LOT Old Heritage Auctions  /  2008 February Long Beach Signature Coin #460  / 

2120

1796 1C Draped Bust, Reverse of 1797. MS63 Brown

Currency:USD Category:Coins & Paper Money / US Coins Start Price:3,750.00 USD Estimated At:1.00 - 1,000,000.00 USD
1796 1C Draped Bust, Reverse of 1797. MS63 Brown
<B>1796 1C Draped Bust, Reverse of 1797. MS63 Brown PCGS. S-119, B-40, R.3. </B></I> <B>Photo #59871. Our EAC Grade AU55.<BR><BR>Equivalents.</B></I> Proskey 18; Doughty 88; Gilbert 15; McGirk 10A; Ross 14K; Clapp-Newcomb 15; EAC 40; <I>Encyclopedia</B></I> 1699; PCGS #1407.<BR><B><BR>Variety. </B></I>Close date with 6 buried in the drapery. Reverse of 1797. Six berries in each branch. The obverse appears on S-118, S-119, and NC-6. The reverse appears on S-119.<BR><B><BR>Surfaces. </B></I>Despite a trace of wear on the highpoints of the obverse and reverse, indicated by pale grayish color on the cheek, shoulder, and wreath, the eye appeal of this coin is outstanding. Little cartwheel luster remains, with reflective fields on both sides. As usual, the upper obverse hair details and the wreath details are a trifle weak. Delightful golden and dark chocolate-brown, slightly darker than the desirable "golden biscuit" look. Perhaps it could be called a "rye biscuit." A nicely centered impression with full, strong borders on both sides.<BR><BR><B>Die State II.</B></I> The obverse has a heavy crack from rim to rim, through the bottoms of 17 and the lowest curl. Faint clash marks can be seen on the obverse, and the reverse has a tiny two-dentil rim break above TA.<BR><BR><B>Census.</B></I> Several Mint State examples of S-119 are known, a result of the Nichols Find. Nearly all such coins have smooth brown surfaces, occasionally with traces of original red. Rarely are pieces found with substantial red color.<BR><BR><B>Commentary.</B></I> Grading is an art form that leaves open much room for interpretation and differing systems. Because of the trace of wear, the EAC grade of this example is AU55. It is purely a technical assessment. The PCGS grade of MS63 Brown, a commercial grade, attempts to assess the market desirability of the piece. Even though the coin does have a trace of wear, it is still more desirable than many others that are strictly Mint State but less appealing. Keep in mind that these are two entirely unrelated grading systems, one interpreting the technical quality of the coin, the other assessing the market value.<BR><BR><B>Provenance.</B></I> <I>Purchased at the September 1986 Long Beach Convention; John D. Wright; Chris Victor-McCawley (2/2006).</B></I><BR><BR><B>Personality.</B></I> The <B>Nichols Find</B></I> was an accumulation of 1796 and 1797 large cents, all Mint State, including 1796 S-119, 1797 S-123, and 1797 S-135. The coins were said to be acquired by Benjamin Goodhue of Salem, Massachusetts, directly from the Mint. He passed the hoard to his daughters, and the coins were eventually acquired by David Nichols of Gallows Hill, Massachusetts, in 1859.<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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