SOLD
42,500.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2008 Feb 10 @ 20:28UTC-8 : PST/AKDT
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<Our item number 127100><B>1793 S-11c R3- Wreath Cent with Lettered Edge. AU-50.</B> 1793 Wreath Cent. Lettered Edge, with Single Leaf following DOLLAR. S-11c, Rarity 3. An extraordinary find, obtained from the family of a British Royal Navy sailor who served in the War of 1812; believed to have been brought back to England from America in his "naval kit" about 1814 and in his descendants' possession until it came to light in March of 2007.<BR><BR>For the first time ever, this coin is offered to the numismatic community!<BR><BR>This stunning early American copper coin is nothing short of a miracle of survival, for it is virtually As Struck, with no evident wear, is pristine, and therefore may well be the finest known S-11c struck after the dies clashed, producing the famous "ghost" letters showing AMERICA" incuse and reversed in the field before Miss Liberty's face, as well as ghosted features of the wreath between the date and the truncation of the portrait. <BR><BR>At first glanc e there appears to be a slight loss of temporal hair detail, but this is not wear; there is no change at all in the texture of the metal on these high points; the slightly flat spots were caused by the worn and clashed dies only. As Walter Breen pointed out in his copper cent textbook, referring to the finest extant specimens of this variety, there is invariably weakness in the center of the obverse. There is no wear on the present specimen, which was coined from dies used thousands of times which had clashed together.<BR><BR>While the Wreath Cent is today celebrated as an American classic, at the time of its manufacture it failed to gain acceptance, or so we have been led to believe from contemporary newspaper accounts. The hallowed Chain Cent was savagely criticized in its day, and quickly replaced by the Wreath style, showing a more finely engraved Miss Liberty on the opposite side from a wreath encircling the denomination. Cherished today as a style, it endured for a mere three mon ths. The entire mintage of Wreath Cents was struck and delivered to the banking outlets in and around Philadelphia between April 9 and July 17, 1793. In this short span, nine varieties were produced, differing only slightly to the untrained eye, but each is of great interest to students of our first copper cents. Most often seen today are the first few varieties, struck on planchets of good metal; a small number exist in superb conditions. This is not true of the last of the Wreath Cents struck, all variants of the die-pairing now known as S-11.<BR><BR>There are three varieties of S-11, differing principally by the kind of edge ornamentation employed: first, the Vine & Bars device on S-11a; second, the incuse Lettered Edge reading "ONE HUNDRED FOR A DOLLAR" with two leaves serving as "stops" on S-11b; and, third, the Lettered Edge variety with the Single Leaf for the stop, on S-11c-the last of the Wreath Cents, as the Liberty Cap variety replaced this style of cent mid year in 1793.<BR><BR>Sheldon's variety 11c is generally believed to be the final emission from the Wreath Cent dies and was likely struck in the few days between July 6 and July 17. Walter Breen and other numismatists estimate the final Wreath Cent mintage to have been between 6,500 and 7,000 coins, all of the Vine & Bars and Lettered Edge varieties. In the 215 years which have elapsed since being minted, almost all of these coins have disappeared, from a combination of loss and attrition through commercial use.<BR><BR>Fewer than 100 examples of S-11c are thought to exist today in all grades. Most known pieces are in wretched states. Most of the pieces showing the finest details are in the VF to EF grade range, although many of these bear signs of abuse or minting faults, and usually both kinds of problems. The minting faults are understandable, and in particular for the 11c versions of the Wreath Cent, because the mint at Philadelphia had used up the best-quality copper planchets for the earlier minted coins, and by mid summer of 1793 the Mint was literally throwing old copper bits (junk metal) into the alloy pots in order to strike coins. This is the reason that most 11c cents show black pits and other flaws-all from manufacturing. This is especially true of the last coins struck, those with clashed dies.<BR><BR>Although it is rated R3 compared to higher rarity ratings for certain other Wreath Cent varieties, the S-11c variety is seen infrequently in high grades. In any grade finer than EF, in fact, the popular earlier Wreath Cents (such as S-5 and S-9), and even the Chain Cent, are more easily obtained than this elusive variety. In the 215 years that have elapsed since they were minted, fewer than 6 pieces have surfaced that are Mint State.<BR><BR>Another important consideration is that the texture of the metal of the earlier struck S-11 pieces is entirely different from that found on S-11c pieces struck from clashed dies. It is easy to mistak e natural flaws, found on these last issues, thinking them to be after-minting damage. It is also easy to confuse the wear seen on the more finely made, early pieces with lack of sharpness on Miss Liberty's hair on S-11c coins struck after the dies had clashed. By that point, the dies were well worn. <BR><BR>It is important, therefore, to recognize the difference between a beautifully struck early Wreath Cent, such as S-9, made on a fine planchet, and one made on a planchet composed of poor alloy, almost at the end of the line from clashed dies.<BR><BR>The cataloguer has been privileged recently to have been afforded the opportunity to study two other examples of this variety in ultra-rare grades, and as a result of these comparisons believes the present specimen to rank as either finest or second finest known, among examples of all extant specimens struck after the dies clashed. This extraordinary coin is being offered uncertified but, compared to two other examples that rank at o r near the top of the Condition Census, its status stands on its own merits. Following is a comparison of this specimen with these two other exceptional examples of S-11c:<BR><BR>A well-known specimen is the Husak coin, currently graded AU58 BN by PCGS. This important coin is familiar to many copper collectors. It is a glossy coin showing heavy die-clashing in the obverse right field and below Liberty's chin above the date, exactly as seen on the present specimen. The Husak coin, although exceptional and clearly within the Condition Census, bears a heavy stain to the right of the date (at about 4:30 to 5:30 o'clock). As well, on the obverse it is slightly discolored, has light pitting (at least 100 tiny black carbon-pits), and multiple (at least six) fine scratches through Liberty's cheek and into her lower hair. Her face and eye are sharply detailed, however. The reverse is glossy brown but also slightly discolored, and shows an old carbon spot abov e the first "T" of STATES. Importantly, there is a planchet flaw, or crack, through the center to the legend, transecting the coin from approximately 2 to 8 o'clock. The leaves are not as sharply detailed in their central veins as may be seen on the present specimen. Nonetheless, the Husak coin is a very desirable cent.<BR><BR>At the very top of the Condition Census for S-11c is a marvelous, glossy brown coin presently graded MS64 BN by PCGS. It is more sharply struck than the Husak coin (the leaves of the wreath show great outline detail as well as their central veins). This gorgeous coin, however, shows no die clashing, and thus it is an early strike from the dies, and consequently entirely different in its collector appeal from the present specimen. The obverse of this MS64 is slightly off-center (to left) in strike. Importantly, there is also a noticeable planchet flaw (light crack) on the reverse extending from the "T" of UNITED to the t op leaf on the right side, and a second small crack above "TAT" in STATES, to the rim. Despite these faults, the coin is exquisite in its eye appeal. "Flaws" such as these are endemic to the earliest cents made on native planchets.<BR><BR>In the PCGS census, the top-rated S-11c coins are three pieces, graded MS64 BN (the coin just described), MS63 BN, and AU58 BN (Husak). This cataloguer has not seen the MS63 BN cent, which may possibly be the same as the MS64 BN piece. This is uncertain.<BR><BR>By contrast to the die-clashed Husak coin, the specimen offered in this lot is stunning! It is almost perfectly centered on each side, with the beading entirely sharp. On the obverse, Miss Liberty's hair is flattened on the central highest points-remember, this is perhaps the last Wreath Cent minted, and the dies had pounded together about seven thousand times, taking away their deepest details on the obverse die (most of the high points of the flowing ha ir). However, proof of the pristine condition of this coin is the crispness of detail evident on the date, on the three leaves just above the digits, on the curve of the truncation, on Miss Liberty's eyelids, eyelash, nostril and lips-and especially on the very highest point on this side, which are the strands of flowing hair above and to the left of the truncation's curve. Similar sharpness may be readily observed on the leaf details of the wreath and on all the letters of the reverse legend. A die flaw (depression, but not a crack) is to be seen from the left stem through the bottom of the left ribbon and underneath the 1/100 to the beading at 6 o'clock. There is no question that the reverse side is As Struck.<BR><BR>The surfaces of this coin are pristine, untouched, original. The coin is entirely "fresh," and is presented exactly as it was found in England. It has not been brushed. No attempt has been made to "improve" it. Its color is a lusci ous, multi-hued mahogany brown, showing the endemic tiny stains or metal "faults" created by the fabric of the alloy used to strike it. While no red luster remains, this coin has a "glow" from beneath its lush brown surfaces. It exhibits a subdued satiny sheen, a decided luminescence. It is also almost entirely free from abrasions of any kind. Compare it to the PCGS-graded AU58 Husak coin, and it is obviously superior. The metal texture is that of a coin made from copper scrap, and it is this texture which defines the piece as being among the last Wreath Cents made. Seen for what it actually is, it is a beautiful classic of a coin!<BR><BR>Thus, while the PCGS-graded MS64 BN coin without die clashing is without question at the top of the Condition Census, and was struck on a planchet of superior quality, the present specimen may well be the finest known S-11c struck from clashed dies. If the PCGS MS64 and MS63 pieces are one and the same, this coin is #2 in the Condition Census for all S-11c cents, and #1 for the die state. If the unseen MS63 coin was struck from clashed dies, it would make the presently offered coin #3 in the Condition Census for the die variety, and #2 for the die state.<BR><BR>The value of this coin is difficult to determine, because nothing exactly like it has ever appeared on the market. Its originality, in itself, makes it important. Helpful price comparison might be the two following coins (as reported on a useful website (www.us-coin-values-advisor.com): a Vine & Bars (S-11a) graded MS64 BN by PCGS was sold for $276,100 by C.E. Bullowa on January 20, 2007, while an S-11c which was not certified but described as "Very Choice Unc." with brown surfaces was sold for $247,500 on December 4, 2005, again by C.E. Bullowa of Philadelphia.<BR><BR>For the cent enthusiast seeking a specimen of this variety (and particularly of this die state) that is entirely fresh, eye appealing and original, t his coin represents what may well be a once-in-a-lifetime opportunity-for, once sold, it may go into deep hiding once again, and be cherished as perhaps the finest known example of the very last of the Wreath Cents struck at the fledgling Philadelphia Mint, in the summer of 1793. We believe our estimate of its value may be conservative when compared with the auction realizations cited above, both well into six figures.<BR><BR>Variety with a single leaf following DOLLAR. Frosty light chocolate and steel brown with traces of darker olive brown toning in some of the protected areas. The fields are satiny and offer excellent eye appeal. The only defects are a few microscopic planchet flakes over the 7 in the date plus a few others scattered over both sides, and a very thin planchet lamination meandering from the dentils under the 1 in the denominator to below the adjacent U in UNITED where it fades away. These defects are trivial and mint-made. Some experts who have examined this cent feel it is mint state and that the minor flatness on the highest points of the hair design that keep us from assigning a mint state grade are from an imperfect strike or excessive die lapping rather than wear from light circulation. In their words, "the highpoints and fine detail display no traces of wear whatever and are fully, crisply, and beautifully struck up. It is known that the very late die state coins struck from the S-11c obverse die exhibit a slightly weak strike in the temporal hair area due to their late position in the production run. Therefore, this apparent slight weakness to the hair detail should not be confused with wear as such coins are as struck. The reverse is superbly struck with wonderful hard and glossy fields." Possibly, and we understand and appreciate those arguments, but we want to err on the more conservative side of this debate. Regardless, this is an impressive example of the Lettered Edge version of our famous Wreath Cent and the reverse details ar e needle-sharp. M-LDS, Breen state III, showing strong die clashmarks in the obverse fields. A new discovery from England and a strong candidate for inclusion in the condition census. <BR>Estimated Value $50,000 - 75,000. <BR><BR>Our item number 127100<BR><IMAGES><P ALIGN="CENTER"><IMG SRC="http://www.goldbergcoins.net/liveauction/44jpegs/127100.jpg"> <BR><IMG SRC="http://www.goldbergcoins.net/liveauction/44jpegs/127100N2.jpg"> <BR><IMG SRC="http://www.goldbergcoins.net/liveauction/44jpegs/127100N3.jpg"> <BR><IMG SRC="http://www.goldbergcoins.net/liveauction/44jpegs/127100N4.jpg"> </P></IMAGES>
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These Terms And Conditions Of Sale Set Forth The Terms Of A Public Auction Sale Conducted In Beverly Hills, California By Ira & Larry Goldberg Coins & Collectibles, Inc., A Nevada Corporation, California Auction Bond No. 3s95453300 (Hereinafter, The "Auctioneer" Or "Goldberg").
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Disclaimers And Warranties
All Items Offered In This Catalogue Are Guaranteed To Be Genuine.
This Is A Limited Warranty That The Item Sold Is Not Counterfeit, That Its Date Or Mintmark Has Not Been Altered And That The Coin Has Not Been "Repaired."
29. Any other warranty is expressly disclaimed; Goldberg offers no representation that a numismatic item has or has not been cleaned; that any toning is natural or artificial; that any coin will meet the standards or grade of any independent grading service; that any item has a particular provenance or pedigree, or that a numismatic item is struck or produced in a particular style. Any statement concerning such matters reflects an opinion only. Questions regarding the minting of a coin as a proof or as a business strike relate to the method of manufacture and not to authenticity.
a. The descriptions contained herein represent the Cataloger's good faith opinion, or the opinion of an independent grading service, as to the state of preservation and strike. When a grade from an independent grading service is utilized, the information is provided strictly for the convenience of the bidder by mail, telephone or facsimile. Bidders and Purchasers acknowledge that (i) grading is an art, not a science; (ii) the grades contained in the catalogue represent the opinion of the Auctioneer based upon its experience; (iii) it is possible that two people will not always grade the same items alike; and (iv) as market conditions change, grading standards change, and will most likely continue to do so in the future.
NO WARRANTY, WHETHER EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, IS MADE WITH RESPECT TO ANY GRADE DESCRIPTION, WHICH IS MERELY AN OPINION THAT IS LIKELY TO DIFFER, EVEN AMONG EXPERTS. PURCHASER HEREBY ASSUMES ALL RISKS CONCERNING AND RELATED TO THE GRADING OF A LOT BY AN INDEPENDENT GRADING SERVICE.
b. Grading or condition of rare coins may have a material effect on the value of the item(s) purchased; and the opinion of third parties (including independent grading services) may differ from the independent grading service's opinion or interpretation of Goldberg. Goldberg shall not be bound by any prior or subsequent opinion, determination or certification by any independent grading service.
c. All oral and written statements made by Goldberg and its employees (including affiliated and related companies) are statements of opinion only, and are not warranties or representations of any kind, unless stated as a specific written warranty, and no employee or agent of Goldberg has authority to vary or alter these Terms and Conditions of Sale. Any alteration shall be effective only if in writing and signed by an officer of Goldberg authorized to do so.
d. Bidders shall have no recourse against the Consignor for any reason whatsoever.
e. Notwithstanding anything to the contrary in these Terms and Conditions of Sale,
COINS & CURRENCY LISTED IN THIS CATALOGUE GRADED BY PCGS, NGC, ICG, SEGS, ACCUGRADE, PCI, NTC, CGA, PMG OR ANACS CACHET MAY NOT BE RETURNED FOR ANY REASON WHATSOEVER.
30. By bidding in the sale, (whether in person, by mail, telephone or facsimile, or through an agent), Bidder expressly consents to the following
Waiver and Releases:
Purchaser, for himself, his heirs, agents, successors and assigns, generally and specifically waives and releases, and forever discharges Goldberg, and its respective affiliates, parents, shareholders, agents, subsidiaries, employees, members of their respective boards of directors, and each of them, and their respective successors and assigns from any and all claims, rights, demands and causes of action and suites, of whatever kind or nature, whether in law or equity, whether known or unknown, suspected or unsuspected, which Purchaser may claim to have with respect to and/or arising out of, or in connection with any challenge to the title to any good purchased, the sale itself and/or the auction, except for reimbursement in the amount equal to any bid actually paid by Purchaser, plus any Buyer's Commission actually paid by Purchaser where such reimbursement is authorized in these Terms and Conditions of Sale. It is the intention of Purchaser that this waiver and release shall be effective as a bar to each and every claim, demand, cause of action and suit that may arise hereunder, and Purchaser hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred upon him by the provisions of the California Civil Code, which reads in full as follows:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."
31. Neither Goldberg nor any affiliated or related company shall be responsible for incidental or consequential damages arising out of any failure of the Terms and Conditions of Sale of the auction or the conduct thereof and in no event shall liability for any such failure exceed the purchase price paid.
32. The sole remedy that any Purchaser in the auction shall have, whether such Purchase is bidding in person, by mail, by facsimile, by telephone, or through an employee or agent, for any claim or controversy arising out of the auction shall be a refund of the original purchase price and premium paid, if any.
33. Upon payment of any disputed sum, which in no event shall be greater than the original purchase price actually paid by Purchaser plus any commission or premium actually paid by Purchaser to Goldberg, Auctioneer and its employees shall be deemed released from any and all claims of the Bidder arising out of or in connection with the sale of such property. Purchaser agrees to execute prior to delivery of any refund, any documents reasonably requested to effect the intent of this paragraph. Should the Purchaser decline to do so, Purchaser hereby grants to Goldberg a limited power of attorney to unconditionally effect such release.
34. Rights granted to Bidders and Purchasers under these Terms and Conditions of Sale are personal and may not be assigned or transferred to any other person or entity, whether by operation of law or otherwise. Any attempt to assign or transfer any such rights shall be absolutely void and unenforceable. No third party may rely on any benefit or right conferred on any Bidder or Purchaser by these Terms and Conditions of Sale and terms of warranty. "Purchaser" shall mean the original Purchaser of the property from Goldberg and not any subsequent owner or other person who may acquire or have acquired an interest therein. If Purchaser is an agent, the agency must be disclosed in writing to Goldberg prior to the time of sale, otherwise the benefits of the warranty shall be limited to the agent and not transferable to the undisclosed principal.
35. If the Purchaser fails to comply with one or more of these Terms and Conditions of Sale, then in addition to all other remedies which it may have at law or in equity, Goldberg may at its sole option, either (a) cancel the sale, retaining all payments made by Purchaser as liquidated damages, it being recognized that actual damages may be speculative or difficult to compute, or (b) sell some or all of the property and (some or all other property of the Purchaser held by Goldberg, if Goldberg deems necessary), in a quantity sufficient in the opinion of Goldberg to satisfy the indebtedness, plus all accrued charges. More than one such sale may take place at the option of Goldberg. Such sale may take place without notice to Purchaser. If Goldberg gives notice, it shall be by U.S.P.S. Certified Mail, Return Receipt Requested to the address utilized on the Bid Sheet, Auction Consignment and Security Agreement or other address known to Goldberg. Such sale will be at Goldberg standard commission rates at public or private sale, within California, or at another location outside of California to be determined by Goldberg. At the time of sale the defaulting party shall not bid nor be permitted to bid. The proceeds shall be applied first to the satisfaction of any damages occasioned by Purchaser's breach, and then to the payment of any other indebtedness owing to Goldberg, including without limitation, commissions, handling charges, the expenses of both sales, reasonable attorneys' fees and costs, collection agency fees and costs and any other costs or expenses incurred thereunder. If a lot or item is not paid for, and is sold by Goldberg for Purchaser's account, in accordance with the Uniform Commercial Code, Goldberg shall not be required to account to the Purchaser for any excess proceeds. Purchaser shall remain liable to Goldberg if the proceeds of such sale or sales is insufficient to cover the indebtedness. If other property of Purchaser is also sold, any excess of proceeds will be remitted to the Purchaser after first deducting the expenses set forth above. If Purchaser fails to remit sums due to Goldberg, Purchaser grants to Goldberg a lien with respect to such sum, with interest to accrue thereon at the legal rate, until actually paid, which lien shall apply against any property of Purchaser, including any future goods of Purchaser coming into possession of Goldberg. To the extent permitted by law, Purchaser hereby waives all the requirements of notice, advertisement and disposition of proceeds required by law.
36. These Terms and Conditions of Sale and the auction shall be construed and enforced in accordance with, and governed by, the laws of the State of California, whether or not the auction is and these Terms and Conditions of Sale are fully performed in California.
37. Purchaser acknowledges and agrees that the competent courts of the State of California shall have exclusive jurisdiction over any dispute(s) arising hereunder, and Purchaser hereby agrees that any dispute arising hereunder shall be litigated exclusively in the courts of the State of California, and not elsewhere, regardless of any party's current or future residence or domicile. Purchaser further agrees that venue shall be in the Superior Court of Los Angeles, in the State of California.
38. ATTORNEY FEES AND COSTS. The Bidder/Purchaser shall pay to Goldberg all costs and expenses of collection of amounts due herein, or to otherwise enforce any or all provisions of these Terms and Conditions of Sale, the subject matter of these Terms and Conditions of Sale, or any other agreement entered into with Goldberg, including but not limited to, reasonable attorney fees and costs incurred before legal action, if any, is commenced. The Bidder/Purchaser further agrees that in any litigation or other proceeding based upon, arising out of or related to these Terms and Conditions of Sale, the Bidder/Purchaser shall pay to Goldberg its attorney fees and other expenses and costs incurred in connection with the litigation or other proceeding if Goldberg is the prevailing party.
39. If any section of these Terms and Conditions of Sale or any term or provision of any section is held to be invalid, void, or unenforceable by any court of competent jurisdiction, the remaining sections or terms and provisions of a section shall continue in full force and effect without being impaired or invalidated in any way. AS STATED IN THE TERMS AND CONDITIONS OF SALE Certain lots may be reserved by the Consignor. If the Auctioneer identifies a Consignor bidding on his own property, an announcement will be made that the Consignor is now bidding. If the Consignor places a bid in the mail bid book and is successful, the Auctioneer will announce that the lot has been passed.
40. These Terms and Conditions contain the entire agreement and understanding between Goldberg and Bidder concerning the auction and any items bid on or purchased at the auction. Bidder acknowledges that Goldberg has not made any promises, representations or warrantee to bidder, not contained herein concerning the auction and any items bid on or purchased at the auction.