6Gy-oYtN_Lly1P5FaHFFlxe1ZTWzwd6i32uZ3pCpov7j16n3ib3zfLSUjL4YLFY-BZSIApTAflvSK7X3gNOU/s2429/1796_S117_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2231" data-original-width="2429" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv3IP02Bz5JqYG9BqefSDFop4in1_0XkA9OnPssBRs_xyF2yce60DLtimrPEqvA59T0L3FFs12vfHHGzlY4nA7gEbwe-In1prDqSIPv_T6Gy-oYtN_Lly1P5FaHFFlxe1ZTWzwd6i32uZ3pCpov7j16n3ib3zfLSUjL4YLFY-BZSIApTAflvSK7X3gNOU/s320/1796_S117_rev.jpg" width="320" /></a></div><br /><div><p class="MsoNormal">S118. An extremely scarce variety (R5+). The only variety
with fewer auction appearances than this variety since 2000 is the S96 (an
acclaimed rarity). After more than 2 years of diligent hunting for an
acceptable coin, this humble specimen was located on ebay in 2018. Although it
is only FR2, there are minimal problems, with just a couple small “dark green”
spots noted on the rev. rim. This is the ultimate “devotee’s coin”, as only a
devoted 1796 fan could appreciate it.</p></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8IFHHq-x2TzFpwA-cjuy0RNFXk2q1O3DaASFq9MNeT_nSEqGYAC7GFunm3yraEmyn4F17AJlGkd4fN7QmwDgfdELWi_X3n8Vh3Iaay1AuDz0P_jArCKiYGFVmwWO5Pq_eX3ZpyPrUJ28wlNzhj4533eKJBceHIBxV10N_0a9dB0Nz59L2rZmQEyPVH7c/s2188/1796_S118_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2072" data-original-width="2188" height="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8IFHHq-x2TzFpwA-cjuy0RNFXk2q1O3DaASFq9MNeT_nSEqGYAC7GFunm3yraEmyn4F17AJlGkd4fN7QmwDgfdELWi_X3n8Vh3Iaay1AuDz0P_jArCKiYGFVmwWO5Pq_eX3ZpyPrUJ28wlNzhj4533eKJBceHIBxV10N_0a9dB0Nz59L2rZmQEyPVH7c/s320/1796_S118_obv.jpg" width="320" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc6x-4x8KQPo8-gEMBy9T0YJFLv8Epr7voLwQpTR1bgVIlis6P3mCDQL1g6r20MRn3oFDqHF-IpRqTgOn4i8M7oJHm8I2bzI_CA5mOuA7f2JSs4dr0lkmP57igH3HvSGOnX03fBB7VME52lIvCBQatfOE6kT3-Z6eS5p6IGegygTYR94wxA8fn-GDZXa4/s2349/1796_S118_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2168" data-original-width="2349" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc6x-4x8KQPo8-gEMBy9T0YJFLv8Epr7voLwQpTR1bgVIlis6P3mCDQL1g6r20MRn3oFDqHF-IpRqTgOn4i8M7oJHm8I2bzI_CA5mOuA7f2JSs4dr0lkmP57igH3HvSGOnX03fBB7VME52lIvCBQatfOE6kT3-Z6eS5p6IGegygTYR94wxA8fn-GDZXa4/s320/1796_S118_rev.jpg" width="320" /></a></div><br /></div><span style="font-size: 12pt;">S119. The low rarity rating of this variety (R3)
belies the difficulty of locating an affordable specimen. This variety was
found in the Nichols Find hoard, with all of these coins being mint-state, or
close. The population of S119 in mid-grade and lower grades is not large. This coin is heavily worn, and also holed! </span><span style="font-size: 16px;">This coin was purchased in 2023 in the Stacks / Bowers sale of the Howard Pitkow coins. It has been authenticated by ANACS.</span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj1gfiYVLO4pVPF4wONbRR1awjyDcc-TQ_4jj64iYlWIKAy-OcdNrhCHHNS8j9LjTlVTAekw83qV7SYoZIqn9KNQAXh9zR_VLKb6pBzdVXEDoTlMj2VtS269R_AV7eSqGiArbVQGgCvvWKaReD0r1NnL8VvvO4gUvjoAe6gFtHNduYiJPp0d-G2rmHVfc/s1584/1796_S119_hole_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1452" data-original-width="1584" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj1gfiYVLO4pVPF4wONbRR1awjyDcc-TQ_4jj64iYlWIKAy-OcdNrhCHHNS8j9LjTlVTAekw83qV7SYoZIqn9KNQAXh9zR_VLKb6pBzdVXEDoTlMj2VtS269R_AV7eSqGiArbVQGgCvvWKaReD0r1NnL8VvvO4gUvjoAe6gFtHNduYiJPp0d-G2rmHVfc/s320/1796_S119_hole_obv.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_wXtyfyHJIi0wEP1_mEq4EPcjoj4VLUjwKuWezpSEQLTI_TxwbHeHH1LQLxEes5y7Mx2_Bo-aNCSGIB5r6wuROaDqIpRv0fG63zq1lt8ZtKfQnMy0fYhWo3Py6XHndY-_PZbcbVJ23pxCLxP2ijHaHibxew9n1yZsQTx4Xsha_aVPOMus7eOZEgy10rk/s1551/1796_S119_hole_rev.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1394" data-original-width="1551" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_wXtyfyHJIi0wEP1_mEq4EPcjoj4VLUjwKuWezpSEQLTI_TxwbHeHH1LQLxEes5y7Mx2_Bo-aNCSGIB5r6wuROaDqIpRv0fG63zq1lt8ZtKfQnMy0fYhWo3Py6XHndY-_PZbcbVJ23pxCLxP2ijHaHibxew9n1yZsQTx4Xsha_aVPOMus7eOZEgy10rk/s320/1796_S119_hole_rev.jpg" width="320" /></a></div><br /><div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /></div>Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-34841873760254083792020-07-24T13:52:00.001-07:002020-07-26T11:03:21.914-07:00Coin Collecting in the time of CoronavirusMost collectors I know enjoy talking about "The Good Old Days", but they rarely mean "Last Year" when they say it! The coin hobby is currently staggering through the COVID-19 (Coronavirus) pandemic, along with most of the rest of the economy. People look back wistfully to those relatively care-free days, when you didn't need a mask to buy a cup of coffee, and you could get on an airliner without much thought of what was lurking on the exposed surfaces or in the air.<br />
Large gatherings mostly ended in the U.S. by April 2020. This has included all the coin shows & coin conventions that I traditionally attend. I honestly miss all these events. For me, coin shows have become as much a chance to catch up with old friends and share gossip about great coins as they were about finding more coins. The sense of isolation is almost palpable. My coin club (EAC) first postponed this year's convention from May to Aug., and then finally relented and canceled the 2020 convention altogether. It was a wise and well-considered decision by the EAC board, but still a fiscal and emotional blow to club members. Fortunately, the annual EAC auction has been salvaged, with the auctioneers engineering an on-line real-time sale for members to participate in. This auction will provide EAC members with a welcome chance to participate in the hobby and (hopefully) add some useful new items to their collections. It will also provide EAC with the bulk of its revenue for this year (by virtue of the buyer's premiums on each lot).<br />
Coin collecting has been impacted by Coronavirus in many ways. The loss of conventions is just one change that collectors had to cope with. For a number of weeks, during lockdowns in most of the nation, it was impossible to visit local coin shops. This was without doubt a hardship to the shop owners, the customers who regularly walked in to look at coins or just talk about them, and people with large coin accumulations to sell. Most shops have re-opened now, and their operations are largely the same (with some new restrictions). Coin auctions have largely retreated from in-person events to on-line only events. Other traditional bidding mechanisms (like mail-bid, FAX, and phone bids) also remain intact. The large on-line coin marketplaces (like ebay) did not require major changes to continue operating, and their platforms benefited from the large number of collectors isolated at home, with no other outlet for their collecting passion.<br />
Prices for coins, at least the kind of coins that I look at, have not been negatively impacted by the virus. This might at first seem counter-intuitive, since a lot of economic damage was caused by the shutdowns, and resulting slowdown in the economy. One might reasonably have expected a recession to depress the price of most collectibles. However, it is important to note that the U.S. Federal Reserve responded quickly to the pandemic with a huge ($3+ Trillion) stimulus. This stimulus warped the economic models, resulting in some uncertainty in the prices of individual commodities (including coins). The anticipation of inflation that accompanied the Fed's stimulus measures has caused a spike in the prices of precious metals (Gold, Silver, etc.). Traditionally, coin prices have followed bullion prices when they rise. In a general sense, that is what is occurring now. The fluctuation in bullion prices leads to more attention from collectors & speculators, and this in-turn results in higher bids for coins of most types.<br />
Where are we headed? That is unclear at this time. People are still adjusting to "the new normal". Work, shopping, vacations, and many other activities have required adjustment in the age of the virus. The development of an effective vaccine in a timely manner (eg. by the end of this year) could result in a big economic rebound, and resumption of life as we previously knew it. However, even under that rosy scenario, all the extra money that was injected by the Fed. will not be absorbed quickly. This implies that a bull market for coins could continue for awhile. Barring the rapid development and deployment of a vaccine, the pandemic existence that has prevailed since April is likely to continue. People are likely to re-prioritize what they do with their leisure time and their leisure dollars. It should be quite interesting. The historians and financial pundits will be busy for a long time trying to analyze this one!Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-13229266214175671462019-12-29T21:45:00.005-08:002020-10-07T16:34:27.237-07:00The Douglas Bird Collection - A few personal highlights<div class="separator" style="clear: both; text-align: center;">
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Selections from the Doug Bird collection of Large Cents will be sold at auction by Ira & Larry Goldberg in Los Angeles, CA Feb. 16, 2020. This sale promises to join other legendary name sales by the Goldbergs - names like Ted Naftzger, Dan Holmes, March Wells, Paul Gerrie, Tom Reynolds, and more. The Goldbergs have an affiliation with copper like Midas had one for gold.<br />
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I have known Doug Bird personally for more than 3 decades. My first encounter with Doug was at a coin show in Portland, OR in the mid 1980's, where I was a novice collector and he was already an experienced dealer in early American copper. The two impressions that Doug made upon me that day were 1. how many wonderful coins he had for sale, and 2. how friendly and approachable the man himself was. Doug was ever-patient with my many uninformed questions, and he exhibited a wicked sense of humor about coins & about life! Doug sold me my first 1804 cent, and through the years the friendship has continued to enriched us both! Doug was a long-time denizen of Hermosa Beach, CA. When I became advanced enough to attend auctions in L.A. and shows in Long Beach, I often found that we were competing to own the same coins in auctions, and I never failed to stop at Doug's table, to see what was "new", or what I had missed on my last visit. Through the years I have had the benefit of Doug's enormous expertise and also enjoyed his camaraderie within the EAC (Early American Coppers club).<br />
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Doug's Feb. 2020 auction represents the creme-de-la-copper of his holdings. 179 little copper jewels will find new homes. I am making plans to be in attendance, and hope to make at least one of these little gems mine by the end of the sale. Below are a few of the highlight coins that will be offered from the Douglas Bird collection:<br />
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<li> LOT 6 is a wonderful 1793 S-14 Liberty Cap cent. This is the variety with a spectacular bi-secting obverse die-crack. The Bird coin is the 2nd finest available.<div class="separator" style="clear: both; text-align: center;">
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<li> LOT 22 is a choice 1794 S-64 Liberty Cap cent. This famous variety has a missing fraction bar on the rev. The Bird coin is problem-free, with just a touch of wear visible.</li>
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<li> LOT 37 is another famous variety - the 1796 S-103 LIHERTY Draped Bust cent. The "B" in LIBERTY was first punched in backward, and then corrected, making the letter appear to be an "H". the Bird coin is easily the finest known of this famous variety.</li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiytTcP7eXLMgXhn5sJZbHoySAHy-6CwAAYuX9MwN2o18-nioNFLepfxjvlf8SI1Sh5mtEBzgF2v3wt1OLgqdYvn_hQarRZiN36GDpaohEWceGz8v-rGPXuTQdg75vSln8ud2BcdnHRiMk/s1600/Doug_Bird_S103_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="978" data-original-width="1000" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiytTcP7eXLMgXhn5sJZbHoySAHy-6CwAAYuX9MwN2o18-nioNFLepfxjvlf8SI1Sh5mtEBzgF2v3wt1OLgqdYvn_hQarRZiN36GDpaohEWceGz8v-rGPXuTQdg75vSln8ud2BcdnHRiMk/s320/Doug_Bird_S103_obv.jpg" width="320" /></a></div>
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<li> LOT 67 is the finest known example of the 1800/798 Draped Bust cent with style-1 hair, S-190. Golden brown luster practically drips from this coin. Simply a superb example of early copper!<br />
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<li> LOT 84 is another famous variety - the 1801 S-219 "3-Errors Reverse" cent. The Bird coin is once again the finest known for the variety.</li>
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<li> LOT 140 is a beautiful 1811 S-287. This is not a rare variety. However, the Bird coin is so lovely that it merits mention for its outstanding eye appeal. The color appears wholly original and contains iridescent overtones of blue & olive on surfaces that still exhibit traces of mint-red.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitZIKytwnFui_QIDiJcGbAazXvH6ABKJzIctfVtDlU4uVlhBHir-iMjO-xvY3AkuN3-WIv2N_7t52yHG7BhEC9Rh4U-UdfXce8sC0L4CPTev6xZaWiHjbMMLpIy3b3pX0HVp0AQb-9kJg/s1000/1811_S287_Bird_obv.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="993" data-original-width="1000" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitZIKytwnFui_QIDiJcGbAazXvH6ABKJzIctfVtDlU4uVlhBHir-iMjO-xvY3AkuN3-WIv2N_7t52yHG7BhEC9Rh4U-UdfXce8sC0L4CPTev6xZaWiHjbMMLpIy3b3pX0HVp0AQb-9kJg/s320/1811_S287_Bird_obv.jpg" width="320" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXkKEjhch0NgPV_byAcdik6cVhcVLyFzKACihugBvkmfeCfrQzVcwHux4CDtyaS-KtPw4QkdgS9SBXrAZiGUsey330c0mtlwTsp6VvBwexVbAE_LO_w5k-1g85sIZ0zRDswryT9qDFH0M/s1000/1811_S287_Bird_rev.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="972" data-original-width="1000" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXkKEjhch0NgPV_byAcdik6cVhcVLyFzKACihugBvkmfeCfrQzVcwHux4CDtyaS-KtPw4QkdgS9SBXrAZiGUsey330c0mtlwTsp6VvBwexVbAE_LO_w5k-1g85sIZ0zRDswryT9qDFH0M/s320/1811_S287_Bird_rev.jpg" width="320" /></a></div><br /></div></li>
<br /><li>LOT 141 is another fairly common variety in exceptional condition. This 1812 S-288 cent has radiant luster and choice red-brown color. Truly a coin for the aficionado to appreciate.</li>
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EAC grading is not perfect; it is just the best system we
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Attempts to systematize coin grading for <st1:country-region><st1:place>U.S.</st1:place></st1:country-region>
coins began in the early 20<sup>th</sup> century. The American Numismatic
Association (ANA) was a leading proponent of this effort. Coin grading was
deemed important because of the correlation between the amount of wear on the
coin and its market value. Dozens of books have been published to describe
various grading systems. Adjectives were assigned to describe progressive
levels of wear (eg. ABOUT UNCIRCULATED, EXTREMELY FINE, VERY FINE, FINE, VERY
GOOD, GOOD). Following the publication of a book called Early American Cents by
William Sheldon in 1949, the adjectives used for grading coins were
supplemented with numerical grades ranging from 1-70. The ANA published the
first edition of ANA Grading Standards for U.S. Coins in 1977. Shortly
thereafter (1979) ANACS (the ANA Certification Service) issued its first coin
grading certificates. These certificates were intended to facilitate coin
trading, and featured photos of both sides of the coin and a grade estimate,
based on ANA grading standards. A useful history of the ANACS grading service
has been published, and can be read here:</div>
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<a href="https://coinweek.com/education/coin-grading/history-first-third-party-coin-grading-service-anacs/" target="_blank">ANACS_1st_Grading_Service</a></div>
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Problems associated with grading continued to plague the
coin market. In 1986, The Professional Coin Grading Service (PCGS) introduced
the concept of grading & encapsulation, wherein the coin was graded, and
encapsulated in a hard plastic holder, along with an insert upon which a certified
grade was printed. The origin story for PCGS makes interesting reading, and can
be found here:<br />
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Other companies followed the PCGS example, and today the
coin market is heavily reliant on coins graded & encapsulated in holders
from 3<sup>rd</sup> party grading services. If 3<sup>rd</sup> party grading had
“solved” the problem with grading, no other system would be necessary. However,
as we will discuss, that is not what happened.</div>
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Adjectival definitions for grades (eg. GOOD, FINE, VERY
FINE, ABOUT UNCIRCULATED) have remained relatively constant over time.
Likewise, the numerical grading scale (ranging from 1, for a coin just
recognizable as to date & type, to 70 for a flawless coin) remains in place.
However, the standards by which various grades are defined have not remained
constant. This lack of permanence was the original justification for the 3<sup>rd</sup>
party grading services. Unfortunately, these services have not been able to
maintain adequate consistency of their standards. This has resulted in much
confusion in the market for 3<sup>rd</sup> party graded coins. In addition, the
increasing price spread between coins near the upper end of the grading
spectrum gave rise to demand for increased precision in commercial grades. In
response to this market phenomenon, PCGS introduced 11 discrete mint-state
grades (MS60-MS70), and later added intermediate “+” grades, in an attempt to
refine the definition of grade. In many cases, the difference between these
1-point grade spreads is too small to maintain with consistency (at least with
human graders).</div>
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Coin grading has been described as part art & part
science. For circulated coins, it is straightforward to define points along the
continuum of wear – this is the “science” part of grading for circulated”
coins. The “art” part involves accounting for differing striking pressure,
which will also affect the amount of detail in the resulting coin. Another important
aspect of the “art” of coin grading is deciding how particular defects (eg. rim
bumps, scratches, abrasive cleaning, etc.) will impact the value (or grade) of
a coin. The location and the severity of the problem will impact the coin’s
value, and is unique to each and every coin graded. For coins that are strictly
uncirculated (ie. No wear visible) it is theoretically possible to define
points on the scale of beauty that involve the quality of the luster and the
number of marks acquired by the coin during handling at the mint (or elsewhere)
– this is the “science” part for uncirculated coins. The “art” part involves
assessing the “eye appeal” that each uncirculated coin possesses within the
context of its particular coin series.<br />
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The EAC grading system evolved within the Early American
Copper community as a unique answer to the grading conundrum for problems
experienced with circulated coins. The vast majority of early copper coins are
circulated. The EAC system uses two numbers to define the grade of any coin.
For a circulated coin, the first number defines the “sharpness” of the coin (on
a 1-60 scale). For EAC grading the second number is called the “net” grade of
the coin, after accounting for the impact of any problems. The net grade is
either equal to, or lower than the sharpness grade. For uncirculated coins, the
same two-number system is used. The 1<sup>st</sup> number (from 60-70) is
related to the color, luster, and eye appeal of the coin. The second number is
the “net” grade, which will be equal to or lower than the first number, and
accounts for any problems the coin has.</div>
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The EAC system grading scale looks the same (on the surface)
as the other grading systems. The same grading adjectives are also utilized. The
most important differences are as follows:</div>
<li>The
EAC standards for sharpness on circulated coins are a little stricter than
commercial grading standards. A coin that grades “40” at a commercial
grading service is likely to have too much wear to qualify for the
sharpness grade of “40” by EAC standards. It will more likely have an EAC
sharpness grade of “30”.<br />
</li>
<li>Problems
are handled completely differently within the EAC system than by the
commercial grading systems. For a coin graded using EAC standards, there
is a 2<sup>nd</sup> number, derived from the sharpness grade, which
accounts for any issues on the coin (eg. cleaning, scratches, damage, rim
bumps, etc.). For a coin graded commercially, there will be no 2<sup>nd</sup>
number. If a coin has issues, but they are deemed to be “minor” by the
grading service (ie. Below the threshold that will prevent assignment of a
numerical grade), the “net” grade (sharpness minus some allowance for the
issue(s)) will be put on the holder. If the issues are above the
“threshold” level, then the grading service will encapsulate the coin in a
holder marked “Genuine”, usually with an adjectival description of sharpness,
and an indication of the problem(s). For example “AU Details / CLEANED”.</li>
<br />
<br />
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The EAC grading system is not simple. There are just too
many variables involved in grading for a simple system to work. However, the
EAC system is consistent and capable of delivering trustworthy guidance about
the market value of copper coins. Coin market participants who utilize EAC
grading have made a concerted effort to sustain the grading standards that have
been in use since the 1960’s. The consistency and time invariance of the EAC
grading system renders it more useful today than any other grading system. The
book devoted to describing (and illustrating) the EAC grading system is called
“Grading Guide for Early American Copper Coins”. The first edition of this book
has sold out, and must now be purchased on the secondary market.</div>
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<a href="http://eacs.org/books-and-resources/eac-grading-guide/" target="_blank">EAC_grading_guide</a></div>
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<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-16741547692839023582018-06-28T22:28:00.003-07:002018-07-01T21:44:22.466-07:00Jim Neiswinter and Dan TrollanJust a few weeks ago, the Early Copper community was jolted by the news that two of our superstar collectors plan to team up and offer coins from their collections for sale in early 2019.<br />
<br />
Jim Neiswinter, a native of New York and a member of EAC since 1981 has pursued the CENTS OF 1793 since purchasing his first one in 1983. That first coin was a 1793 Wreath cent (a variety called Sheldon-11a). It was not until Feb. of 1986 that Jim acquired the 1793 cent that ultimately led to our meeting. On Feb. 1, 1986 Kagins Numismatic Auctions sold the Phillip Van Cleave collection. It was, at the time, the first complete Large Cent collection (by Sheldon numbers) sold at public auction. LOT 5017 was the famous (and rare) 1793 Sheldon-15 Liberty Cap large cent, and Jim was the winning bidder. Sheldon called the S-15 the "The aristocrat among the Liberty Cap cents, and therefore an aristocrat of aristocrats among the Large Cents". He called it thus due to the astonishing rarity of this coin. At the time Sheldon wrote Penny Whimsy (1958) there were just 5 examples of S-15 known. Today the census has expanded to 13 known. Jim's coin is the 7th finest (with the #1 coin permanently impounded in the ANS museum). This acquisition motivated Jim to do extensive research on S-15, and publish a wonderful book called "The Aristocrat" in 2013. Inexplicably, I waited until 2017 to visit Jim at his table at the EAC convention in Philadelphia to introduce myself, and obtain a copy of The Aristocrat (along with the author's autograph). This book has become one of the "keys" to my numismatic library. I now count Jim as one of my EAC friends. Jim ultimately obtained all of the Sheldon varieties for 1793 (16 specific die parings, and 3 distinct edge variations of Sheldon-11, called S-11a, 11b, and 11c).<br />
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Dan Trollan is a business man from Durango, Colorado, who happens to love Large Cents. He joined EAC in 1989 (just a few years before I joined in 1992). By the time I met Dan, which I think was at the 2001 EAC convention in Fredericksburg, VA, he was deeply involved with the CENTS of 1794. The two things that struck me most vividly about our first encounter was how doggone approachable Dan was, and how bushy his mustache was! Dan is a prominent member of an EAC sub-group known as "The BOYZ of 94". Dan went on to assemble a complete Sheldon set of 1794 cents, comprising not just the 58 collectible Sheldon-number varieties, but also the 11 Non-collectible (NC) varieties. Dan is just the third person to achieve this level of completeness for 94's!<br />
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<br />
The sale of the coins from these two esteemed members of EAC is scheduled for late Jan. 2019 in Los Angeles. Goldbergs, in collaboration with M&G Auctions are expected to conduct the copper auction on Jan. 27,2019. The occasion leaves me with some strong and conflicting feelings. On the one hand, it is going to be a very important auction, attracting bidders from all across the country, and promising many bidding highlights. On the other hand, it feels as if two of my "contemporaries" in the world of copper are preparing to "pass the torch" to a new generation of copper enthusiasts. This is certainly appropriate and timely. The economy seems strong, and the coin market has never been better poised to absorb coins of such quality and significance. And yet, it is hard to avoid the sense, that in some way an era is passing. However, I can look back to the Walter Husak sale in 2008. That auction produced at least as much "electricity" as any other copper sale I have attended. And, Walter remains very active in EAC. Likewise, Chuck Heck sold his wonderful collection of 1794 Cents in Feb. 2017, and he remains prominent in EAC affairs. I hope that the same can be said for these two fine gentlemen.Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-34675641743882631942018-03-12T21:40:00.002-07:002018-03-12T21:40:32.217-07:00Apple Cheek LoveI rarely devote a post to just one coin. I want to make an exception this time, for the sake of one exceptional copper coin. Next week, Stacks Bowers will be offering this beautiful 1794 large cent (Sheldon-24, called the "Apple Cheek" variety by Dr. William Sheldon in his book on the subject of early cents).<br />
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The coin is graded MS-65 BN by PCGS. The provenance (as might be expected) includes numerous early copper luminaries, including T. Harrison Garrett, Walter J. Husak, and D. Brent Pogue.</div>
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Here is a link to the Stacks Bowers description (LOT 2176 in their Baltimore March sale).</div>
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<a href="https://auctions.stacksbowers.com/lots/view/3-9I9UB" target="_blank">LOT_2176_Stacks_Bowers_Baltimore_auction</a></div>
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This coin ranks CC#3 in the Early American Copper census for the variety. It is certainly a visual treat. I was lucky enough to see the actual coin at lot preview earlier this month. I will not be bidding for this beauty, but whoever ends up being the winning bidder can be proud to own a historic piece of Early American Copper.</div>
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Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-90735641770614478272018-02-21T12:34:00.001-08:002018-02-21T12:34:31.955-08:00Goldbergs Pre-Long Beach sale of the GREEN TREE half centsThe Green Tree half cents comprised the first 236 lots of the Goldberg's pre-Long Beach auction, held Sunday Feb. 18 in Los Angeles. These are my post-auction impressions from the sale.<br />
The majority of the coins stayed relatively close to pre-sale estimates, and met expectations. However, as usual there were both upside surprises and also some coins that fell far short of their estimates. The general theme that emerged was that scarce & rare varieties that were in mid-to-low grades did not do very well (price-wise). Here are a few of the most notable examples:<br />
<li> LOT 15 was a 1794 C-7 (R5+) graded EAC F12 (PCGS F15). It was hammered for $2650 vs. an estimate of $5000.</li>
<br />
<li> LOT 21 was a 1795 C-3 (R5+) graded EAC F15 (PCGS VF25). It was hammered for $4250 vs. an estimate of $8000.</li>
<br />
<li> LOT 90 was a 1805 C-2 (R5) graded EAC VG10 (PCGS F12). It was hammered for $3750 vs. an estimate of $8000.</li>
<br />
<li> LOT 100 was a 1806 C-3 (R6) graded EAC G4+ (PCGS G4). It was hammered for $3000 vs. an estimate of $6000.</li>
<br />
It was apparently a good day to be bargain hunting among rare half cent varieties!<br />
As I mentioned above, there were also some surprises on the upside of prices. A few of these include:<br />
<li> LOT 125 was a 1809 C-2 (R3) graded EAC VF35 (PCGS AU53). It was hammered for $2100 vs. an estimate of only $600!</li>
<br />
<li> LOT 172 was a 1825 C-3 (R1) graded EAC MS64 (PCGS MS65RB). It was hammered for $4000 vs. an estimate of only $2000.</li>
<br />
<li> LOT 201 was a 1849 C-1 (R2-) graded EAC MS63 (PCGS MS64RB). It was hammered for $3000 vs. an estimate of only $1000!</li>
<br />
<li> LOT 205 was a 1851 C-1 (R1) graded EAC MS65 (PCGS MS66BN). It was hammered for $4000 vs. an estimate of only $2000.</li>
<br />
Note that all these coins rank very high in the condition census. The trend that emerges from these high-side surprises is that Quality is still King!<br />
I will try to share some impressions from the large cent portion of the sale a little later.<br />
<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-35758478709339175912018-02-11T10:22:00.000-08:002018-02-21T13:56:48.083-08:00The Goldbergs FEB 2018 Pre-Long Beach auction previewIt is that time of year again. Time to shake off the snow from winter, and head to sunny Southern California for a week of coin activity. The Long Beach coin convention begins Thur. Feb. 22. In addition to the huge bourse floor (over 400 dealers attending), Heritage will hold a big coin auction. But, the Sunday before Long Beach, copper collectors will have a chance to participate in the Goldberg's pre-Long Beach sale.<br />
Goldbergs have a great lineup of more than 600 lots of U.S. copper coins (and hundreds of coins in other U.S. series as well) up for sale. The headline collection for the sale is a large high-quality collection of half cents, called the Green Tree Collection.<br />
The Green Tree Collection comprises 236 lots of half cents (1793-1857), and an additional 16 lots of U.S. cents. Many of the Green Tree coins are in stellar condition, but there are also a number of mid-grade and collector level coins that should entice a lot of online bidding action.<br />
<br />
<br />
<li> LOT-1 is a choice 1793 C-1 (PCGS AU50 / EAC 40+). A real beauty.</li>
<br />
<li>LOT-18 is a choice AU 1795 C-1 (Lettered Edge / PCGS AU58 / EAC 55)</li>
<br />
<li>LOT-144 is a nice looking 1811 C-1 with the famous 4-star break (PCGS F12 / EAC 10)</li>
<br />
While the Green Tree Collection lacks a 1796 half cent, there are two opportunities to obtain a 1796 C-2 (with-pole) in the session that follows.<br />
<li>LOT-267 is a 1796 C-2 (PCGS F15 / EAC 12).</li>
<br />
This would make a welcome addition to any half cent collection.<br />
<li>LOT-287 is an example of the ultra-rare 1811 C-1 half cent with a 2-star die-break</li>
<br />
Moving to large cents:<br />
<li>LOT-303 is a high-grade 1794 Head-of-93 S-11b (NGC MS61 / EAC 50+)</li>
<br />
<li>LOT-404 is a beautiful 1817 N-16 (The famous 15-star variety) that is an obverse brockage. This is a real conversation-starter!</li>
<br />
<li>LOT-470 is a high-grade 1839/6 N-1 (PCGS XF45 / EAC 35)</li>
<br />
<li>LOT-488 is a well-preserved PROOF 1843 N-12 (PCGS PF65 BN)</li>
<br />
<li>LOT-490 is a nice PROOF 1844 N-1 (PCGS PF63 BN)</li>
<br />
There are three 1799 cents (S-189) to choose from in the sale, and a single 1804 (S-266a). Opportunities abound for half cent and large cent collectors in this sale. Unfortunately, the selection of colonial coins is very limited (only 11 lots).<br />
<br />
I plan to attend the Goldberg sale. I will be very interested in seeing how well the coins do with regard to price realized. The market for copper has been fairly quiet for the last 6 months. The last large copper auction was the Heritage Padula sale (SEP 2017). That sale featured a full Sheldon set of large cents. However, many of the coins were in low grade, and they sold at modest prices. This Goldberg sale should have a different character, since there are a number of high-grade coins that have appeal to both copper addicts and type collectors. Check out the sale on-line at the Goldberg web site, and have fun bidding in the sale!Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-9929780370287917352017-09-26T23:07:00.002-07:002017-10-16T16:53:39.772-07:00Directions in Copper & CoinsI have been absent from the blog scene for personal reasons. But, I continue to participate in the coin market, and have been observing the shifts underway in the market for early copper coins. A few of my observations are summarized as follows:<br />
> The coin market (in general) continues to mark time. Coin collectors have learned to be patient. The opportunity to acquire a truly rare coin always trumps the circumstances of the current market ups & downs. Generic material remains very weak. However, marquee coins continue to sell at reasonable prices (bargains, one might possibly argue). There are a number of forces exerting influence on the coin market today. Uncertainty is high, due to both economic and political factors. The overall economy, while appearing strong on the surface, faces a number of headwinds. Interest rates, energy prices, currency values are all at historically high levels of volatility. A long bull market in equities faces an uncertain future. Gold remains stable (?) at 2-year old levels. A break-out feels imminent.<br />
> Coin collecting is faced with an additional worry - the demographic challenge. The old guard is beginning to liquidate, and newcomers to copper are less inclined to follow the old ways. Full sets, by Sheldon or Newcomb # are no longer in vogue. There are so many other collecting themes to consider - die-state collecting, date-specific, RED BOOK sets, error collections. This is challenging the traditional models for value. R5 once represented a desirable coin (population less than 75). but, what if only 50 people find themselves wanting one? Well.... there will be fewer bidders. That is the new reality. But, what if a new terminal die-state is found for an R1 variety: now, THAT is interesting! This is how it has always been with collecting. The shift is neither new nor should it be surprising.<br />
> GRADING! This is a subject that could fill a book. Since 1986, we have witnessed the era of the third-party-grading service (TPG). There is no denying the success of the TPG, as a business. What about the success from the perspective of the coin hobby? Well, in fairness, there have been some positive developments: Authentication, as part of the TPG service, has gone a long way to remove counterfeit & altered coins from the market place. Certification has also created value in the form of "perceived good" coins (ie. coins that the services deem fit for numerical grades). The "bad" coins (those deemed unfit by the grading services, and given "details" grades) have suffered a great deal of persecution in the marketplace. Is this fair? That depends upon your perspective of the role of the TPG. They have become the "arbiters" of good & bad in the coin marker. Those willing to accept the judgement of the TPG hold the products of that judgement. Those willing to think on their own may hold some questionable (?) coins. One day, when the third-party grading paradigm is discarded, these questionable items may find increased market acceptance. When might this occur? Probably not soon enough to save today's owners. But, the coin market is ultimately rational, and the time will come when rarity & condition (in the absolute sense) will prevail over "condition rarity" (as defined by population reports). This is (admittedly) an optimistic scenario for the triumph of logic over propaganda. Time will tell whether it is an accurate forecast.<br />
> What about coin collecting? Will it survive the transition to a "cashless" society? We have witnessed the steep decline in stamp collecting. That should send a collective chill up the spines of today's coin collectors. Most of the stamps collected over the past 50 years are best licked and used to send out letters today! Could this also happen to coins? Well, in some cases, YES! Those double albums of statehood quarters, culled from circulation, are doomed to the tip jars of the world. The fate should be different for the classic coins from the 18th & 19th century. The abandonment of coinage in the U.S. might actually lead to a resurgence of interest in classic old coins. Rarity and history might combine to create a virtuous cycle for collectors of classic U.S. coinage. Again, I admit to a touch of romanticism and optimism combined. But, I hope I am right!<br />
<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-4914928947078770582017-04-16T15:11:00.000-07:002017-04-16T15:11:30.939-07:00A little note about Numismatic LiteratureI recently made the acquaintance of a young man who works at a local business, and he expressed an interest in coins after learning that I am an avid collector. Lately, each time I see this fellow, he either asks me what I have that is "new", or he entertains me with a story of some numismatic item that he found.<br />
I remember being surprised by his interest, since I thought that everyone his age was infatuated with high-tech "toys", and had no interest in "old school" hobbies like collecting. I decided to try to inspire this kid, by gifting a few numismatic books to him.<br />
The first gift was the modern classic "<b><i>100 Greatest U.S. Coins</i></b>" by Jeff Garrett and Ron Guth. I just happened to obtain a duplicate copy of the 2nd edition, and the intent of the gift was "shock & awe", at both the beauty and the value of some of our finest coins.<br />
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Next, after we had a discussion about mint-marks on Mercury dimes, I gave the young man two different books. First, an early edition of "<b><i>A.N.A. Grading Standards</i></b>" (I purchased a newer edition for my own use). Second was an earlier edition of "<b><i>The Cherrypicker's Guide To Rare Die Varieties</i></b>" by Bill Fivaz and J.T. Stanton. These two books have a lot of practical value for a new numismatist.<br />
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I began to reminisce about my own beginnings with numismatic literature.<br />
My interest in U.S. coins began to stir in the late 1980's. I occasionally visited the retail coin shop of Steve Estes PN. Steve kept a stock of coin books for sale, and the first one I spent real money for was another classic: "<b><i>The History of United States Coinage as Illustrated by the Garrett Collection</i></b>" written by Q. David Bowers, who is one of the preeminent numismatists of our time (and a prolific author) . Dave wrote this book as a tribute to the famous Garrett family collection at the time of the collection's sale (by his firm, Bowers & Ruddy). The collection had been donated by the Garrett family to the Johns Hopkins University in Baltimore, MD, and board of Johns Hopkins made the decision to sell.<br />
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This volume remains one of the keystones to my numismatic library, and I can still recommend it as a good way to learn about U.S. coinage and one of America's earliest and most devoted collectors, T. Harrison Garrett. I remember being enthralled by the image of the Garrett family home (known as Evergreen House) in north Baltimore, and the thrill of actually visiting Evergreen House and taking the tour over 15 years later.<br />
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My next big numismatic literature purchase was "<b><i>Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins</i></b>". As the title implies, this was an ambitious effort to cover (in great detail) the colonial coinage of the early U.S. (ie. prior to the establishment of the U.S. Mint and commencement of coin production in 1793), all the regular-issue U.S. coinage (plus proof and commemorative issues), and even much of the private & territorial coins of the U.S. Breen supplemented his encyclopedic understanding of each series with amusing (and occasionally factual) anecdotes concerning the production and/or the collecting of particular coinage issues. Breen's work covered the important types for each series, while leaving the exhaustive variety-by-variety analysis to other authors. By that time, I had become involved in collecting large cents, and it was Breen who informed me about some of the important cent hoards and accumulations (eg. The Nichols Find and the Randall Hoard) and the fact that some coins are important enough to have names of their own (eg. "THE COIN", which refers to a particular 1793 Chain Cent).<br />
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<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-60635820206564383232017-02-21T22:02:00.000-08:002017-02-22T19:54:08.485-08:00Goldbergs Feb. 2017 Pre-Long Beach sale - Auction CommentaryThe Goldbergs held their traditional pre-Long Beach copper auction on Sunday Feb. 12 at the Intercontinental Hotel in L.A. The ballroom was full, but not overcrowded, and the bidding was lively, even though the pace of the action was slow (about 40 lots / hour).<br />
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There were five coin collections to sell: 1. The Haig Koshkarian Red Book Large Cent Set. 2. Tom Reynolds Part-2 Large Cents. 3. The Chuck Heck 1794 Large Cent Set. 4. The Pierre Fricke Color Set of Large Cents. and 5. The Bruce Tucker Collection.<br />
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The question in my mind, going into this sale, was whether the copper market could shake off the doldrums that seemed to settle over the market last summer. This auction provided an affirmative answer, but with a few caveats. Allow me to elaborate a little:<br />
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<li>The Koshkarian coins were carefully chosen coins of generally high quality. Many of the coins represented rare opportunities for bidders, which can often lead to runaway bidding. This happened from time-to-time during the Koshkarian sale, but not too often. Bidders were selective.</li>
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> The first upside surprise was provided by LOT 3, a 1793 Chain Cent (S-4) graded PCGS AU-50 (though only an EAC VF-30). This coin hammered for $140,000 vs. a $65,000 estimate.<br />
> Just two lots later (LOT 5), a 1793 Wreath Cent, lettered edge (S-11c) graded PCGS AU-55 was hammered for $48,000 vs. a 75,000 estimate. A real bargain considering this very coin sold for $92,000 in 2011!<br />
> Two lots later (LOT 7) a rather attractive 1794 Hd. of 93 Cent (S-20b / R5) hammered for just $20,000 vs. an estimate of $30,000. Here, the reason appears to be the PCGS "Genuine" holder. Almost every coin that PCGS did not deem gradeable was punished mercilessly by the bidders.<br />
> The next upside surprise was LOT 21. A very attractive 1797 Draped Bust Cent with Rev. of 1795 (S-120a) graded PCGS AU-58 was bid to $70,000 vs. an estimate of only $18,000! I suspect PCGS registry set bidders in this case.<br />
> The Koshkarian 1804 cent (LOT 50, S-266c) (PCGS AU-55) brought a winning bid of $165,000 vs. an estimate of $45,000. A strong price for the 2nd-finest PCGS-graded coin.<br />
> LOT 58, a very nice 1807 S-276 graded PCGS MS-62 was bid all the way to $95,000 vs. the estimate of $10,000. The hammer price defies explanation.<br />
> The Koshkarian 1826/5 N-8 cent, graded PCGS MS-64 went for a hammer of $23,000 vs. an estimate of $7500. A remarkable price for a really nice coin.<br />
> LOT 127, an 1844/81 N-2 cent graded PCGS MS64 RB was hammered for $65,000 (estimate was $25,000). The result is not surprising for the finest-graded coin of a popular overdate variety.<br />
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<li>The Reynolds coins were basically everything "left over" after Reynolds part-1, which was held at the same place a year earlier. Naturally, there were still a few nice coins in this sale; but the marquee coins were sold a year ago.</li>
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> LOT 174 provided the first upside surprise of the Reynolds coins. This beautiful 1798 S-167 cent graded PCGS AU-58 carried a pre-sale estimate of $5000 and hammered for $27,000! I will admit that the coin was indeed a beauty.<br />
> The 1800 NC-4 cent in the Reynolds collection (LOT 197, graded G4 by PCGS) was bid to $11,000 vs. an estimate of $2000. A case of a very conservative estimate.<br />
> LOT 225 in the Reynolds sale was an 1805 S-267 graded PCGS MS-65BN hammered at $44,000 vs. the estimate of just $15,000. I should note that this coin is also listed as CC#1 in the Noyes EAC census for the variety.<br />
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<li>The Chuck Heck collection was an entirely different kind of sale from the previous two collections. The Heck coins were virtually all "raw" coins (no slab grades), and this auction was a collector-to-collector sale. The energy and enthusiasm that greeted the Heck coins was an encouraging sign to me. It convinced me that there are still people out there interested in owning nice coins (with or without the slab). The prices exceeded expectations nearly across the board. Notable coins included:</li>
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> LOT 273 was the famous Chuck Heck Sheldon-37, with a provenance extending back to 1910. This lot was bid with enthusiasm to $100,000 (estimate was $40,000).<br />
> LOT 292 was a 1794 Starred Reverse Cent (S-48) graded PCGS G-6 (the holder needed more for authenticity than grade). The hammer fell at $25,000 (vs. estimate of $12,000).<br />
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<li>The Pierre Fricke color set met my expectations. There were not too many surprises among these lots.</li>
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> LOT 384 was one exception. This beautiful 1821 N-1 cent graded AU58+ by PCGS got bid all the way to $12,500 (estimate was $4000). I admit I liked this coin a lot, and would have been happy to own it (just not at the price it ultimately realized).<br />
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<li>The Bruce Tucker collection contained a lot of nice coins, but not a lot of outstanding rarities. The collection came up very late in the sale, but I do not believe the prices suffered much as a result. There were still many internet bidders on-line at this hour, and these folks might have been shut out by floor bidders on the earlier material. At any rate, the Tucker coins sold at very reasonable levels.</li>
Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-85513788771613910692017-01-20T20:39:00.000-08:002017-01-20T20:39:44.391-08:00Beyond the Yellow Brick RoadHappy New Year to all fans of coins, and especially to fans of early copper coins! I am excited about the collecting year ahead of us. The past year saw rare coin prices languish somewhat, but there are reasons to be optimistic. For one, there is a large auction of copper coming in early Feb. The Goldbergs have announced the sale of four large collections on a single day. Later, the Pogue Collection (Part-V) is scheduled at Stacks / Bowers. Records could fall!<br />
In other coin news, I just happened to be on-line watching the recent Heritage Auctions internet session, and I witnessed something that altered my understanding of the rare coin market: A 2004 Texas statehood quarter, graded NGC MS-69 was sold for $3055! That is NOT a typo. No, I did not forget to put the decimal point into that price. A single statehood quarter sold for Three Grand! The coin was part of a NGC Registry Set collection known as "The Mile High Collection". Now, for the really astounding part - this was not the highest price for a statehood quarter from this collection. A 1999 Pennsylvania quarter (also NGC MS-69) sold for $7050! WOW!<br />
You can find the entire Mile High Collection auction at the Heritage web site. I will provide a link here:<br />
<a href="https://coins.ha.com/c/search-results.zx?N=369+790+231&Ntk=SI_Titles-Desc&Nty=1&Ntt=mile+high+collection&limitTo=all&ic4=KeywordSearch-A-K-071316" target="_blank">Mile_High_Collection_Heritage</a><br />
The prices realized by these statehood quarters are a surprise to me because: 1. I do not collect this series. Therefore I do not really know how to grade the coins, or what the appropriate values should be. 2. I do collect early copper coins (half cents & large cents), and I have a pretty good idea of what can be purchased for $3000 in these categories (you can get something really NICE for $3K). 3. The statehood quarters are (for the most part) 21st-century U.S. coins, so they are plentiful. I believe there are many rolls of such coins (in uncirculated condition) sitting in desk drawers. 4. The MS-69 coins which sold for so much money are so-called "condition rarities". However, a huge overhang of "ungraded" coins is out there. If/when these are certified, the populations of these higher grade ranges can be radically increased. Would someone be willing to pay $3000 for a 2004 Texas quarter in MS-69 if they knew the population was 100, rather than 1? I would think not.<br />
I urge you to consider your own collecting / investing strategy. Are you buying coins for pleasure or profit (or both)? Are you spending hundreds (or thousands) of dollars per coin? Are you buying coins that have proven rarity, or are you buying low population modern coins (according to the grading service pop reports)? Have fun, but be careful!<br />
<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-45030088235407049622016-09-18T04:43:00.001-07:002016-09-18T08:27:55.687-07:00The Al Boka 1794 Large Cents - Post Auction CommentaryThe Al Boka Collection of 1794 cents was sold by Heritage Auctions in Long Beach, CA on Sept. 8, 2016. A specialized collection assembled with great passion and devotion (plus a little hard cash) over more than 10 years, The Boka collection is memorable for both the high quality of the coins and the extraordinary provenance that accompanies each coin. The names associated with these cents include virtually all the legendary figures from early copper collecting. Names like Maris, Garrett, Newcomb, Downing, Sheldon, Paschal, Halpern, Adams, Naftzger, Brown, Robinson, Loring, Husak, Rasmussen, and Holmes can all be found. The thrill of owning a coin that once graced the collection of any of these numismatic giants goes well beyond the mere pleasure of holding a beautiful object of historical importance. Al well understood the value of provenance, which is the central theme of the book he devoted to this collecting specialty, titled "Provenance Gallery of the year 1794".<br />
I was not able to attend this sale in person, having made an earlier, unfortunate decision to go on vacation in Europe during the week of the auction. However, I watched the results with much interest, and would like to report here on the results for the 5 special coins that I mentioned in my prior post about Al's collection.<br />
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<li> LOT 5302 1794 S-18b PCGS AU58. This wonderful "Head of 93" cent was sold for $176,250. While this is not a price record for the variety, the price reflects both the high quality of the coin, and its solid provenance, going back to 1945.</li>
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<li> LOT 5320 1794 S-35 PCGS AU50. The 2nd finest known S-35 (and finest available to collectors) was sold for $64,625. The price reflects not only the scarcity of this piece (the variety is rated R5, with fewer than 75 known to exist), but a stellar provenance dating to 1965.</li>
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<li> LOT 5333 1794 S-48 (Starred Reverse) PCGS VF35. This famous cent is the "Discovery Coin" for the variety, tracing its ownership back to 1878 when the Chapman Brothers found it. It sold for $258,500. This price is not a record for the variety (that record is held by the Walter Husak coin, which Heritage sold in 2008). However, the new owner can revel in having acquired a beautiful and important historical artifact.</li>
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<li> LOT 5343 1794 S-58 PCGS MS62. A beautiful coin with a short history of ownership - Al Boka purchased this coin from a collector who inherited the coin from his great-uncle, who had purchased it in the 1950's. This finest-known coin for the variety was sold for $51,700.</li>
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<li> LOT 5351 1794 S-66 PCGS VF30. Although this example of the scarce "Split Pole" variety is a modest grade of VF30, it is the finest known. Furthermore, its provenance reads like a who's who of large cent collecting, and runs all the way back to 1914. It sold for $82,250. That price is an accurate reflection of the desirability of this beauty.</li>
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The entire Boka collection of 1794's (58 coins) brought $1,857,381. Of course, this is just a number (although it is a pretty big number). It is safe to say that this is the last time all of these unique coins will be together in one place. For all of the Al Boka 1794's, the odyssey continues!Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-1427176847596087042016-08-28T21:54:00.000-07:002016-08-28T21:54:40.302-07:00The Al Boka Large Cents - Keep an Eye on These Coins!Heritage Auctions will sell the Al Boka Collection of 1794 Large Cents on Sept. 8, 2016. This is sure to be a notable auction of a very significant specialized collection. In spite of the brevity of the sale (just 58 coins), a number of very important early U.S. Cents will find new homes.<br />
The Boka Collection is literally filled with important coins from 1794. Yet, for me there are a handful that stand out, even among this stellar group. Below are my personal favorites, along with my reason(s) for liking them so much:<br />
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LOT 5302 1794 S-18b (Head of 93) - This coin is not only rare (the variety is rated R4) but it is beautiful. The color and surfaces are virtually without fault. It is rated as the 5th-finest known, and is without doubt one of the finest "Heads-of-93" you will ever encounter!<br />
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LOT 5320 1794 S-35 - The second finest known coin for the variety, and the finest available to collectors (Coin#1 is impounded in the ANS Collection). S-35 is quite scarce overall (rated R5). This coin represents the latest known die-state, with a prominent crack bisecting the obverse in spectacular fashion.<br />
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LOT 5333 1794 S-48 - The Discovery Coin for the famous "Starred Reverse" 1794 Cent. This distinction (as the discovery specimen) elevates this coin to superstar status among all large cents. In addition, the coin itself is quite impressive. It is the 5th finest known, and all of the famous stars on the rev. are prominently displayed. What a Wonder Coin!<br />
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LOT 5343 1794 S-58 - The aspect of this coin that sets it apart is not its overall rarity (the variety is just R3), but rather its stellar condition. Rated as MS60 by EAC standards (PCGS MS62), this coin stands alone atop the condition census for S-58.<br />
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LOT 5351 1794 S-66 - The Boka S-66 is the finest known for the variety, in spite of its modest grade (VF25 by EAC standards). The variety is quite scarce overall (R5). The S-66 is known as the "Split Pole" variety, due to a die-break that develops along the forward extension of the pole in front of Miss Liberty's neck. The Boka coin exhibits a very prominent split pole, along with superb color and above average surfaces.<br />
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<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-84767637444522129592016-06-16T21:33:00.000-07:002016-06-23T20:26:31.449-07:00The challenges for coin collectorsCoin collecting is a hobby, right? It is meant to be relaxing and fun, Right?<br />
Well, that is probably the right way to think about it. That was probably the way it felt for most of us in the beginning. But, things never stand still, and always move forward. Coins can appreciate in value with time. Prudent purchases of rare coins can turn out to be wise investments. Knowledge is power, and all that.<br />
Looking back to my own numismatic awakenings, I now see that period of time as very different for collectors from the present. It was the early 1980's. Rare coins were available, but you had to physically "go and hunt" for them. There were coin shops and coin shows, but there was no internet marketplace. The only grading service was ANACS, and they were issuing certificates (not using encapsulation). Grading standards were "fluid" (to say the least).<br />
Fast forward a few years, and the rare coin market began to flourish, with confidence injected by PCGS and other 3rd-party graders. Coin grading accuracy became a paramount concern. The value of Grade vs. Rarity was debated. The term "Condition Rarity" was invented. On-line price guides, together with a plethora of specialized reference books resulted in an explosion of available information. Knowledge was still power.<br />
The coin market today is both wide-spread (thanks to national auction companies and the internet), and highly specialized (Early copper, Morgan Dollars, FBL Franklins, FSB Mercuries, etc.). We have come a long way (I will leave it to others to debate whether we have made progress, or have moved backwards - that is a moot point, as we are here now).<br />
In spite of all this apparent progress (eg. change), I think there are existential threats to the coin market that are too big to be ignored. Here (in random order), are some of the ominous trends I see just ahead:<br />
1. Coin use is in decline. Demand for circulating U.S. coins is in a long-term downward trend. This trend is being driven not just by the increasing cost of making the coins, but by the increasing use of debit cards (and other technology) as an alternative to cash. You may argue that this trend is not relevant to collectible coins, which are rare & desirable objects in their own right. There is some truth to this. However, this argument fails to address the longer term issue: who will want to collect coins when there is no one alive with direct experience with their use in daily life?<br />
2. Coin collectors are aging. I do not have any handy statistic to quote regarding the median age of the U.S. coin collector population. However, I have anecdotal evidence that tells me two things: One - the collector base is largely male. Two - the collector base is aging. The problem for the coin market is compound: not only are the current owners of rare coins reaching the age where they wish to sell their collections, but the size of the collector base to absorb those coins is shrinking. Basic economics (supply vs. demand) can readily predict the outcome of such a scenario: lower prices for rare coins!<br />
3. Grading standards are not fixed. I realize it is heresy to say that grading standards have changed (after all, we call them "standards" don't we?). But, let us not shrink from the fact that the third-party grading services (TPG) practice "market grading" vs. "technical grading". Technical grading standards should remain the same. But there are Bull markets for coins (when prices are increasing), and there are Bear markets (when prices stay flat or decrease). It is commonly accepted that market grading standards become more liberal during bull markets and more conservative during bears. Yesterday's MS64 is today's MS63, and the old VF20 is now F15, etc. Coins that are graded & encapsulated in TPG holders during Bull markets still carry that optimistic grade, but will not command the same market price during a Bear market. The result is typically lower bid prices. The lower bids are duly noted and reported by the price guides, and the downward spiral of prices is amplified. Naturally, the converse of this process can also occur when the market cycle turns from bust-to-boom again. However, savvy dealers and collectors know how to remedy that situation - they simply "crack out" all the conservatively graded coins and resubmit them for higher Bull market grades!<br />
4. Costs keep rising. Table rent at coin shows is higher. Airline tickets and hotel rooms also get more expensive over time. The coin dealer is now being squeezed. Costs are heading higher, but the prices collectors are willing to pay for the products do not seem to be moving up at the same rate. The only answer for the dealer is to seek more on-line business, and limit travel to coin shows. This will invariably lead to fewer coin shows, and concentration of activity at the few "premier" shows that survive.<br />
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Conclusion: I apologize if this post seems overly pessimistic. I still enjoy collecting coins, and I consider it a terrific hobby and pastime. I wonder how many people in the U.S. will know what purpose coins serve in 2066?<br />
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<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-83408965071304865862016-02-01T22:09:00.000-08:002016-02-06T16:00:56.331-08:00Tom Reynolds Large Cents - Thanks for the Memories!Well, the auction of the Tom Reynolds large cents is now in the books. It was a memorable sale that falls just short of the legendary category.<br />
There were a lot of memorable coins in the sale. The venue for the auction was the Intercontinental Hotel in West L.A., which proved to be a very comfortable and inviting place for a coin sale. The pre-sale publicity was well handled, and the cataloging & photography of the auction lots was masterfully done.<br />
All of this positive energy was countered by a sagging coin market, and the stock market turmoil of the past month. The net result was a coin sale in which a large number of important early large cents traded hands without great fanfare, and without many new price records.<br />
<i><b>My impressions from the Reynolds auction are shared below (in random order):</b></i><br />
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<li><br /></li>
<li>There were no million dollar coins in this sale (and, none were expected). Five lots did pierce the $100K mark [a 1793 Chain Cent (LOT-1), a choice 1793 S9 Wreath Cent in PCGS MS65BN (LOT-3), another 1793 Wreath S-10 in PCGS MS64BN (LOT-5), a stunning 1798 Draped Bust Cent with Rev. of 1795 (S155) in unsurpassed PCGS MS65BN (LOT-141), and a remarkable 1809 Classic Head Cent (LOT-311)].</li>
<li>By my count, 131 of the 332 numismatic lots in the Reynolds sale brought a hammer price lower than the pre-sale estimate. There are a number of possible explanations for this occurrence, but the simplest (and most defensible) is that the estimates were formulated at an earlier time, when the coin market was in better health. Obviously, a year-long decline in commodity prices, and the poor performance turned in by the U.S. equities market in Jan. 2016 had an impact on the confidence of rare coin buyers.</li>
<li>Some dates and some series fared better than others. The prices realized by 1793 cents were more-or-less in line with my expectations. 1794 cents did rather well, as the collector base for this date is quite strong, and this sale offered a unique opportunity to bid for condition census pieces. To my surprise, cents from 1796 were rather weak. I am not sure how to explain the paltry prices realized by the cents from this year, and I will need to do some more research on this topic. Prices for Draped Bust cents (1796-1807) were generally soft, although a few exceptional pieces created a bidding frenzy. Classic Head coins (1808-1814) seemed to be in ascendancy, with strong bidding observed for all but the most common varieties.</li>
<li>Throughout the past year, there have been comments (verbal and written) among early copper enthusiasts, that collecting of early date cents by Sheldon variety, with the aim of completing the entire series was no longer popular. According to these theorists, a full Sheldon set had become prohibitively expensive, and younger collectors were more interested in high-grade date sets or specialized (eg. Red Book) sets of cents. The results from this auction proved that variety collecting remains very much alive. To cite just a few examples: LOT-9, a 1793 S-12 (R6) in PCGS G-6 was hammered for $22K (more than double the estimate of $10K). LOT-23, a 1794 S-33 (R6), the famous "Wheel-spoke Reverse" in PCGS VG-8 hammered for $23K (vs. estimate of $15K). LOT-122, a 1798 S-144 (R5+) in PCGS VG-8 hammered for $7750 (vs. estimate of $5000). Finally, LOT-242, an 1801 S217 (R6+) in PCGS F-12 (and #8 in the condition census) hammered for $14,500 (the estimate was $15,000).</li>
<li>Easily the biggest upside surprise of this sale (for me) was provided by LOT-271. An 1807 S-274 (R2) in PCGS AU-53 with a pre-sale estimate of $6000 soared all the way to a hammer price of $46,000! I later learned that the reason for this stellar performance was competition among PCGS set registry collectors. Not far behind this surprise was LOT-222. An 1800 S-201 (R4+) graded VF-30 by PCGS with a pre-sale estimate of $2000. The hammer price for this coin was $10,500!</li>
<li>The biggest downside surprise in the sale was provided by LOT-216. A rare variety of 1800/79 overdate (S-195 / R5) graded EF-40 by PCGS. This coin was hammered for $3300 vs. a pre-sale estimate of $10,000! Perhaps the new owner feels good about getting a bargain. Right behind this coin on the downside was LOT-54. A 1795 Liberty Cap cent (S-76a / R5) graded EF-45 by PCGS, but with numerous rim nicks. This coin hammered for $5000 vs. an estimate of $15,000. It is interesting to note that a similar situation arose when the Paul Gerrie 1795 S76a was sold by Goldbergs in 2013.</li>
<br />
<br />Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-39189317243526644952015-11-28T16:30:00.000-08:002015-11-28T16:33:23.692-08:00Coming Attractions - The Tom Reynolds Large Cents !The Goldbergs are making plans to sell the Tom Reynolds coins (Part-1) in late Jan. 2016. Based upon the early press releases, and published images of coins included in the sale, this auction promises to become one of the "whales" of early copper collection sales.<br />
However, there is one significant difference between the Reynolds auction, and those of other legendary early copper figures like Robbie Brown, Walter Husak, Dan Holmes, and R. Tettenhorst (The Missouri Cabinet half cents): The difference involves the breadth of the collection. While the focus of the earlier legendary collectors just mentioned was BOTH completeness and quality, the Reynolds coins generally represent the single dimension of high quality.<br />
There are certainly some rare coins in the Reynolds offering - a 1793 S-12 (R6-) is included, along with an 1801 S-217 (R6+), and a number of NC varieties from multiple years. However, it is obvious that completion in terms of all Sheldon varieties was not an aim for this collection (with the possible exception of the year 1798, which has been a particular passion for Reynolds).<br />
With that said, there will be a lot of memorable coins in the Reynolds auction: There are at least 7 mint-state 1794 cents, and more than 30 mint-state 1798's (roughly half the PCGS population of MS coins for this date)! Many "finest-known" coins (for the variety) should bring strong bids from quality conscious buyers.<br />
I am making plans to be "in the room" when this sale gets hammered!<br />
<br />
The link below should provide a preview of some of the top coins in the Reynolds sale:<br />
<a href="http://www.goldbergcoins.com/content/?page_id=3702" target="_blank">http://www.goldbergcoins.com/Reynolds_coins</a>Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-63318579821826867002015-07-12T04:18:00.001-07:002015-07-12T04:19:50.533-07:00EAC Convention 2015 - A Retrospective
<br />
The 2015 EAC convention was held from April 30 to May 2 in <st1:place><st1:city>Dallas</st1:city>
<st1:state>Tx</st1:state></st1:place>. I was fortunate enough to attend,
and enjoyed three full days talking to fellow copper collectors
and looking at early copper. These annual events both strengthen the organization of Early American Coppers and reinforce the positive aspects of coin collecting for each member who attends.<br />
<br />
Upon arriving at the hotel, I was informed that the folks from
Stacks/Bowers were already set up in a 1st-floor conference room with coins
from the Twin Leaf collection. The best way to begin was spending an
hour browsing through this premier collection of middle-date and late-date <st1:country-region><st1:place>U.S.</st1:place></st1:country-region>
cents. I was not disappointed - there are some fantastic coins in this
collection.<o:p></o:p><br />
<br />
Thurs. evening brought the EAC reception, which was well attended and had a
great selection of tasty mini entrees. I re-connected with many old friends
who seem to "appear" at this event each year. Following the
reception, the half cent and large cent "Happenings" were conducted
in a pair of nearby conference rooms. It took two hours to check out
all the featured varieties, and swap some copper tales with fellow
EAC'ers. One of the featured cent varieties, 1839 N12 had two nice
coins that vied for 1st place in my mind. The variety that provoked the
most discussion was 1852 N11, where numerous examples displayed cuds
(or folded extra metal) at various <em>different</em> locations on the obverse
rim. A number of experts contemplated the mystery posed by these aged
disks of copper.<o:p></o:p><br />
<br />
Friday was filled with a number of cuprous activities; the perusal of the
bourse floor was very casual, since I did not have any particular coins on my
"want list". The Heritage Auctions display of coins from the Eugene Exman
Collection struck me as one of the nicest groups of early cents from old-line
collectors seen since the Dan Holmes collection (sold in 2009). <st1:place>Lot</st1:place>
viewing for the EAC auction (to be held Sat. night) was an important activity.
I attended a few of the presentations in the educational forum - the
discussion of the contents of the 1795 Massachusetts State House Cornerstone by
John Kraljevich was memorable.<o:p></o:p><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Saturday was mostly consumed with more camaraderie, along
with a few swaps and sales of coins. At last, Saturday evening brought the long-anticipated
EAC auction. For many members, this auction is the highlight of the
convention. This year’s sale did not contain any “wonder coins”, but it was
packed with collectible and affordable copper. In the early going, I was
delighted when a low-grade 1793 Chain cent was hammered to me. This coin was
destined to be a gift to an exceptional friend who briefly owned a chain back
in 1989, but has been without one since then. Later in the sale, I outbid
another buddy (and went over my budget) to buy a sharp 1839 N14 (Booby Head) cent. I
have no regrets, as the pleasure of owning this beautiful coin has outlasted
the pain of paying for it.</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> And, just that fast, it was all over for another year! I brought home a few nice copper coins and added to my collection of good memories. Only 10 more months to wait for EAC 2016!</o:p></div>
Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-91590585849891216952015-02-17T08:57:00.000-08:002015-02-17T08:57:20.200-08:00Directions in Copper - where from here?The Greek Philosopher Heraclitus is credited with the famous quote "Change is the Only Constant"*<br />
*this is loosely translated from the Greek, which has also been interpreted as "Everything changes and nothing stands still"<br />
Things may change less rapidly in the world of coin collecting than in other human endeavors, yet change they will.<br />
<br />
This past year has witnessed some remarkable milestones in U.S. copper coins, with important implications for those with an interest in these series:<br />
<li> In Jan. 2014, the sale of the Missouri Cabinet collection by Ira & Larry Goldberg established numerous price records for U.S. half cents, including the first two half cents to sell at auction for at least $1 Million. The sale was reported in this blog, and in the on-line story below:</li>
<br />
<a href="http://news.coinupdate.com/missouri-cabinet-half-cent-collection-auction-results-3128/">http://news.coinupdate.com/missouri-cabinet-half-cent-collection-auction-results-3128/</a><br />
<li> Just last month, not one, but two early copper coins broke through the $2 Million mark. The first of these was the fantastic 1792 Birch Cent (NGC graded MS65). The second coin, from the same Heritage auction was the finest graded 1793 Chain Cent (PCGS graded MS66). These results have been reported in the on-line story below:</li>
<br />
<a href="http://news.coinupdate.com/birch-cent-leads-heritage-fun-auctions-4655/">http://news.coinupdate.com/birch-cent-leads-heritage-fun-auctions-4655/</a><br />
<br />
<br />
In most respects, the copper coin market has been holding up very well, and is apparently thriving, along with the markets for U.S. equities and real estate in most places.<br />
However, it is often worthwhile to look beyond the headlines, and get "beneath the surface" in order to understand the dynamics of a complex market. Not every sector of the copper market is on the upswing.<br />
While the stellar collections and high-grade rarities have been grabbing the coin news headlines, another more insidious trend has also emerged. Prices for many rare coins in less-than-flawless condition have languished or even declined recently. What could be causing this apparent contradictory behavior? Here are a couple of thoughts:<br />
<sp></sp><br />
<li> The Quest for the Best - Nothing is particularly new about this trend. People have always tended to want the best, whether it is for their morning cup of coffee, their home, their car, or the coins in their collection. Popular coin publications even suggest that, when selecting a coin, we should aim for the "Best You Can Afford". What has changed is the intensity with which this sentiment is now pursued. Everyone cares about the "finest known" for a coin type or variety. Apparently being in 2nd place is simply being 2nd-class! The third-party grading services have aided and abetted this trend, by publishing population reports and establishing set registries, to encourage the race to the top. Uncertified coins have become "suspect", and are presumed to have problems that prevent them from being graded. Being at the "top of the pop" gives a coin the added marketing buzz needed to justify its astronomic price level. The only problem is: if everyone wants only the best, who is left to want the rest?</li>
<br />
<sp></sp><br />
<li> New Collecting Strategies - Higher coin prices are good for those selling, and also for those who already own the coins. For those who are still collecting, higher prices mean one of two things: either you will collect fewer coins, or you will collect more low-grade coins. And, since we have already mentioned the "quest for the best" trend (see above), most collectors are making the rational choice to limit the size of their collections. Most are choosing some specialty area to focus on - whether it is coins from one particular year (1794, for example), or a copper type coin set, or a collection with a special theme (coins previously owned by famous numismatists, etc.)</li>
<br />
<br />
Most collectors of early copper are familiar with the Sheldon rarity scale. This logarithmic scale classifies the scarcity of copper coins into eight levels, running from R1 (common, >2000 known) to R8 (unique, 1-3 known). There are a number of early copper coins that have traditionally been highly revered and eagerly sought for being considered scarce (at least R5 or higher, with fewer than 75 examples known). These coins were considered "necessary" for a full collection, and they were sought in all grades for inclusion in collections. But lately, these coins have been pinched on both sides of the economic equation: On the demand side, there are fewer collectors trying to obtain a "full" set, especially a set in low grade. On the supply side, more coins have emerged on ebay and other internet sites. The net effect has been soft demand for these formerly desirable scarce varieties. This is neither good nor bad, but just "the way it is". The driving forces behind this trend do not look like short-term phenomena. This is the new reality with which copper collectors should learn to live.Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-73370602023462331932014-04-15T19:36:00.001-07:002014-05-08T07:48:48.492-07:00A New Grading Guide for Early American Copper CoinsFinally there is a coin grading guide written by collectors of Early American Copper for collectors of Early American Copper. This recently published 192 page hard cover book describes and illustrates how to grade Confederation era Colonial coins as well as U.S. half cents and large cents, using the standards evolved by members of the Early American Coppers club.<br />
<br />
<sp>
</sp>
Chapters in this new grading guide are devoted to sharpness grading for each of the various series, net grading (as practiced within EAC), specific characteristics of many die varieties, comparisons between commercial grades and EAC grades, authentication, the history of coin grading, and discussion of the many factors that can influence the price of a copper coin.<br />
<br />
The volume is profusely illustrated with vibrant color images. It should provide both entertaining reading, and a valuable reference for any numismatic library.
For more information, and the opportunity to order a copy of this grading guide, just visit the Early American Coppers web site, here:<br />
<a href="http://www.eacs.org/GradingGuide/GradingGuide.html">http://www.eacs.org/GradingGuide/GradingGuide.html</a><br />
<a href="http://www.eacs.org/" web_site=""></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm1UJrAMV68jMECPInfhuhbGsYw_Y1XzxlmMUUgQGHll8yjkXcM5xSpcEA7HdV-3B2EEJoW6alp7WhxfSJwbrxfwqSEQbSVhUdsSzjcfcc7OAyCErIGDe5ouZ_qoJRRnDyYDetk1l10gM/s1600/EAC_Grading_Guide_cover3.jpg" imageanchor="1"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm1UJrAMV68jMECPInfhuhbGsYw_Y1XzxlmMUUgQGHll8yjkXcM5xSpcEA7HdV-3B2EEJoW6alp7WhxfSJwbrxfwqSEQbSVhUdsSzjcfcc7OAyCErIGDe5ouZ_qoJRRnDyYDetk1l10gM/s320/EAC_Grading_Guide_cover3.jpg" height="400" width="303" /></a>Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-361238717856597602014-02-08T13:58:00.000-08:002014-02-09T10:01:13.899-08:00The Sale of The Missouri Cabinet Collection of Half Cents - WOW!The Goldbergs auctioned 228 half cents from the Missouri Cabinet in Los Angeles on Sunday Jan. 26, 2014. I was lucky enough to attend the sale, as I live about an hour's drive from the Luxe Hotel, where the sale was conducted.
<br>
<i>Background info</i>
<br>
This collection, easily the finest and also the first complete set of U.S. half cents ever sold at auction, was over 70 years in the making! There were two important collectors involved in building the Missouri Cabinet. First was Eric P. Newman, a renowned collector of many types of U.S. coins from the St. Louis area. Second was R. Tettenhorst, a well-known connoisseur of U.S. half cents who also resides near St. Louis. A large number of important coins in the collection were acquired directly from the estate of famed collector Colonel E.H.R. Green in the 1940's. The collaborators then meticulously added to this base set throughout the years, as opportunities arose to add new varieties, or upgrade existing coins in the set. The result of this effort was a collection whose magnitude may not be equaled again. In terms of breadth, the set was 100% complete (all known varieties of both proof and regular issue half cents). For quality, nearly every coin in the set belongs in the condition census (the census consists of the best 6 coins known for the variety). The overall quality of the Missouri Cabinet has never been rivaled.
<br>
<i>The Sale</i>
<br>
The Goldbergs anticipated a large event, and they wisely chose a large ballroom to conduct the auction. Their efforts paid off, as more than 100 people crowded in for this sale, but there was room for everyone, and the accommodations were very comfortable. This proved to be lucky, as the sale stretched out for more than 5 hours!
<br>
The auction started in typical fashion, and the 1793 half cents (the first 6 lots) were hammered for prices that were high, but not alarmingly high. The 1793 C-4 in PCGS MS66 (Lot 6) was hammered for $800K (vs. its pre-sale estimate of $300K). Some at the sale had expected this coin to be the first U.S. half cent to cross the $1 Million threshold, so there was a little uncertainty about the direction the sale would take when this coin fell just short of the mark. We did not have long to wait, as Lot 20 (a 1794 C-7 in PCGS MS67 R/B, and the finest-known 1794 half cent, regardless of variety) made it to a $1 Million hammer price (there was a 15% buyer's premium for all lots, making this coin worth $1.15 Million). History had been made, and we were just getting started!
<br>
As the 1794 and 1795 half cents were sold, a trend began to emerge: The highest quality coins were bringing strong prices, while the coins with any problems were being sold at prices close to the (conservative) pre-sale estimates.
<br>
The 1796 half cents in the Missouri Cabinet (Lots 36 & 37) were a magnificent pair of rare coins. The 1796 C-1 (no-pole) was a gem graded MS65 BN by PCGS. The 1796 C-2 (with pole) was an equally impressive coin, with a PCGS grade of MS65 R/B. To be honest, I considered it worth my trip to the auction, just for the chance to hold these two pieces in my own hand! It surprised a number of people when both of these coins were hammered for prices that were strong, but short of the $1 Million level. The 1796 C-1 hammered for $775K and the 1796 C-2 hammered for $625K. The new owners of these coins can feel pretty good about the value of their new additions.
<br>
As the 1797 half cents were sold, a trend emerged that lasted through all the remaining lots in the sale. Lot 41, a 1797 C-1 (1-above-1) in PCGS MS66 BN garnered a hammer price of $260K vs. the estimate of $70K. Two lots later, Lot 43, a fantastic 1797 C-2 also PCGS MS66 BN was hammered for $350K vs. the estimate of just $50K. It became clear that QUALITY was going to rule the day. Quality trumped rarity by a wide margin. One spectacular example was Lot 57; an 1803 C-3 (a rarity-2 variety) graded MS66 R/B by PCGS: This lot was estimated at $25K, but soared to a hammer price of $250K, followed by applause from the appreciative audience.
<br>
As the Missouri Cabinet draped bust coins (1800-1808) were sold, and the sale moved to the 1809 Classic Head half cents, the mood in the room shifted subtly, as those bidders who really wanted something from this world-famous collection, but had been frustrated thus far began to assert themselves. Lot 94 seemed to signal the shift. This fairly common variety (1809 C-3 / R1) was in extremely high grade (PCGS MS66 BN, with a CAC sticker of approval). The pre-sale estimate for this coin was $5000, but there were a number of bidders still vying for this coin at the $25K level, and it ultimately was hammered for $55K (11 times the estimate)! The message seemed clear: if you wanted to own a nice coin from this collection, you would have to pay dearly for it from this point forward. A short time later, Lot 102, an 1811 C-1 (a scarce variety, at R4) was bid up furiously until it was hammered down for $975K ($1.12 Million, with buyer's premium). A second half cent had crossed the $1 Million barrier, and this coin must be considered a "sleeper", since the pre-sale estimate was just $200K! The classic head half cents and the braided hair half cents brought prices that were beyond strong, in general, with those coins that earned the coveted PCGS MS66 grade finding the most interest from the bidders. It was interesting to note that bidding for the proof half cents was muted, when compared to the business-strike coins. I thought the prices paid for the proofs were strong, but they seemed consistent with the beauty, grade, and provenance of these coins. As the sale wound down to its conclusion, one lot even managed to sell for a hammer price under $1000. This was Lot 200, an 1850 C-1 that had AU details and was cleaned (according to PCGS).
<br>
<i>Conclusions</i>
<br>
In summary, this was the top collection of its type, and the Goldbergs showcased it with a magnificent catalogue and a perfectly executed auction. The hammer price total was $15.8 Million (I was told). The consignors crafted a collection of enduring beauty, and the bidders responded enthusiastically. Everyone had a most excellent adventure!
Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-44361908851633880182013-12-17T21:24:00.000-08:002013-12-18T09:35:26.741-08:00Here Come the Half Cents !Half Cent collectors need to get their war-chests ready! Why? Because, next month, THE half cent collection for the ages will be sold at auction in Los Angeles by Ira & Larry Goldberg (in conjunction with McCawley & Grellman auctions). The collection, known as the "Missouri Cabinet Collection" represents a collaborative effort for more than 50 years by two prominent numismatists (R. Tettenhorst and Eric P. Newman).
This half cent collection has two distinct features that assure its place in the pantheon of truly great collections:
<br>
1. It is the most complete collection of half cents ever assembled (with every known variety of business-strike and proof half cents included).
<br>
2. It has the highest overall average condition of any half cent collection sold at auction. Practically every coin in the set is included in the condition-census* for the variety (*among the top 6 finest known).
<br>
The auction of these coins is an opportunity of historic proportions for half cent aficionados and anyone who appreciates numismatic objects of the highest quality.
There is a distinct possibility that attendees of this sale will witness the sale of the "First Million Dollar Half Cent". More than one coin in The Missouri Cabinet has a chance to exceed the lofty $1-million mark.
Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-62683396577426548582013-02-09T10:23:00.000-08:002013-02-09T10:28:20.455-08:00The Goldbergs Auction the Paul Gerrie Large Cents
Ira & Larry Goldberg Auctioneers conducted the sale of the Paul Gerrie collection on Feb. 3, 2013 at their offices in West L.A. Mr. Gerrie is a true connoisseur of old copper, and the coins in his collection reflect his passion for originality and high-quality early large cents. Physical attendance at the sale was modest, but the people in the room were just the tip of the iceberg (so to speak). Many collectors were being represented by dealers, while numerous others placed their bids by phone or over the internet. The bidding for these noteworthy Gerrie coins was spirited, with a few surprises to both the upside and the downside of pre-sale estimates.
<LI>One early surprise was provided by LOT#2, a 1793 Chain Cent (Sheldon-2) once owned by Walt Husak, and graded MS62 by PCGS. This coin was hammered for a high bid of $350,000 (against an estimate of $150,000).
<LI>A few lots later, LOT#7, a 1793 Liberty Cap Cent (Sheldon-13) became the subject of intense bidding among numerous contenders before selling at a hammer of $270,000 (vs. the estimate of $100,000)!
<LI>A 1794 Sheldon-23 Liberty Cap Cent (LOT#13) with an impressive pedigree that included Newcomb, Sheldon, and Paschal brought a surprisingly low winning bid of $6250 (lower than the pre-sale estimate of $7500).
<LI>LOT#33 was a stunning 1794 Sheldon-57 (once part of the Lord St. Oswald find) graded MS65 BN by PCGS. This coin brought a winning bid of $165,000 (vs. the estimate of only $50,000).
<LI>A scarce 1795 Sheldon-76a (lettered edge) (LOT#44) graded VF35 by PCGS was hammered remarkably low at just $6750 (below the estimate of $10,000 and far below the “book value” of $18,000). This coin was a legitimate bargain!
<br>
The remaining lots in the sale provided plenty of bidding drama, and entertainment for the “copperazzi”, but they generally sold at levels that more-or-less met my expectation.
The results of the Gerrie Collection sale helped prove two facts:
<br>
1. The market for early-date large cents is as strong as ever.
<br>
2. High quality and good eye appeal inevitably lead to strong sale prices for copper coins.
Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com0tag:blogger.com,1999:blog-5164840666312077399.post-81423166790021528262012-07-25T20:14:00.000-07:002012-07-25T20:14:59.622-07:0010 Ways to invest $10K in coins<i>Introduction:</i><br>
Do you consider coins to be a good investment? The answer should be: “It depends”. For United States coins, there are many examples of quality collections that were assembled carefully and sold for many times their cost of acquisition. Famous collectors such as T. Harrison Garrett, Mr. & Mrs. R. Henry Norweb, Virgil Brand, and Louis Eliasberg built collections that set record prices when they were sold at auction. However, these collectors had an edge when it came to their investment in coins: that edge was knowledge. Each of these collectors had an eye for quality and an appreciation for rarity, and they assembled collections of desirable U.S. coins. Desirability is the critical factor in realizing a good return on a numismatic investment.
<br><br>
<i>What to buy:</i><br>
Now, if you have a budget of $10,000 to invest in a coin (or a collection of coins), what should you buy? Below are 10 suggestions, ranked arbitrarily, according to my perception of their desirability (from an investment perspective). The truth is that if you ask 10 different coin collectors for their idea of the best way to invest $10K, you are likely to get 10 different answers (including many items not on my list). But, in spite of this lack of consensus, I will plunge ahead and share my list with readers:<br>
1. $5 Half Eagle Gold Coin (Heraldic Eagle, 1795-1807) MS60. These beautiful early gold pieces are ideal representatives from the early U.S. mint in Philadelphia. A heraldic eagle $5 in MS60 is a rare coin (the PCGS population for the entire series in all mint-state grades is less than 1000. These coins are also very beautiful objects. Demand for these coins is destined to outstrip supply for the foreseeable future.<br>
2. Flowing Hair Dollar (1795) EF45. These historic U.S. dollar coins were minted for only two years (1794 and 1795) before the design was changed. Since 1794 dollars are famous rarities (worth much more than our $10K budget), we are really limited to a single year type coin (1795). Demand for this coin will be driven by silver dollar date collectors and type-coin collectors. The grade of EF45 fits our budget, but it is not the highest grade available. A mint-state coin would be more desirable (but, also more expensive). Dollars are the most popular U.S. denomination for coin collectors, and 1795 dollars are legitimately scarce in high grade (the PCGS population contains only about 400 coins between EF45 and AU58).<br>
3. 1921-S Walking Liberty Half Dollar MS60. Walking Liberty Half dollars are a beautiful and popular series of U.S. coins. First issued in 1916, the coins were minted until 1947. The design (by Adolph A. Weinman) is a wonderful artistic rendition, featuring a striding figure of Miss Liberty carrying a flag on the obverse, and a bold upright bald eagle on the reverse. The most popular methods to collect walkers include building a full set (1916-1947) and assembly of a short set (1941-1947). The 1921-S Walker is one of the key dates to the series, and a coin in MS60 will have enough detail to fully appreciate the coin design. This is a rare coin in mint-state (the PCGS population in all mint-state grades is only about 100), and should hold its value (or, perhaps appreciate in value) in the years ahead.<br>
4. 1793 Chain Cent VG8. Chain cents represent the very first coins produced at the fledgling U.S. mint in Philadelphia. The design, while somewhat crudely executed, is emblematic of both Liberty and Unity (the reverse design features a chain design with 13 interlocked links). The chain design was not too popular when it was introduced in 1793, and a more “fashionable” design with a revised portrait of Miss Liberty on the obverse, and an elaborate wreath on the reverse was substituted before the end of the year. This short production cycle, and subsequent attrition of the survivors have combined to make 1793 Chain Cents in all grades scarce. They are considered highly desirable by aficionados of early American cents, but are also eagerly sought by type coin collectors. Investors are interested in high-grade specimens, but recently the series has enjoyed hefty price gains across all grades. Furthermore, the future looks bright for these first mint products.<br>
5. 1889-CC Silver Dollar AU58. Silver Dollars are the single most popular series of U.S. coins for collectors. There are more people looking for dollars than any other denomination. Morgan Dollars (minted from 1878 through 1904) feature a beautiful coin design in a large silver coin format. Virtually every collector owns at least a few Morgan dollars, and many try to build a complete set (all dates / all mint-marks). Fortunately, thanks to large releases of uncirculated dollars from Treasury vaults during the 1960’s, for many dates there are adequate supplies of high-grade coins. However, for many dollar dates, the treasury vaults did not contain any coins (or, only a small number). These scarce dates are the focus of intense demand from collectors trying to form complete sets. The undisputed king of the Morgan Dollar series is the 1893-S dollar. Right behind the 1893-S in terms of scarcity is the dollar minted at the Carson City, Nevada mint in 1889 (1889-CC). One added demand factor for the 1889-CC is the fact that many collectors prefer to form specialty “CC-only” silver dollar sets. An 1889-CC dollar in AU58 can fit nicely into an uncirculated set – the level of detail and the eye appeal will “make the grade’ for most collectors. The PCGS population of AU58 coins is 229, with about 500 finer. This coin is rare when one considers the number of people who want one.<br>
6. 1856 Flying Eagle cent EF45. This coin is another historic numismatic treasure. Technically, the 1856 flying eagle cent is a pattern coin (regular mintage of flying eagle cents for circulation did not begin until 1857). However, a couple thousand coins were minted in 1856 (most are proofs). These were given to influential individuals as samples of the proposed new coinage. The “Red Book” (Guide Book of U.S. Coins) has long recognized the 1856 as part of the regular flying eagle series, and most collector albums contain a slot for the 1856, so it has gained general acceptance. The PCGS population report lists 300 coins in all grades. Ten thousand dollars will purchase an 1856 flying eagle in EF condition – if your budget would permit the purchase of a higher grade coin, it should be bought.<br>
7. 1916 Standing Liberty Quarter AU58. The Standing Liberty Quarter series is often overlooked in today’s numismatic market. There are many reasons to consider this series, including the stunning beauty of the design, the small number of coins required for a complete set, and reasonable prices (for now) for uncirculated coins. The 1916 Std. Lib. 25c is the key date of the regular series. Its low mintage (estimated at only 52,000) insures its lasting rarity. PCGS has certified 100 coins in AU58, and about 600 in higher grades. Demand for 1916 Std. Lib. 25c has historically been strong, and if this series gets “discovered”, prices could move a lot higher.<br>
8. 1891-S Morgan Silver Dollar MS67. This is a coin that is readily available in lower grades. However, at the MS67 level, the 1891-S is what is called a “condition rarity”. The two main reasons for including this coin on my list of top investments are: 1. Morgan silver dollars are the most popular U.S. coin series for collectors and investors. 2. Morgan dollar collectors are generally condition “fanatics”, and they compete vigorously for the finest-known coins. PCGS currently has certified a total of 7 1891-S dollars as MS67, and none finer. If you enjoy owning the “best”, and appreciate Morgan dollars, then this is a coin to consider.<br>
9. A full set of Lincoln Cents (wheat-back, 1909-1958) MS62. The chief advantage of this investment pick is the amount of collecting pleasure that it can deliver. Most collectors love the “hunt” for the ideal coin, and they also like to “fill holes” in their collection. The Lincoln cent series (with wheat-back reverse) covers 50 years, and most years include coins from three mints (Philadelphia, Denver, and San Francisco). Mint-state coins for all the dates prior to 1930 are legitimately scarce. Only a few of the “key” date coins (1909-S, 1909-S VDB, 1914-D, 1922 plain, 1931-S) cost more than $100 each in MS62. Lincoln cents do not get a lot of “respect” in today’s numismatic market, especially coins that are not full mint-red. This may or may not change in the future. However, a full set of Lincolns in mint-state condition represents a serious collecting challenge, a solid numismatic investment, and an accomplishment that you can be proud of when it is done.<br>
10. 1796 Quarter G. This final recommendation is also a dubious one. The 1796 is a solid numismatic rarity, with a long history of high demand and price appreciation. As a one-year type coin from the 18th century, it is desired by type coin collectors. The reason I call this a dubious recommendation is that $10K in today’s market will only purchase a 1796 25c in Good-4 (G4) condition. This grade is generally too low to be considered desirable, so realistically the coin in this grade does not represent a very good value. There is no certainty that there will be any demand for low-grade 1796 quarters in the future. However, this coin in higher grades (AU or better) is a very desirable item that should hold its value very well for many years.<br>Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com1tag:blogger.com,1999:blog-5164840666312077399.post-78881426245556557542011-11-22T13:35:00.001-08:002011-11-30T14:53:02.800-08:00Copper Coins with Problems Pose a Collecting Dilemma<i><b>Introduction</i></b>
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Coins with problems can be a painful subject to discuss. Collectors generally seek problem-free coins for their collections. Most literature on the subject of coin collecting or investing in coins emphasizes the need to avoid coins with problems. However, in the "real world", it is inevitable that a collector will encounter coins that are desirable additions to the collection in spite of a problem. Another "real world" situation involves the uninformed acquisition of a problem coin - the problem is revealed by submission to a grading service, or exhibition to a more experienced coin collector. Such real world experiences force collectors to consider the nature of problems with early copper coins, and their own personal reaction to coins with problems.
<br><br><i><b>What is the problem ?</i></b>
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With luck, this question can be asked and answered before the coin has been acquired. This is because a problem will impact the value of any coin. Therefore, it is critical to understand the nature and the severity of the problem to either avoid purchasing the problem coin (if that is the preferred solution), or negotiate a fair price for the coin with its problem. The list of problems that can impact early copper coins is long. A small sample includes: cleaning, scratches, surface damage, rim bumps, corrosion, tooling (and/or alteration), planchet flaws, and bends (or various combinations of these problems). Coins with counter-stamps might be considered problem coins by some collectors, but for others, the counter-stamp is the object of their pursuit.
<br><br><i><b>What is the impact of the problem ?</i></b>
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Generally speaking, the impact of any problem depends on both the severity of the problem and the sharpness grade of the coin. Lower grade coins are expected to have more issues, like rim bumps or scratches, due to the amount of time they spent in circulation. Conversely, higher grade coins are expected to have more eye appeal, so problems that might seem minor on low-grade coins become major issues on high-grade coins.
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For many collectors, the discovery of any problem is the "end of the discussion" for that coin - They simply do not want a problem coin. There is nothing wrong with this attitude. This approach will result in a collection of high-quality coins, regardless of their technical grade. However, it requires patience and discipline, in order to wait for just the "right" coin for the date or variety that is being sought. In the meantime, prices can go up dramatically.
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For other collectors, a coin with a problem represents an "opportunity" to negotiate a better price, and/or a chance to acquire a specimen with good sharpness (ie. little actual wear), but with impairments. I call this strategy "bargain hunting". The problem with this approach becomes evident when the coin is sold, or as the collector "matures" in his or her area of focus. Once the same variety has been seen in "choice" (problem-free) condition, it can be difficult to live with the problem coin (at least, that has been my experience). The problem will not magically "go away", and when it is time to sell, potential buyers expect to get a bargain price for the coin. This will limit the potential financial gain from ownership. Naturally, not all collectors insist on making a profit from their hobby.
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I now believe a pragmatic approach is the best way to consider coins with problems. I still advocate the acquisition of problem-free coins whenever possible. However, for truly rare coins or hard-to-find varieties, this can involve such a long wait or large expenditure that it makes sense to consider a "problem" coin. Every collector must know enough about his/her personal preferences to know what kinds of problems are tolerable. It is also important to recognize the personal reasons for collecting coins: What defines completion for the collection? Is the collection also an investment? What aspect of a coin provides the most pleasure - its rarity, its beauty, the knowledge of past ownership (ie. provenance), or the unique attributes of the die variety (or die state)? How does a problem impact the enjoyment of the coin? For me personally, the potential financial impact of the problem is a factor in my decision to acquire a problem coin.
<br><br><i><b>My Personal Journey</i></b>
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During my early days of copper collecting, I was a "bargain hunter". I practiced the art of deal making, and soon found that I could negotiate a deeper discount for coins that had problems. My collecting goal was fairly clear - I wanted a complete date set of large cents. However, my copper grading skills were those of a novice, and virtually all of the coins I wanted to buy were "raw" coins (ie. not graded & encapsulated by any grading service). The entire concept of "slabbing" (grading & encapsulation) was in its infancy at the time.
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After a few years of pursuing early copper, my understanding and appreciation of the large cent series had grown to the point where many of my earlier acquisitions were no longer satisfying to own. I began to develop a preference for "choice" copper. I also got a sense for the problems that I could live with (cleaned & nicely retoned coins, short scratches) vs. the problems that drove me crazy (rim bumps, uneven corrosion). Having achieved my early goal of a large cent date set, I expanded my goal to include major large cent die varieties (ie. Red Book varieties).
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I eventually reached the point where I decided that bargain hunting was futile. I became a "condition fanatic", who avoided anything with a hint of a problem. However, two interesting complications arose from this approach: 1. I could not acquire coins for my collection at the desired rate (at least one coin a month). 2. The competition for "choice" copper was fierce, and the prices were always higher than the guide (often a lot higher). I have now softened my stance a little on condition, in search of the "balance" I need to be a happy collector. I have decided happiness is my ultimate goal!
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There have been times in my numismatic career when the value represented by a coin with a problem is too compelling for me to resist. To cite one example, I recently saw an 1803 S265 (Large Date, Large Fraction) in an auction. The coin had very nice sharpness, smooth hard surfaces, and original chocolate brown color, but a few obvious scratches on the obverse (see photo).
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ5FNakP16RHZ8pio1q2NMo7bcc3FywCJro4KUHJhJO62tsua4jKbhVOtATl4aSbh0mzF-2W5ATNAPrNdMGOm8bYTNGEG6zL52-RX54Ef3BLBscW8W7lIYp0XR4kljhcN_xJmG92lezGA/s1600/1803_S265_obv2.jpg" imageanchor="1" style="margin-left:1em; margin-right:1em"><img border="0" height="313" width="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ5FNakP16RHZ8pio1q2NMo7bcc3FywCJro4KUHJhJO62tsua4jKbhVOtATl4aSbh0mzF-2W5ATNAPrNdMGOm8bYTNGEG6zL52-RX54Ef3BLBscW8W7lIYp0XR4kljhcN_xJmG92lezGA/s320/1803_S265_obv2.jpg" /></a></div>
<br>This coin represented a variety on my "wish list" for over 3 years. After carefully studying the images of this coin, I concluded that I could live with the problem, if I could get the right price. A coin in this sharpness grade with minimal problems would cost from $2000 to $3000. When I got this coin for under $700, I was very satisfied. I still own the coin, and I plan to hold it for a long time. I know it is not a coin that everyone can love, but it works for me!
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Happy Hunting!Sheldon-48http://www.blogger.com/profile/16812809709710950638noreply@blogger.com1