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

2127

1797 1C Reverse of 1797. VG10 PCGS. S-124, B-14,

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1,100.00 USD Estimated At:1.00 - 1,000,000.00 USD
1797 1C Reverse of 1797. VG10 PCGS. S-124, B-14,
<B>1797 1C Reverse of 1797. VG10 PCGS. S-124, B-14, High R.5.</B></I> <B>Bland VG10; tied for CC-9. Noyes VG8; CC-8. Photo #28861. Our EAC Grade VG10.<BR><BR>Equivalents.</B></I> Clapp-Newcomb 7; EAC 5; <I>Encyclopedia</B></I> 1711; PCGS #1422.<BR><B><BR>Variety. </B></I>Date close, first 7 leans left. E of AMERICA corrected from M. The obverse appears on S-124 and S-125. The reverse appears on S-124.<BR><B><BR>Surfaces. </B></I>The sharpness<B> </B></I>is considerably finer, VF25 per Bland, with heavy deductions for the surface quality. The surfaces have fine, evenly distributed porosity and display olive-brown color.<BR><B><BR>Die State IV.</B></I> An intermediate die state, the obverse displays considerable die bulging, yet not to the extent of obliterating certain details as on later die state examples of this variety.<BR><B><BR>Appearances. </B></I>The obverse and reverse are illustrated in Noyes (2007).<BR><B><BR>Census.</B></I> Only 30 to 35 examples of this important variety are known. Despite its porosity, it is one of the finer surviving examples and is tied for ninth best in the Condition Census. It also ranks third or fourth in terms of existing detail.<BR><B><BR>Commentary.</B></I> Considered Rarity-7 by Sheldon, with only eight or nine examples known in 1958, it only recently broke the Rarity-6 barrier. As recently as 1991, Noyes still rated S-124 Low Rarity-6. Low grade is the rule for the variety, with the finest known barely VF. To make matters worse, most of those known have below-average surface quality.<BR><B><BR>Provenance.</B></I> <I>Michael Kirzner (7/1969); Denis W. Loring (7/1969); C. Douglas Smith (9/1970); Denis W. Loring (9/1970); Robinson S. Brown, Jr. (Superior, 9/1986), lot 177, $1,210; Robinson S. Brown, Jr. (Superior, 1/1996), lot 178, $2,090; Wes Rasmussen (Heritage, 1/2005), lot 3146, $1,265.</B></I><BR><B><BR>Personality.</B></I> Although he was not directly employed by the Mint, <B>Tench Coxe</B></I> played an important role in early Mint history resulting from his association with the Treasury Department during the late 1790s and early 1800s. He was born in Philadelphia on May 22, 1755. Coxe played different roles during the Revolution, including a period as a British loyalist in the late 1770s. In 1789, he was a member of the Continental Congress. He died in Philadelphia on July 17, 1824.<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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